The stars were shining in New York City tonight as they hit the red carpet for the Metropolitan Museum of Art’s Costume Institute Gala. Regarded as fashion’s equivalent to the Oscars, the annual event attracts celebrities from both the fashion and movie industries. The gala’s theme this year is ‘The Model as Muse: Embodying Fashion’.

Kate Moss was a glamorous golden girl as she arrived on the arm of honorary chair Marc Jacobs. The supermodel, who was co-hosting the annual Costume Institute Gala, glittered in an off-the-shoulder Marc Jacobs gold dress and matching turban-style headdress designed by milliner Stephen Jones. Co-host Justin Timberlake, wearing a suit by his label William Rast, was escorted by his lady in red, Jessica Biel, who took my breath away in a Spanish-style red Versace gown which showed off her legs but also featured a dramatic train.

The new Models as Muse exhibit at the Metropolitan Museum of Art celebrates some of the world’s most beautiful women yet it shows how ideals of beauty have evolved to include the rest of women as well, its curator said on Monday.

Opening this week at the museum’s Costume Institute, the exhibit traces high fashion and its models from post-World War Two haute couture to grunge and minimalism of the 1990s, with iconic photographs, magazine covers, advertisements, clothes, music and film clips to illustrate each distinctive era. The show explores the power of clothing, fashion photography and models to project images of beauty over the years, its curators said at a preview for the media.

For the lowdown on who wore what, see below:

Kate Moss – Marc Jacobs

Madonna – Louis Vuitton

Gisele Bundchen – Versace

Kate Bosworth – Stella McCartney

Liv Tyler – Stella McCartney

MaryKate Olsen – Christian Lacroix

Jessica Biel – Versace

Justin Timberlake – William Rast

Heidi Klum – J. Mendel

Elizabeth Hurley in Elie Saab

Jessica Alba – Jason Wu

Rihanna – D&G

Rachel Bilson – Bally

Anna Wintour – Chanel Couture

Marion Cotillard – Christian Dior

Cindy Crawford – Versace

Brooke Shields – Calvin Klein.

Karolina Kurkova – Richard Chai and shoes by Nicholas Kirkwood.

Blake Lively – Versace

Jessica Stam – Rodarte and shoes by Nicholas Kirkwood.

Eva Mendes- Calvin Klein

Tyra Banks – Badgley Mischka

Kirsten Dunst – Chanel

Rachel Weisz – Vera Wang

Kate Beckinsale – Marchesa

Helena Christensen – Zac Posen.

Anne Hathway – Marc Jacobs

Agyness Deyn in Burberry, with Twiggy

Victoria Beckham – Louis Vuitton

The exhibit, ‘Models as Muse: Embodying Fashion,’ is on view from May 6 to August 9, 2009.