Emma Stone appeared in her second stunning look of the night at the 2012 Vanity Fair Oscars Party, held in West Hollywood last evening.

I’m completely blown away by Emma in this Chanel Fall 2011 Couture dress.

The layered black chiffon dress flares out at the waist before becoming partially sheer, showing off flashes of leg.

Crystal brooches on each shoulder provide the only sparkle necessary.

I keep going back and forth as to whether I would have preferred to have seen this dress on the red carpet for the main event.

Which look was your favourite?

Giambattista Valli Couture or Chanel Couture?

Credit: Style.com & Getty