Jennifer Lopez bought Ralph Lauren's Diary of a Collection coffee-table book—not for herself, but for her husband, Marc Anthony. "He loves Ralph," she said. And Chloë Sevigny scooped up an armful of handbags. Only Tilda Swinton left empty-handed. "We're broke," laughed the evening's star presenter. Others were apparently suffering no such penury. Dr. Lisa Airan made the winning bid on a Cartier watch and had it on her wrist by the time dinner was served. Not to be outdone, Marina Rust Connor bought five dresses and three jackets. Derek Lam chose an Oscar de la Renta skirt for his mother, and then he was ready for a break. "This is like Loehmann's," joked the only two-time nominee among the evening's ten finalists. "There are no chairs, so you have to keep shopping."

After dinner came the night's second order of business: the handing out of those coveted awards. Swinton presented the $200,000 grand prize to Trovata's John Whitledge, Sam Shipley, Josia Lamberto-Egan, and Jeff Halmos, while Lam and menswear designer Thom Browne took home the $50,000 runner-up checks. Whitledge, who brought his mother, Lynne, as his date, was suitably exuberant. "Now we're all going out to do shots of Patrón," he announced. Minus mom, presumably.

—Nicole Phelps