2012 Vanity Fair Oscars Party

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While the Oscars may be one of the most highly anticipated events in Hollywood, the actual awards ceremony is merely a pre-game to the annual Vanity Fair after party, where the real festivities begin.

Whether stars swap dresses or not, the Vanity Fair party has its own red carpet runway, with enough style statements to rival the Oscar's red carpet.

The color of choice was bright red and the theme of the night was glamour, whether channeling Old Hollywood elegance or modern charm.

The crowd included everyone from Jane Fonda and Glenn Close to Victoria and David Beckham, and even Kate Upton and Tim Tebow stopped by.

Check out all the fashion looks from the star-studded fete in our gallery above.