In what is being called the Superbowl or Olympics of the fashion world, the ‘Schiaparelli And Prada: Impossible Conversations’ Costume Institute Gala took place at the Metropolitan Museum of Art was held on May 7th, 2012 in New York City. Some of the hottest names from the world of cinema, television, fashion and even sports stepped out in ensembles that will set the trends for months to come!

She was named the “World’s Most Beautiful Woman” by People Magazine earlier this year, and Beyonce Knowles proved to the world how she earned that title on the red carpet last night. The 30-year-old wore a very revealing, body hugging Givenchy couture gown which featured black lace and a trim of purple feathers.

Others rocking the feather trend were Diane Kruger (in Prada), Kate Bosworth (in Prada), and Cate Blanchett (in Alexander McQueen). These dresses easily cost thousands of dollars but we found three options that will cost you well under $1,000. They are from Alice + Olivia, Theory, and Rare Opulence.

Jessica Alba and Cameron Diaz were golden girls at the gala showing off the biggest trend of the event–mettalics! Alba wore a one-shoulder Michael Kors gown while Ms. Diaz wore a Stella McCartney dress that reportedly weighed over 30 pounds!

Another big trendsetter of the night was Camilla Belle who not only wore a Ralph Lauren gown that commanded jaws to hit the floor but also a dark wine lip color that was echoed by Lana Del Rey, Leighton Meester, and the aforementioned Bosworth.

Here are some affordable-yet-sparkly gowns for your next party or event. There are two from Aidan Mattox and one from J. Crew.

More Aidan Mattox…

To achieve the dark lip, try L’Oreal’s Infallible Le Rouge in Bold Bordeaux ($9.95).

Peplum and various shades of bright orange are two trends that have been going on strong for some time now. Pantene spokesperson Eva Mendes decided the occasion was worthy of wearing both trends. As you can see from the photo above, Eva wore a tangerine Prada gown. I really love Eva but I wasn’t really feeling this dress on her. The color is fab but I don’t think the ensemble really did her body any favors.

Other beauties rockin’ peplum were Sofia Vergara, January Jones, and Elizabeth Banks.

Here are ways you can dip your toes into the peplum and/or orange pool without breaking the bank. You can even be like Eva and do both! Dresses are from Jessica Simpson, Cut 25, and Tracy Reese.

More Jessica Simpson…

What were some of your favorite looks from last night?