And the Award for Best Fashion Trend Goes To...

By Suzanne Singer
February 28, 2011

The Oscar for Best Actor or Best Actress may be the highest honor an actor can receive. But let's face it, at least in recent, fashion trend-obsessed years, there's almost equal excitement over will take home a Best (or Worst) Dressed Award—not from the Academy, per se, but rather from Joan Rivers and her progeny in the fashion magazines and the fashion blogosphere. (Were we the only ones who had our eyes glued to E!'s red carpet coverage last night, but fell asleep on the couch before they even presented Best Supporting Actor?)

A few who made our “fashion do” list: actress Gwyneth Paltrow, who wowed in a chic and sleek streamlined metallic Calvin Klein Collection; Jennifer Hudson, who popped in a tangerine orange dress by Atelier Versace; and actress Reese Witherspoon, who went classic and graphic in a black and white strapless gown by Giorgio Armani Prive.

And those who made our "don't" list: actress Scarlett Johansson in a too-messy 'do and a lacey Dolce & Gabbana that clashed with the red carpet; Nicole Kidman in hip-widening Michael Kors; and Penelope Cruz in a L'wren Scott red clinger with a pageant-worthy spray of sequins.

But back to the ones who got it right: If you can't afford custom Calvin Klein or Carolina Herrera, you can at least take home the fashion trends they spawned. (We'll leave it up to you to find a gold statue to accessorize with.) Here, the biggest fashion trends from last night's Academy Awards:

Light and Airy Touches

Mila Kunis (Photo by Steve Granitz/Contributor); Hilary Swank (Photo by John Shearer/Getty Images); Halle Berry (Photo by Steve Granitz/WireImage)

A romantic and girly vibe was in the air on the red carpet. Pale colors mixed with fabrics like chiffon, lace, ruffles and feathers proved that light and airy touches held great weight at this year’s show.

Mila Kunis of "Black Swan," who presented the award for Best Animated Short and Animated Feature with Justin Timberlake, was feminine and lovely in a lavender silk chiffon and lace Elie Saab Haute Couture dress, a Bottega Veneta clutch and Neil Lane jewelry.

Hilary Swank, presenter for Best Director, was shiny on top and light as a bird on the bottom in a strapless silver Gucci Premiere dress with feathers.

Halle Berry, who gave a tribute to Lena Horne, picked a strapless nude and crystal Marchesa dress with sheer frothy organza and silk tulle ruffles.

Roll over items for details

New Chiffon and Lace Beaded Evening Dress

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New Feather Evening Dress

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New Tiered Organza Evening Gown

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And the Award for Best Fashion Trend Goes To...

A Rainbow of Reds

Jennifer Lawrence, Anne Hathaway, Sandra Bullock

Jennifer Lawrence (Photo by Jeff Vespa/WireImage); Anne Hathaway (Photo by John Shearer/Getty Images); Sandra Bullock (Photo by Frazer Harrison/Getty Images)

If you want to make a statement at an event, there is no other color than red to make heads turn. At this year’s Oscars, a whole slew of actresses selected this bold and passionate color as their evening dress of choice.

Best Actress Nominee Jennifer Lawrence of "Winter’s Bone" was simple and chic in a red tank dress from Calvin Klein Collection, Jimmy Choo platforms, Chopard jewelry and a Judith Leiber clutch.

2011 Oscar Host Anne Hathaway, in her first of many trendy outfits, paired red lips and an updo with her strapless red Valentino dress.

Oscars Presenter—and last year's Best Actress winner—Sandra Bullock revealed her daring side in a sharp cut strapless red Vera Wang dress and Jimmy Choo platform sandals.

New Red Jersey Evening Gown

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New Red Strapless Ball Gown

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New Red Strapless Evening Gown

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Short Sleeve Dresses

Cate Blanchett, Amy Adams, Michelle Wiliams

Cate Blanchett (Photo by Frazer Harrison/Getty Images); Amy Adams (Photo by John Shearer/Getty Images); Michelle Williams (Photo by John Shearer/Getty Images)

Who knew that short-sleeve dresses could still be sexy (and figure flattering)? Well, some of these best dressed actresses did.

Cate Blanchett, in her usual fearless and fashion-forward style, rocked a short-sleeve pale purple Givenchy Couture dress with structured shoulders and yellow beading, along with Van Cleef & Arpels jewelry.

Amy Adams, nominated for Best Supporting Actress for her role in "The Fighter," flexed her fashion trend muscles in a short sleeve navy sequin L’ren Scott dress, Ferragamo black satin shoes and Cartier emerald and diamond jewelry.

"Blue Valentine'"s Michelle Williams, who some say is our modern day Audrey Hepburn, was demure yet still cutting edge in a short-sleeve white beaded Chanel Haute Couture dress Jimmy Choo platform pumps and Harry Winston jewelry.