The 77-year-old actor, who previously won the best director Oscar for 'Ordinary People', however, blamed poor distributors Roadside Attractions for not campaigning enough, reported Variety.
"Would it have been wonderful to be nominated? Of course. I'm not disturbed by it or upset by it," Redford said.
The actor-director said Hollywood industry is all about business and his film, directed by J C Chandor, suffered from poor marketing.
"I don't want that to get in the way of why we're here. Let me just speak frankly about how I feel about it. Hollywood is what it is, it's a business and so when these films go to be voted on, usually they're heavily dependent on campaigns.