Immediately after the terrorist attacks of September 11, 2001, there was a discernible shift in how celebs appeared on the red carpet: looks were played down, there was less bling and demure cocktail frocks replaced resplendent glamour.
Given that the US is now in the midst of its worst economic downturn in recent history, speculation has been rife that award ceremonies will be afflicted with the same malaise. After all, how can an A-list star show up at the Golden Globes decked out in couture when people at home can barely afford to pay the phone bill?
As it turns out, in true Hollywood fashion, nothing's going to get in the way of a good party, least of all a country teetering on bankruptcy.
'Everyone thought the Golden Globes would be more toned down,' says jewellery designer Loree Rodkin, 'but it was flashier than ever.'
After all, the show must go on. Assuming that people tune in as much to see who's wearing what as to watch their favourites pick up awards, it's hardly going to boost ratings to have the likes of Angelina Jolie and Kate Winslet trot down the red carpet in simple black dresses. Sunday's Academy Awards ceremony is Hollywood's biggest night. Recessionary fashion? Hollywood doesn't think so.
'In the day and age of cutbacks and recession, does celebrity still matter?' says Sara Stein, co-founder of LA Fashion Week. 'Celebrity has always been aspiration and borderline fantasy, an opportunity to escape. And although today any abuse of excessive spending and gluttony is grounds to turn off your television, at the end of the day this is Hollywood.'
It helps to keep it all in perspective. Most of the expensive frocks and million-dollar bling on show are on loan and are returned at the end of the night.
