By Caitlin Petreycik
Updated May 08, 2012 @ 9:30 am
Diane Kruger, Gwyneth Paltrow, Kate Bosworth, Eva Mendes
Credit: Kevin Mazur/WireImage; Joe Schildhorn /BFAnyc/Sipa USA; Dimitrios Kambouris/Getty; Barket-Hahn/ABACAUSA.COM

The Metropolitan Museum of Art’s annual Costume Institute Gala is often called the Oscars of the East Coast, and it’s easy to see why—the red carpet looks are just as breathtaking! Designers and celebrities climbed the steps of the Upper East Side museum last night to celebrate the opening of its new style exhibit featuring the work of two Italian fashion greats—Miuccia Prada and Elsa Schiaparelli. In turn, many of Prada's biggest fans showed up wearing pieces by (and in honor of) the designer, including Gwyneth Paltrow, Eva Mendes, Kate Bosworth, and Diane Kruger, shown above. Click through the gallery for celebrity photos and fashion credits from the 2012 Met Gala! The exhibit, Schiaparelli and Prada: Impossible Conversations, will be open to the public May 10th through August 19th; visit for more information.