Olivia Palermo attended the 14th Annual ACE Awards presented by the Accessories Council at Cipriani in New York City last night.

The well-dressed star wore her 2nd Giambattista Valli look in a row since returning from Paris Fashion Week.

On this occasion she wore a Giambattista Valli Fall 2010 look.

Her graphic-print silk dress with a drop waist has a gorgeous layered tulle feather-effect skirt.

I’m glad she opted out of the belt the model wore, as the dress hangs better without it.

I’m also dying for her accessories which included a Judith Leiber clutch.

Her shoes are amazing. It would’ve have been easy to opt for black pumps, but she paired her cute dress with bright blue Cesare Paciotti heels with a funky yellow trim.

Credit: Style.com & Getty