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Fashion Police: Costume Institute Gala 2010

We love the glamor of a red carpet event and it doesn't get any better than the Costume Institute Gala's annual ball at the Metropolitan Museum of Art in New York. At this week's event, we weren't disappointed as our favorite celebrities, including models, actresses, singers and fashion designers all got their best frock on and walked the red carpet with style. Taylor Swift, Blake Lively, Penn Badgely, Chace Crawford, Jessica Szohr and Kristen Stewart all got glammed up for fashion's biggest night out. It's dubbed by many insiders as the "Oscars" for the fashion world and some would say it is the most fashion forward red carpet event of the year. Let's face it, the Oscars can be a teensy bit boring and dry for most of us and stars usually like to play it safe when dressing up for it. The Costume Institute Gala gives celebrities an opportunity to not only dress up in beautiful gowns but since it is a fashion-related event, most of them choose dresses that express their own style, some with more success than others! Who doesn't love a bit of dress-up?

Emma Watson

Take a look at our picks for best and worst dressed at the Costume Institute Gala!

Best Dressed

Emma Watson in a custom-made Burberry dress was a vision in all white. She looks youthful and also elegant without being boring!

Emma Watson

Chloe Sevigny in a bright teal-coloured short cocktail dress by Proenza Schouler channels a little bit of Alice In Wonderland with her poufy skirt!

Chloe Sevigny

Carey Mulligan keeps in simple in a lilac Prada shift dress and an adorable pixie-short haircut!

Carey Mulligan

Anne Hathaway looks like a Disney princess in this beautiful nude coloured ball gown by Valentino that accentuates her tiny waist and reminds us of her turn as a princess in The Princess Diaries!

Anne Hathaway

Blake Lively in a super short Marchesa dress with floral embellishment is hard to miss in this dress! Since the dress is so attention-grabbing, Blake keeps it simple with pulled up hair and minimal accessories.

Blake Lively

Alexa Chung stands out in a tuxedo inspired outfit by 3.1 Philip Lim. It's a bold move and we love that she paired it with bright red lips!

Alexa Chung

Doutzen Kroes is a Dutch model who decided to go all out for the ball! Looking like a princess in her baby blue tulle gown, her train and skirt need a room of its own! It's pure dress-up fantasy!

Doutzen Kroes

Taylor Swift is another vision in an all-white gown with cute flutter sleeve detailing by American designer Ralph Lauren. Her simple swept-up hair and red lips is classic understated glamour. Beautiful!

Taylor Swift

Nicole Richie shines in a Marc Jacobs silver gown. She looks so 70s we love it!

Nicole Richie

Riley Keough looks ethereal in a pale ruffly gown by Thakoon. Trust Elvis' granddaughter to look ravishing on the red carpet!

Riley Keough

Worst dressed

Katy Perry is known for having her own unique style but this frilly white and pink number looks too much like a puffy cake decoration for us to love it.

Katy Perry

Emma Roberts is a little bit disappointing in her plain black knee length dress by Marni. The ball is supposed to be all about fashion and glamour, not the right place to play it safe.

Emma Roberts

Kristen Stewart may be wearing Chanel Haute Couture but does it have to be something so underwhelming on her? Not loving the sheer panels on the front of the dress!

Kristen Stewart

Jessica Szohr wears Versace but the nude colour and black accents really don't flatter her. And the shape overpowers her tiny frame.

Jessica Szohr

Emmy Rossum looks much older than her age in a plain blue gown oddly accessorized with a necklace that doesn't match.

Emmy Rossum

Zoe Kravtiz usually wows us with her individual style and we wish she would have worn something with a bit more style and punch!

Zoe Kravitz

Renee Zellweger choose a dress that is unflattering in both colour and shape and looks strangely outdated. And the bows on at the bottom don't add much either.