“The biggest fashion extravaganza of the year is the annual Costume Institute Gala at the Metropolitan Museum of Art — sometimes called New York’s Oscars because of the star-studded red carpet. This year’s installment took place Monday to celebrate the opening of the “Schiaparelli and Prada: Impossible Conversations” exhibition. A bevy of stars turned out, along with top names in fashion.” Susan Denley

With that said, here are the best dressed stars at the Met Gala 2012.

Cate Blanchett in a killer McQueen dress:

Ashley Greene in Donna Karan. Woah, who knew?

Victoria’s Secret model, Karolina Kurkova in Rachel Zoe:

The gold goddess, Jessica Alba, in a one-shoulder Michael Kors gown:

Camilla Belle in Ralph Lauren:

Lily Colins in Valentino:

Sarah Jessica Parker in Valentino:

Cameron Diaz in Stella McCartney:

January Jones in Versace:

Scarlett Johansson in Dolce and Gabbana:

Beyonce in Givenchy:

Nina Dobrev in Donna Karan:

Last but definitely not least, Rosie Huntington-Whiteley in British Burberry:

The post was too huge to add the worst dressed as well, so I might post them later on.

Now that you’ve seen the best dressed stars, who and which is your favorite?