Costume Institute Gala 2009

Rihanna, Madonna and an Olsen twin or two rock the 'Oscars of Fashion'

May 4, 2009

Marc Jacobs! Kate Moss! Madonna! The Costume Institute's latest show, "The Model as Muse: Embodying Fashion" got a jolt of star power Monday night as it kicked off its new exhibit with the annual Costume Institute Gala, the so-called "Oscars of the Fashion Industry." Here's a look at the outfits that wowed, flopped or just made us yawn. —Jessie Pascoe

Pictured: Kate Hudson, Stella McCartney, Liv Tyler and Kate Bosworth