The so-called "Oscars of Fashion" went down last night in NYC -- and like the Academy Awards themselves, the stars were all decked out for the occasion!

Zoe Saldana and Julianne Hough showed up in two gowns with serious plunging necklines, looking both sexy and classy on the red carpet in designs from Prabal Gurung and Kaufman Franco, respectively.

Also keeping it flashy at the event were stars like Sophia Bush and Kate Bosworth, who both showed some skin in their slinky dresses. While Kate's cutout revealed her tight tummy, Sophia was all legs in an orange David Meister gown.

"Mad Men" star Jessica Pare, who presented at the event, looked hot in a black and hot pink dress -- and sparkled thanks to over $27,500 in Tiffany & Co. jewelry.

The event was also attended by Mandy Moore, Heather Graham, Rachel Zoe, Karolina Kurkova, Solange Knowles and more. See all the red carpet arrivals above!

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