From antiquity to the Enlightenment, one of the great aesthetic dichotomies involved the sublime and the beautiful. If the contrast of those terms is any indication of meaning in Blake Robbins’s movie of the above-referenced title, the intention is extremely subtle. The film deals with unspeakable tragedy, and one would be hard-pressed to find any conventional definition of either term as fitting for what transpires.
However, if they are taken not as terms to be distinguished, but as terms that inform a third object—due to an important excision of the second article “the”—there is more of an argument. That is, if the terms are taken as adjectives modifying a particular person or state—“that which is sublime and beautiful”—then you can see what he is after. Still, it takes some convincing.