FOR YEARS THE RELATIONSHIP between Seventh Avenue and Hollywood has been one of simple cause and effect: Celebs wear designer clothes, designers get great publicity. That's one reason why the 17th annual Council of Fashion Designers of America Awards on Feb. 8 in New York City brought out entertainment's ritziest in their glitziest. "I feel like Cinderella," said Sigourney Weaver, in a black Narciso Rodriguez. "I live a very boring life at home, so whenever we go out it's fun to dress up." Species star Natasha Henstridge, decked out in a beaded Badgley Mischka, sounded similarly giddy: "I love wearing beautiful gowns. It's like playing dress-up when you were a child."

The sartorial splendor was matched by the high emotion of the ceremonies, which honor fashion's finest. After a dinner of risotto and filet mignon, the 970 guests at 55 Wall Street watched Christine Baranski host a show that included special tributes to Gianni Versace and Princess Diana. But the high point came when a Gucci-clad Demi Moore presented the Special Award for a Lifetime of Glamour to Elizabeth Taylor, who, despite having to be assisted onstage, needed no assistance in delighting the crowd. "I have been on every worst list ever compiled," said Taylor, in a silver Gianfranco Ferre. "So eat your heart out, Mr. Blackwell!" Still, the mix of models and movie stars proved too much for some. "I've seen Kate Moss three times, and she never put food in her mouth," said Fran Drescher, in Todd Oldham. "Meanwhile they gave me extra risotto. Hello!"

REBECCA DAMERON in New York City

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