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NEW YORK (CBS) -- Annual costume institute gala at New York's Metropolitan Museum of Art is known as the Oscars of the East.

Actress Sarah Jessica Parker says, "It's another illustration of what makes this city so exciting, in large part due to Anna Wintour."

On this night, the co-chair and vogue editor-in-chief plays host to a crowd draped in masterpieces. Anna Wintour says, "I always say you can look at a great fashion photograph and you can tell just as much as what's going on in the world as a CBS news program. I mean fashion is history, fashion is culture, fashion reflects the times, and that's really what the Costume Institute sets out to do."

It's new exhibit "Schiaparelli and Prada: Impossible Conversations" pairs the works and thoughts of two legendary designers; the flamboyant Elsa Schiaparelli, known for her collaborations with surrealist artists of the 1930's, and Miuccia Prada who took over the family business in 1978 and turned it into a global empire.

Behind the exhibit is curator Andrew Bolton. He says, "Both women share this absolute passion to challenge our expectations about fashion. The show is really about many conversations, the two women, past and present, and the objects themselves enter into a dialogue with each other."

The designers' words echo through the exhibit in a series of imaginary chats brought to life by famed director Baz Luhrman. Luhrman says, "The idea was ridiculously attractive, could these extraordinary women from a different time and place have a conversation. It's not about what's in front of you in terms of the objects or the video it's the third experience."

An experience, against the backdrop of Prada and shocking pink, Schiaparelli's favorite hue, that continues to inspire new conversations among the style icons of today.

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