10/21/2011 04:28 pm ET | Updated Dec 21, 2011

2011 Vogue CFDA Fashion Fund Fashion Show & Tea At The Chateau Marmont (PHOTOS)

*Scroll down for photos*

Late afternoon in Los Angeles can be magical. The city relaxes under the warm sun and a subtle breeze makes it impossible to imagine ever wanting to be anywhere else. This is the kind of afternoon that welcomed guests at the annual Vogue CFDA Fashion Fund Fashion Show & Tea yesterday, held at the iconic and always swanky Chateau Marmont in West Hollywood.

Arguably the most prestigious fashion event in Los Angeles each year, the Vogue CFDA Fashion Fund Fashion Show celebrates 10 designers that have been crowned the 2011 CFDA Finalists. The winner is announced next month. The program has been around since 2003 and has granted $2.3 million to twenty one design companies. It is all about grooming the next household fashion name and supporting young designers in an extremely competitive industry. Past winners and nominees have included Alexander Wang, Rodarte, Phillip Lim, Proenza Schouler, Thakoon and Vena Cava.

For a full list of this year's finalists, click here.

Designers aside for a minute, it's worth noting: anything that brings the Vogue crew out of New York is big news, and as American Vogue editor-in-chief Anna Wintour flew in specifically for this event, it was clear that everyone was on their best behavior and of course in their best attire.

Guests arrived at The Chateau around 3:30pm for the 4:00pm fashion show and surprisingly, not many were late. People wanted time to see and be seen - to flip up their sunglasses and kiss hello, to gaze around the Chateau Marmont's gorgeous courtyard, to soak in the drifting sun, and to see, of course, which row they are seated in and next to who. It was all very Hollywood with the likes of Kate Bosworth, Aaron Eckhart, Dianna Agron, Olivia Wilde, Mike Mills, Jennifer Westfeldt, Busy Phillips and "Glee" creator Ryan Murphy in attendance. The courtyard was also brimming with models, LA artists and fashion designers, a well-dressed gaggle of Vogue editors in from New York, as well as, of course, fashion royalty Diane Von Furstenberg.

The finalists watched guests arrive from above - hanging over a balcony suite and exuded a true sense of giddiness and excitement. The event was all smiles but the truest came from the 10 nominated designers.

After a brief introduction from the fashion news director of Vogue, the show began with a bang. We saw a variety of looks from each finalist - including women's wear, men's wear and jewelry (you're not supposed to look at the clothes in this section, which proves distractingly hard).

A tea followed the show and while no one eats, at least people still drink champagne.

For photos from the Vogue fashion fete, click below.

(All photos courtesy of Wireimage)