Headlines This Week 2/27

• Penélope Cruz, in a froth of 60-year-old Paris silk, must have wondered about her vintage Balmain dress when Tim Gunn, ABC’s red-carpet fashion expert, trilled, “It’s really a museum piece.” And what does that make the sexy Ms. Cruz? Anne Hathaway, in a glittering Armani column, looked a little nonplused when Mr. Gunn said to her, “I have to ask you, what actually belongs to you?” The gaffes were as dazzling as the couture clothes and borrowed diamonds. NYTimes.com
• YSL hosted the biggest private art auction in history ended at the Grand Palais in Paris Wednesday night as the final sale of the Yves Saint Laurent and Pierre Bergé collection brought the grand total to 373.5 million euros, or $484.6 million. The auction, according to WWD.com, has officially made Paris the art capital of the world.
• Apparently Chanel makes a Segway. As in the preferred mode of transportation of mall security guards. Chanel’s comes complete with the classic 2.55 handbag and matching black quilted-leather mud flaps and handlebars. Top speed is twelve miles per hour. It’s available by special order and the price hasn’t been listed, but as a reference point, know that the Chanel bicycle is $12K. NYMag.com
• You may bristle at the notion of shelling out $540 for a hand-me-down from the LA County Jail, but one look at – no, one touch of – Raquel Allegra’s one-of-a-kind T-shirts may have you rethinking rent, according to DallasNews.com.
• Sienna Miller wasn’t the only star power showing off her design skills at London Fashion Week– Big Love’s Chloe Sevigny also debuted her second collection for Opening Ceremony. The new line, Chloe tells WWD, is a “slight homage” to one of her favorite designers, Miguel Adrover, with dashes of “gay lumberjack,” James Dean, preppy New England and English punk. People.com

Hello Oscar, It’s Me, Fabulous.

I’m drinking beer, eating pizza,  and watching the Oscars. (I’m a classy lady.) My Sunday night activities are not promoting my goal to have a body like Penelope Cruz, but I’ll deal with that tomorrow.

The Oscars are the night when fashion icons are made and stars are born. Recession, fecession, 2009 was no different. The stars broke out their rarest diamonds and finest gowns to steal the show at the 81st annual academy awards. While we might not be able to call Mr. Lagerfeld and Ms. Cartier to ask for borrowed goods, we can easily score the stores for Oscar-inspired looks. Thankfully, Oligoville has taken the first few steps inspired from the best dressed of the evening to get you an Oscar winning look.

This $725 Nicole Miller strapless gown from Nordstroms echoes the sparkle, whimsical spirit, and sweetheart neckline of Penelope’s gown.

Slumdog Millionaire’s Freida Pinto’s is a dream to be scene in her one-armed blue gown by John Galliano. This House of Dereon knock-off from Bloomingdale’s at $390 has the essence of Freida and the aura of the Oscars. You might not be able to lay your hands on a 100 year-old ring from India like Freida did, but with this bright blue baby nobody will even notice.

Amy Adams stopped the show in a luscious cherry-red gown. This Moschino Cheap and Chic read starlett is a ringer for Amy’s sexy spirit at $755.