Billed as one of the most glamourous red carpet events of the year in New York, stars, models and famed fashionistas strutted through the grand, tented entrance on Fifth Avenue to attend the Metropolitan Museum of Art Costume Institute gala on Monday.

From Gwyneth Paltrow in her skin-baring Prada minidress to the full-length gold gown and turban donned by Victoria's Secret model Karolina Kurkova, cutting-edge fashions filled the room for the opening of the Metropolitan Museum of Art Costume Institute's latest fashion exhibition, "Schiaparelli and Prada: Impossible Conversations."

Inspired by Miguel Covarrubias's "Impossible Interviews" for Vanity Fair in the 1930s, the exhibition explores the affinities between Iconic Italian designers Elsa Schiaparelli (1890 – 1973) and 62-year-old Miuccia Prada.

New mom Beyoncé sported the night's most controversial look.

The singer's revealing Givenchy couture gown in black lace and purple feather trim showed off her post-pregnancy curves after giving birth to daughter Blue Ivy in January.

For some critics, the dress was a fashion triumph.

Others, however, called the figure-hugging creation a fashion faux pas for the typically stylish Beyoncé.

Christina Ricci also produced one of the gala's worst fashion misses thanks to her black and blush gown from Thakoon. The skin-tight creation was topped with a huge flounce of silk fabric spilled over one shoulder and into a long train that overpowered the petite star.

Singer Florence Welch also turned heads for all the wrong reasons in her pale grey tiered cocktail dress with big, bell-shaped sleeves and dust-bunny-like dollops sprouting from the fabric.

Metallics were a strong fashion trend, and newly married actress Carey Mulligan turned heads in one of the night's best looks.

The Met Gala chairwoman dazzled in a short, sequined, silver-and-gold Prada halter design with Neil Lane jewels.

Jessica Alba also rocked the night in a gold metallic, one-shoulder pleated gown from Michael Kors.

Rihanna epitomized grand, red-carpet glam in a backless, long-sleeved gown from Tom Ford.

The 24-year-old singer perfectly accented this crocodile-print showstopper with pointy toe black Christian Louboutin heels, multiple earrings and rings, and hair styled in dramatic twin doughnut shape worthy of Joan Crawford.

Well-known fashionista Sarah Jessica Parker also opted for long-sleeves. But the star's silk taffeta floral-print gown from Valentino looked more like a sad teen prom dress made from old bed linen than a couture prize-winner.

Short gowns also added a dose of youthful freshness to the 2012 event.

Emma Stone's custom-made red Lanvin dress by designer Alber Elbaz brought a jolt of playful adventure to the red-carpet event.

"Glee" star Dianna Agron also hit just the right youthful note in a jade green silk organza Carolina Herrera gown with a snake skin belt and Sergio Rossi heels.

But the night's perfect balance between youth, freshness and sheer star power went to Scarlett Johansson. The actress went all out in a strapless Dolce & Gabbana gown with a tulle mermaid skirt and gold embroidered bodice. It was a golden moment for this Hollywood golden girl.