Taylor Swift, Emma Watson: Who's Miss Ethereal at the Costume Gala?

Who looks more like a fairy tale princess at the The Costume Institute's annual gala -- considered the Oscars of the Fashion World -- at the New York Metropolitan Musuem of Art on Monday evening (May 3)?

Singer/songwriter Taylor Swift in a drop-shouldered white Ralph Lauren frock or "Harry Potter" star Emma Watson, clad in a one-shouldered, white Burberry gown?

This year's event is celebrating the opening of the exibition titled, "The American Woman: Fashioning a National Identity" exhibition, and the event is hosted by Patrick Robinson of The Gap, co-hosted by Vogue editor Anna Wintour and media giant Oprah Winfrey. And The Dish Rag's spies suggest that Lady Gaga will make a surprise appearance tonight AND perform!

There are so many A-list actresses all glammed up for this event, we don't even know where to start. Click here to see a gallery of arrivals.

But before you go, don't forget to vote on who looks the most elegantly ethereal, Emma or Taylor? 
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