On Monday, the Council of Fashion Designers of America awarded Mary-Kate and Ashley Olsen a prize over Marc Jacobs.

The 2012 CFDA Awards, aka the "Oscars of the fashion world," celebrated the organization's 50th anniversary last night at Alice Tully Hall at New York's Lincoln Center. For the first time ever, the entire award show was digitally broadcast on Tuesday at style.com.  

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The Olsen twins won the Womenswear Designer of the Year award for their clothing collection The Row, beating out Marc Jacobs in a likely upset.

Tommy Hilfiger won the Geoffrey Beene Lifetime Achievement Award, and there was a dinner in his name that ran until 1 a.m.

Hosting duties fell to "Saturday Night Live" head writer and actor Seth Meyers, who got big laughs when he came on stage late in the evening wearing the same see-through lace Comme des Garçons dress, boxers and boots that Jacobs wore to the Costume Institute Gala, which was actually the idea of Vogue editor-in-chief Anna Wintour.

"Hey guys, who wore it better, Marc Jacobs or the window of an Italian funeral home?" Meyers cracked earlier in the evening.

Baltimore cult filmmaker John Waters also brought the funny as he accepted awards on the behalf of two honorees who were unable to attend the ceremony. Johnny Depp received the the Fashion Icon Award and Comme des Garçons designer Rei Kawakubo won the International Award.  

The New York Times set the stage:

[Waters] stole the show when accepting both awards on their behalf, describing the appeal of Ms. Kawakubo's challenging aesthetic, one that embraces polyester, intentional wrinkles and delicate care-tag instructions, thusly: "We know how great her clothes look, but others just think we're poor."

And articulating Mr. Depp's flamboyant style, he asked, "Can anybody but Johnny Depp wear colored railroad handkerchiefs hooked through his belt loops without the fear of the sexual hankie code?"