Good-as-gold Streep shows how to stand out from the crowd

The statuette matched her full-length wraparound gold dress, with a plunging neckline, while Streep’s shoes paid tribute to the Iron Lady herself.

She opted to team her glitzy gown with a pair of gold peep-toe heels by Margaret Thatcher’s favourite designer, Salvatore Ferragamo.

On the red carpet, before picking up her Oscar for her lead role in controversial Thatcher biopic The Iron Lady, Streep said she chose the shoes “because Margaret Thatcher always wore them”.

Perhaps inspired by winning best film The Artist, other actresses chose to go back to black and white for their gowns.

Angelina Jolie teamed her black strapless Atelier Versace dress with a dash of bright red lipstick while others, including Gwyneth Paltrow and Cameron Diaz, contrasted in light and white.

Paltrow’s elegant and simple Tom Ford ensemble showed off her slender figure, while Diaz also channelled the pale look in a mermaid-style Gucci dress that clung to her curves.

Others choosing white included The Girl With The Dragon Tattoo star Rooney Mara, whose jet black hair contrasted with her flowing gown by Givenchy.

Penelope Cruz oozed timeless Hollywood glamour in an off- the shoulder blue-grey flowing gown.

Meanwhile, some took the question of red carpet attire less seriously than others.

Sacha Baron Cohen who walked down the red carpet in character from his film The Dictator, said: “I’m wearing John Galliano but the socks are from K-Mart. As Saddam Hussein once said to me ‘socks are socks – don’t waste money’.”