The art world has previously relied on word of mouth and powerful gallerists for recognition, but now with host Rob Pruitt and Calvin Klein collection, the artsy crowd has its own red carpet awards. Held at the Solomon R. Guggenheim Museum in NYC last Thursday, the First Annual Art Awards brought out a celebrity crowd including Julianne Moore, Francisco Costa, Nate Lowman, Kylie Minogue, Dree Hemingway and James Franco.

With a performance by the Fiery Furnaces and a mix of uptown and downtown art worlds –think Jeffrey Deitch, Kembra Phfaler meets Yvonne Force Villareal, Marianne Boesky and Marian Goodman — chances are there will be the second one coming.