Jessica Biel at the Costume Institute Gala, courtesy of The New York Times

A Museum Gala Where High Cheekbones and Higher Hemlines Rule (NYT)
“It was noticeable change of social scenery, on Monday night, to see a fashion model (not, say, a routine celebrity) as the center of attention at the annual Costume Institute gala, generally considered the most glamorous, anticipated and expensive (with dinner seats starting at $7,500) event of the year.”

Buyer’s Market:Will seasoned shoppers ever pay full price again? (WSJ)
“In a world where money and logos were once the ultimate prize, retailers and luxury-goods houses are adjusting to the terms ‘discounting,’ ‘shifting stock’ and ‘stealth buying.’” (Watch related video here)

Here’s the Good News: Designers and Execs See Positive Points (WWD)
Bridget Foley of WWD sits down with some of the biggest names in fashion to discuss their thoughts on ’08 and their predictions for ’09.

Fashion’s Westward March (JC Report)
“An increasing number of New Yorkers have realized that the benefits to an LA fashion career outweigh the stereotypes, and, in turn, have started trickling westward seeking sun, space, and those all-important celebrity connections.”