Fashion’s biggest event — the Costume Institute Gala at the Metropolitan Museum of Art — or that night when the fashion industry’s biggest players are out in their full glory, the celebrity attendees are in their best shape and the fashion is often jaw-dropping  got New York buzzing on Monday night.

This year’s gala, titled “Impossible Conversations”, is a tribute to the influence of late designer Elsa Schiaparelli on Miuccia Prada. The exhibition, on view from May 10 through August 19, 2012, explores the striking affinities between these two Italian designers from different eras.  Inspired by Miguel Covarrubias’s satirical “Impossible Interviews” for Vanity Fair in the 1930s, curators Harold Koda and Andrew Bolton orchestrate conversations between these iconic women to suggest new readings of the designers’ most innovative work.

This being said, let’s see which celebrities managed to steal the spotlight on the red carpet at the 2012 Costume Gala.

Scarlett Johansson in Dolce & Gabbana

Scarlett Johansson at the 2012 Met Gala, photo from Tumblr

The beautiful actress opted for a Dolce&Gabbana dress with Christian Louboutin heels. She accessorized with a Judith Leiber clutch and Fred Leighton earrings.

Gisele Bundchen in Givenchy Haute Couture

Gisele Bundchen at the 2012 Met Gala, photo from Tumblr

The 31-year-old supermodel wore a Givenchy dress and shoes paired with David Yurman jewelry.

Jessica Alba in Michael Kors

Jessica Alba at the 2012 Met Gala, photo from Tumblr

The actress stood out at the 2012 Met Gala in a one-shouldered gold lamé Michael Kors gown, accessorized with Wilfredo Rosado gold jewels and a matching clutch.

Emma Stone in Lanvin

Emma Stone at the 2012 Met Gala, photo from Tumblr

Emma Stone wore a short dress on Monday night, which is pretty rare at the Met Galas, but she made it work. I especially like her fancy updo, but the black pumps don’t really seem to fit.

Carey Mulligan in Prada

Carey Mulligan at the 2012 Met Gala, photo from Tumblr

The co-host of this year’s Met Gala wore a shiny custom gold-and-silver Prada halter dress. A simple updo completed her look.

Nina Dobrev in Donna Karan

Nina Dobrev at the 2012 Met Gala, photo from Tumblr

I love Nina Dobrev’s style on the red carped, and Monday night was no exception. She opted for a stunning Donna Karan Atelier gown accessorized with H.Stern jewels. A perfect look for the young actress.

Beyonce in Givenchy

Beyonce at the 2012 Met Gala, photo from Tumblr

Beyonce was simply stunning on the red carpet at the 2012 Met Gala held in New York on Monday evening. She showed off her perfect post-baby body in a revealing Givenchy couture gown. And she looked amazing doing it.

Sofia Vergara in Marchesa

Sofia Vergara at the 2012 Met Gala, photo from Tumblr

Sofia Vergara looked gorgeous on the red carpet at the 2012 Met Ball. The 39-year-old Modern Family actress wore a stunning Marchesa dress and Harry Winston jewels.

Rihanna in Tom Ford

Rihanna at the 2012 Met Gala, photo from Tumblr

At the 2012 Met Costume Gala Rihanna showed off her perfect silhouette in a Tom Ford Fall 2012 backless crocodile dress. Christian Louboutin heels completed her look.

Gwyneth Paltrow in Prada

Gwyneth Paltrow at the 2012 Met Gala, photo from Tumblr

I always love the way Paltrow shines on the red carpet – she never ceases to amaze me with her daring choices. This time, the actress wore a sexy Prada steel blue dress. Prada shoes, Anna Hu Haute Joaillerie hooped earrings, a statement ring and a satin blush Prada clutch accessorized her look.

Anna Wintour in Prada

Anna Wintour at the 2012 Met Gala, photo from Tumblr

As host for the evening, he Editor-in-Chief of American Vogue opted for a Prada custom-made gown. Stunning, as she always looks on the red carpet.

Cate Blanchett in Alexander McQueen

Cate Blanchett at the 2012 Met Gala, photo from Tumblr

Cate Blanchett looked beautiful on the red carpet in a Alexander McQueen Fall 2012 gown, accessorized with Alexander McQueen Armadillo heel sandals and an Alexander McQueen black pom pom skull clutch, plus Van Cleef & Arpels jewels. A simple ponytail and discreet makeup provided the finishing touches.

Lana del Rey in Altuzarra

Lana Del Rey at the 2012 Met Gala, photo from Tumblr

Lana del Rey opted for a custom black-and-silver hand-embroidered Altuzarra gown, paired with a black silk cape. A pretty dramatic look.

Sarah Jessica Parker in Valentino

Sarah Jessica Parker at the 2012 Met Gala, photo from Tumblr

SJP wore a long-sleeved Valentino Spring 2012 couture gown, paired with Fred Leighton Victorian gold, pearl and enamel cuff bracelets.

What is your favorite look from this years Met Gala? Sound off in the comment section!