By Andrea Cheng
Updated Feb 24, 2016 @ 12:45 pm
Cate Blanchett - 18th Costume Designers Guild Awards - February 23, 2016 LEAD
Credit: Jason LaVeris/FilmMagic

It's hard to think of anyone who is more of a red carpet chameleon than Cate Blanchett. The Oscar nominee's unparalleled elegance allows her to pull off pretty much anything and her playful approach to dressing for the red carpet means she frequently takes fashion risks and experiments with unexpected finishes, modern silhouettes, and bold hues. That level of refreshing unpredictability is why we always look forward to what she's going to pull for any major event.

Case in point: Her look from Tuesday night's Costume Designers Guild Awards, where she was honored with the Lacoste Spotlight Award. Following the icy pink Givenchy gown she wore at January's Golden Globes, the star did a complete 180 with a skin-tight custom black Atelier Versace chainmail gown that was both glam and sexy. For the finishing touch, she piled on the glam with a brilliant, megawatt Tiffany & Co. diamond bib necklace.

Cate Blanchett - 18th Costume Designers Guild Awards - February 23, 2016
Credit: Jason LaVeris/FilmMagic

It's evident that her love and appreciation for fashion goes beyond the red carpet. "I adore costume—I always have," she said during her acceptance speech, in which she also reminisced about playing dress up with her sister on weekends. "A costume designer works from the inside out and from the outside in, and it's in those costume fittings that are the building blocks of the character. Sometimes they're costumes and sometimes they're clothes, and it's often the clothes that don't get recognized. The dialogue with the costume designer is the starting point for me."

Clearly, it's a process that works—both Blanchett and Costume Designer Sandy Powell are nominated for their work in Carol. Now that we're just days away from the Oscar, we can't help but wonder if this look is any indicator of what she might wear on the red carpet. Or, she might just pull a Cate and do another complete 180.

Tune in to our Oscar dress debate in the above video and take a look back at her fashion hits here.

Reporting by Scott Huver