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PHOTOS: The Vanity Fair Oscar Party: Best And Worst Dressed

Academy Award winner Hilary Swank stunned at the Vanity Fair Oscar party on Sunday Night, walking the red carpet in a dramatically low-cut, Armani Prive number, which barely covered her chest. Adding gorgeous bling to the mix, including a stunning diamond pendant and earrings, the actress definitely grabbed attention away from Anna Paquin, who demurely donned an LBD.

PHOTOS: Best And Worst At The Vanity Fair Oscar Party

Jessica Simpson looked understated and glam in a black one-shouldered Carolina Herrera gown, which featured a Neil Lane diamond and platinum brooch, while Katy Perry was in startling style, wearing a gorgeously patterned red and nude strapless.

PHOTOS: Best And Worst At The Elton John AIDS Foundation Party

What fancy fashions did stars change into after the Academy Awards? Check out the gallery in Style to find out.