"Overnight, these designers become household names," said Meenal Mystry, the fashion news editor at W magazine.
A made-to-order Oscars dress will run anywhere from $40,000 and up. It's like the prom for grownups. In fact, the Oscars dresses will affect the styles for the prom dresses sold this spring.
Kressley said to look out for shorter hemlines with a vintage feel.
"Channeling Audrey Hepburn could be a look for darling Reese Witherspoon," he said. "Backless -- very dramatic without being too revealing. See Hillary Swank from last year. This is a good look for a lot women and I think we will see a lot of. I think we will see a lot of white, blush and metallics and pastels. Strong colors like red were everywhere at the [Golden] Globes, so I don't think we are going to see it here. Red can also age an actress more than bad makeup."
He predicts there will be a lot of vintage jewelry: "More Liz Taylor and less P. Diddy."
Hair, he said will be "up and goddess like."