The Spring collections may finally be over, but the CFDA/Vogue Fashion Fund finalists have been hard at work in their studios, creating designs inspired by a L'Oréal Infallible lipstick shade. On Wednesday night, they showed them off at an intimate party at Anna Wintour's town house, co-hosted by Diane von Furstenberg and the makeup giant's president, Carol Hamilton. "They're all very different," said the Vogue editor of this year's group. It showed in the work modeled by the designers' muses.

Actress Michelle Williams wore a Phillip Lim shift in apricot. "He's the perfect date," she said of Lim. "A good conversationalist and a great listener." Mannequins Chanel Iman and Jacquetta Wheeler donned pieces in cerise and persimmon by Erin Fetherston and Rogan Gregory, respectively. And Kanye West sported a hibiscus-hued Michael Bastian sweater with "Kiss Me" spelled backward on the chest. "I'm not jet-lagged; I'm straight jet-drunk," said the hip-hop star, who, like many in attendance, was fresh off the Paris shows. His favorite collection? Louis Vuitton played his hit single Stronger, but when it comes to clothes, he's a Lanvin man. "Alber is really killing it in menswear," he said. As for his modeling gig, West quipped, "I used to perform in a sweater, so I'm used to this."

Across the pond in London, the Frieze Art Fair started in earnest Wednesday, first with VIP previews at the Regent's Park tented venue (which drew fashion notables like Tom Ford and Claudia Schiffer, among others), followed by an auction preview party hosted by Christie's and Vanity Fair at the former's South Kensington headquarters.

"My list is getting longer and longer," sighed Elizabeth Saltzman Walker, who was admiring a Damien Hirst wall sculpture of thousands of insects coated in resin with fellow VF-er Dominick Dunne. "Good thing I brought my accountant—I mean, my husband." Another person who will be checking into her personal finances this week is Mary-Kate Olsen, who was scoping out pieces she might want to add to her growing collection of Andy Warhols, Helmut Newtons, and Nobuyoshi Arakis. "This is the kind of party I could get into," she said, turning to face a piece from Richard Prince's "Nurse" series. "If only every party had walls like these."

— Nicole Phelps (NYC) and Derek Blasberg (London)