Model Elettra Rossellini Wiedemann--Isabella Rossellini's daughter--wears a colorful parachute gown by New York designer Chris Benz.

Donatella Versace wears a dress of her own design (as do a number of the evening's guests!).

Model couple Christy Turlington and Ed Burns make a low-key entrance to the star studded affair. Turlington wears Escada while Burns dons an Armani suit.

Sexy sirens Hilary Duff and Fergie work the sleek and sophisticated look. Fergie wears a fluid Calvin Klein gown while Duff sparkles in her silver column dress.

Scarlett Johansson adds to the evening's strapless dress trend by wearing a ballerina-style look by Dolce & Gabbana.

Beyonce steps out in a strapless Armani frock.

Model Amber Valetta and pal Naomi Watts both opt for Old Hollywood-inspired gowns: Valetta wears Versace and a Roger Vivier clutch while Watts sports a Marilyn Monroe-worthy frock and Fred Leighton jewels.

Model Karolina Kurkova looks at home in front of the camera flashes in her elegant Vera Wang gown.

The newly-svelte Christina Ricci gives nod to Wonder Woman's leotard with her head-turning Givenchy gown and Bulgari jewels.

Mary Kate and Ashley Olsen pose with friend and famed cobbler Christian Louboutin. Both fashion icons wear Diane Von Furstenberg.

The evening's hosts, Julia Roberts and Giorgio Armani, stop to greet their guests in front of the Metropolitan Museum's dramatic entrance.

Kate Bosworth sports a festive custom-made Chanel cocktail frock and is escorted by the inimitable Karl Lagerfeld.

Blake Lively channels her Gossip Girl character by wearing head-to-toe Ralph Lauren--just the thing a Park Avenue princess would prefer.

Eva Mendes sports a billowing Calvin Klein gown from Francisco Costa's Spring 2008 collection.

Both clad in sharp Giorgio Armani evening ensembles, the Beckhams strike a pose in front of the paparazzi.

Actress Camilla Belle sweeps up the Metropolitan Museum stairs in her Armani gown and Fred Leighton jewels.

Gisele cuts a glamorous figure on the red carpet in her Versace gown. (Having heartthrob Tom Brady on her arm doesn't hurt either!)

Walking arm in arm with her husband Tom Cruise, Katie Holmes works the superhero hues from her brilliant orange Giorgio Armani gown to her cobalt blue heels.