"The best party was [Vanity Fair editor] Graydon Carter's where Madonna made out all night -- when not doing a hoochie mama dance -- with Jesus Luz," says one snitch. "It was very weird and she looked like a mother with her child -- he's tiny!"

Naomi Campbell, who pulled out of the gala in solidarity with her designer friend Azzedine Alaia (who was having a spat with the organizers), made her presence felt at the after-parties, where the talk was who-wore-what.

"Rihanna wore Dolce & Gabbana, not Gucci who she's been modeling for, so they must have paid her a pretty penny," noted one insider.

The more artily inclined attended gallerist Larry Gagosian's bash at the Submercer in SoHo, where he danced with the shapely Russian collector (and billionaire Roman Abramovich's girlfriend) Dasha Zhukova.

All in all, the frockerati seemed content to forget that there was a recession on. "People seemed to get drunk very early this year," said a snitch. "It's nice to see they recognize the value of an open bar."