The Costume Institute Gala at the Metropolitan Museum of Art is the biggest party of the year for the fashion community in New York City, and the event did not disappoint this time around.

Held last night, the party's theme was "Alexander McQueen: Savage Beauty," after the museum's exhibit of the same name.

Just about every celebrity you can think of was in attendance, and everyone was dressed to impress! Here are some of the outfits of the night from the young Hollywood set:

Blake Lively arrived with Karl Lagerfeld and wore one of his dramatic designs from Chanel.

Taylor Swift donned a nude gown from J. Mendel.

Kristen Stewart opted for a long red and black geometric print dress by Proenza Schouler.

Dakota Fanning wore a nude flower-covered gown from Valentino.

Glee's Diana Agron kept it simple in a scarlet column dress by designer Michael Kors.

Photos © WireImage.com.

Two beautiful young actresses, one $440 Alice + Olivia 'Dawn' pleated top jumpsuit - but who looks the best?

90210's AnnaLynne McCord first wore the outfit to the 26th annual Lucille Lortel Awards on May 1st, while 15-year-old movie star Abigail Breslin donned the look just one day later (last night) at the Tribeca Film Festival premiere of her new movie Janie Jones. Who's your fave?

Photos © WireImage.com.

Geeked out about the royal wedding coming up this weekend? One way to show your excitement and help a great cause at the same time is by buying one of these regal-themed items designed by Nancy Davis to help erase Multiple Sclerosis (MS).

The 18th annual 'Race to Erase MS' gala is being held on April 29th (the same day as Prince William and Kate's nuptials), so to celebrate the coincidence of timing, the party is being called 'Rock & Royalty to Erase MS.'

Whether you're a fan of the royals or not, there's no doubt that the clothing and jewelry Nancy created for the cause is cute - and it's modeled by Paris Hilton! My favorite pieces are the $24 'Rock & Royalty to Erase MS Tee'  and the $54.39 'Royal Crown Earrings,' both pictured above and available for pre-order now on www.EraseMS.org.

Photos © EraseMS.org.

Reality starlet Kristin Cavallari has tried her hand at footwear designing as ShoeDazzle.com's latest celebrity collaborator, and the resulting product is super cute.  Named the 'Bardot,' Cavallari's sky-high fuchsia wedge is sassy and flirty -- a lot like Kristin!  "Partnering with ShoeDazzle has given me the opportunity to join two of my loves, fashion and charity work!" Cavallari says, adding: "I've enjoyed the process of designing this unique shoe that really matches my style and personality."

Available starting May 16th, the shoe retails for $39.95 on ShoeDazzle and 100% of the profits go to Kristin's favorite charity OneKid OneWorld. In addition to donating 100% of the profits from the sale of that shoe, ShoeDazzle will also give $5 to the organization for each new client that joins the site using the code "KRISTIN" between May 1st and June 15th.

Photo © ShoeDazzle.com.