They call it The Party of the Year and last night it was easy to see why. The annual Metropolitan Costume Institute Gala kicked off in New York last night with top fashionistas and A-list stars rocking the red carpet in a parade of dresses that ranged from fabulous to crazy...

Claire Danes in Burberry.

Alexa Chung in Phillip Lim.

Anna Wintour in Chanel.

Carey Mulligan in Miu Miu.

M.I.A. and Zoe Kravitz in Alexander Wang for Gap, with Alexander Wang.

Vera Farminga in Sophie Theallet for Gap.

Diane Kruger in Calvin Klein.

Nicole Richie in Marc Jacobs and jewelry by Harry Winston.

Katy Perry in Cute Circuit.

Gisele Bundchen in Alexander Wang.

Doutzen Kroes in Zac Posen, with the designer.

Emma Watson in Burberry with designer Christopher Bailey.

Jennifer Lopez in Zuhair Murad.

Stella McCartney, Kate Hudson, and Liv Tyler all wearing Stella McCartney.

Gwen Stefani in L.A.M.B.

Zoe Saldana in Calvin Klein.

Sarah Jessica Parker in Halston Heritage.

Savannah Miller, Jude Law, Sienna Miller and Peter Dundas

Taylor Swift in Ralph Lauren Collection.

Kristen Stewart in Chanel.

Marion Cotillard in Christian Dior.

Chloe Sevigny in Proenza Schouler.

Jessica Alba in Sophie Theallet for Gap.

Maggie Gyllenhaal in Louis Vuitton.

Kirsten Dunst in Rodarte for Gap, with Kate and Laura Mulleavy

Sienna Miller in Emilio Pucci and jewelry by Solange Azagury-Partridge, with Jude Law.

Kate Bosworth and Anne Hathaway

Rachel Zoe in Marc Jacobs.

Anne Hathaway in Valentino, with earrings, a necklace, and a ring by Bulgari.

Kate Bosworth in Valentino.

Renee Zellweger in Carolina Herrera.

Naomi Campbell in Dolce & Gabbana, with Vladimir Doronin.

Christina Hendricks in L'Wren Scott.

Naomi Watts in Stella McCartney, with Liev Schreiber.

Rachel Bilson in Louis Vuitto

Blake Lively in Marchesa.

Jessica Biel and Justin Timberlake, both in Ralph Lauren.