The annual fundraiser for the Metropolitan Costume Institute was held today at the Costume Institute Gala. The show titled "Charles James: Beyond Fashion" is co-chaired by "Hangover" actor Bradley Cooper, "Sex and the City" star Sarah Jessica Parker and Vogue editor Anna Wintour, among others. The event served as a bedrock for high fashion-with dozens of celebrities sporting only the best and most elegant gowns and suits made by the world's fashion tycoons and icons.

Topping the Best Dressed List according to various polls is none other than "Red" songstress Taylor Swift. The Grammy-nominated singer donned a bedazzling pink gown by Oscar de la Renta, with a trail that gave Swift a royal look. Selena Gomez is also touted to be one of the night's best dressed stars, wearing none other than a burgundy Diane Von Furstenberg gown that showcased the "Come & Get It" singer's ample cleavage.

The two stars might not only be rivals for being the Best Dressed of the night. According to various sources, the two stars have been feuding for the past months, after Selena Gomez allegedly got back with troubled singer Justin Bieber despite the vehement objection of then-best pal Taylor Swift.

After such incident, the duo's friendship seemed to have downward spiral. The once close-knit Hollywood friendship was said to end after Selena Gomez opted to choose to hang out with teen sensations Kylie and Kendall Jenner as opposed to Swift.

Not to be outdone by Gomez, Swift has also been seen hanging (quite a lot) with Victoria's Secret Model Karlie Kloss as well as teen singer of the moment Lorde. A rift between the friendship of Taylor Swift and Selena Gomez might have potentially been fomented by the "Come & Get It" singer's alleged "too boring" remark about TSwift.

Who should snag the 'Best Dressed' award between these two young ladies? Check out the pictures for their ensemble during the MET Gala.

Taylor Swift
Singer Taylor Swift arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in New York Reuters
Taylor Swift
Taylor Swift arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit in New York Reuters
Taylor Swift
Taylor Swift arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit in New York Reuters
Selena Gomez and Jessica Alba
Selena Gomez and Jessica Alba arrive at the Metropolitan Museum of Art Costume Institute Gala Benefit in New Yor Reuters
Selena Gomez
Singer Selena Gomez arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in New York Reuters
Hollywood Justin Bieber