One of the most wonderful red carpet events of the year is finally here!

Considered the “Fashion Oscars,” tonight, our favourites in fashion, music, film and television will be gracing the Metropolitan Museum of Art in gorgeous gowns for the annual Costume Institute Gala.

This year’s exhibition and Gala is celebrating Schiaparelli and Prada: Impossible Conversations so I'm sure we will see a lot of Prada.

For the first time ever, the red carpet will be live streamed which airs from 6:30:30-8:30 p.m. EST at MetMuseum.org and VOGUE.com.

Don’t forget to check here to see what fashion-forward looks celebs will be sporting as they walk the Met’s red carpet!!

Below are some of the designers and their dates for this year's gala:

Donna Karan will be taking actresses Ashley Greene and Nina Dobrev

Balenciaga: Nicolas Ghesquière and Kristen Stewart

Michael Kors will be taking actresses Jessica Alba and Hilary Swank

Escada and Heidi Klum

Jason Wu and model Karlie Kloss

Thakoon Panichgul and actress Christina Ricci

Valentino: Maria Grazia Chiuri and Pier Paolo Piccioli will be taking Lily Collins and Princess Elisabeth von Thurn und Taxis

Roland Mouret and model Doutzens Kroes

Rachel Zoe and model Karolina Kurkova

Joseph Altuzarra and singer Lana Del Ray

We can also expect Cameron Diaz, Rosie Huntington-Whiteley, Emily Blunt, Carey Mulligan, Lea Michele, Jessica Chastain, and many more!!

Amber Heard was among the celebrity guests at  ‘The Conversation Launch’ Series Celebration held at DVF Studio in New York City yesterday.

The "Rum Diary" actress wore a two-tone Zac Posen dress from the Fall 2012 collection.

Her strapless fuschia and red bustier dress with sculptural detailing around the waist was paired with a pair of black peep-toes.

I love the clashing colour mix but the dress looks too tight in the bust area and the silhouette isn't very flattering either. Plus, a different footwear choice would have been nice.

Neutral make-up and swept back messy hair provided the final touches.

source: justjared

Natalie Portman attended the 10th anniversary of the Audrey Hepburn Children's House opening in Hackensack, New Jersey last week.

The "Black Swan" actress, who has often been compared to the iconic film star, went ladylike wearing a Giambattista Valli dress from the Spring 2012 collection.

Her white ruffled sleeveless dress was teamed with a white watch, stud earrings and classic black Dior pumps.

I wish she had opted for a pair of blue heels to compliment the blue accent of her dress.

You can find a similar Giambattista Valli ruffled dress at mytheresa.com

source: mydaily.co.uk

Gwyneth Paltrow joined Diane Kruger at ‘The Conversation Launch’ Series Celebration held at the DVF Studio in New York City yesterday.

The actress opted for a Diane von Furstenberg dress from the Fall 2012 collection.

Her black sleeveless tight mini dress featured a sheer panel that revealed a lot of cleavage.

As always, she kept her beauty look simple with barely-there make-up and natural locks tumbling over her shoulders.

A pair of sparkling Christian Louboutin pointed pumps completed the look.

source: zimbio

Diane Kruger attended ‘The Conversation Launch’ Series Celebration held at the DVF Studio in New York City yesterday.

The German actress wore a Diane von Furstenberg dress from the Pre-Fall 2012 collection.

Her black and white polka-dot sleeveless dress with a longer back hemline was teamed with coordinating accessories which included a black and white striped Prada clutch and black Christian Louboutin sandals.

Keeping it  effortless chic, she sported fresh make-up and softly styled loose hair.

source: zimbio

Kristen Stewart made a guest appearance on “The Tonight Show with Jay Leno” as part of  the promotional tour for her new movie “Snow White and the Huntsman”.

The actress sported a casual yet edgy look which included a white Dolce & Gabbana "James Dean" tee paired with a sexy pair of dark grey skinny leather J Brand pants.

I love the pop of colour that her orange Rebecca Minkoff ”Becky” blazer brings to her outfit.

She opted for a pair of black leather oxfords by Bloch instead of heels because she injured herself during the "Breaking Dawn: Part 2" reshoots.

Gorgeous natural wavy locks and a hint of coral glossy lip shade finished the look.

Kristen is rumored to be making an appearance at the Costume Institute Gala tonight, dressed in Balenciaga.

You can find a similar James Dean Print t-shirt at Farfetch and her Leather Super Skinny Legging - designed by J Brand at Singer 22.

source: team-twilight.com