Best & Worst Dressed - 2012 CFDA Vogue Fashion Fund Awards

Each year Anna Wintour and Diane von Furstenberg (plus the CDFA gang and Vogue magazine) team up to honor the best up-and-coming fashion designers—and award one winner with a little pocket change ($300,000 to be exact!) to help their growing label.

And, as you should be well aware by now, when the Vogue editrix summons—the crowd shows. Dressed to impress.

So what exactly does that entail? Click on through our slideshow to see every single outfit from the night—some downright decadent, and some, well, not so much—right this way!