Things got a little rock and roll at Monday night's Council of the Fashion Designers of America Awards, which have been cheekily called "fashion's Oscars." Betsey Johnson showed us the Fiji water bottle of champagne that she had tucked in her gold purse. The host, "Saturday Night Live"'s Seth Meyers, flashed his underwear. Michelle Parker came onto the red carpet with nipples akimbo.

It was a big night: the CFDA's 50th anniversary, which made the annual award show even more grandiose, as designers, celebrities and the glitterati mingled at Alice Tully Hall at Lincoln Center to honor the year's best designs.

But just because it was the golden anniversary doesn't mean anyone was afraid to push the envelope. “Fashion and comedy go together like bar mitzvahs and John Galliano,” Seth Meyers joked in his opening monologue, later joshing that Karl Lagerfeld is launching a new TV show called "Are You Fatter Than A Fifth Grader?" Meyers threw a picture of Marc Jacobs' infamously-lacy Commes des Garcons Met Gala 2012 outfit, which consisted of little more than a lace dress and a pair of briefs. Halfway through, Meyers came back out dressed in said outfit, to the roar of the crowd. "My nipples have never been so freezing," he joked, calling the outfit "breezy."

Later, Meyers dropped some hard truths: “Fashion people like hating things more than they like liking things," he said, which brought on the loudest roar from the crowd. Maybe fashionistas do have a sense of humor.

But they also have some serious skill. Billy Reid, who was seated next to this writer in the front row, bounded nervously onstage to accept his trophy for Menswear Designer of the Year.

Johnny Depp, to our chagrin, was not present to accept his Fashion Icon award, but the actor sent an email with his acceptance speech and thank-yous, which Steven Kolb, the CEO of the CFDA, read in real time.

Celeb cameos included "Mad Men" star Jessica Pare in dangling tassel earrings, Jessica Chastain and Lily Collins, who were on hand to present awards. Anna Wintour, wrapped up in a sparkly red Marc Jacobs dress and nude Manolo Blahniks, presented the Geoffrey Beene Lifetime Achievement Award to Tommy Hilfiger, who thanked his wife Dee profusely.

By the time Mary-Kate and Ashley Olsen skipped on stage, hand in hand, to accept Womenswear Designer of the Year for their luxury label The Row, arguably the biggest award of the night, one felt the flash of emotion that comes with watching an actress receive her Oscars statue. The pair thanked their "factories," retailers and team of workers, trading turns speaking as they've done so often over the years.

"I want to thank you," Mary-Kate said at the end of her acceptance speech, speaking to her sister from behind her large dangly green earrings, as both seemed on the verge of tears. With that, the Olsens scooped up their silver statues and flitted off behind the curtains.

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