01/31/2012 08:32 am ET Updated Feb 01, 2012

Marion Cotillard, Carey Mulligan & 'Vanity Fair' Get Us In The '20s Mood (PHOTOS)

We're calling it right now: fashion is about to have a major '20s moment.

Marion Cotillard has been spotted decked out in full-on flapper gear as she shoots a new film project, tentatively titled "Low Life," with Joaquin Phoenix.

The movie, about immigrants arriving to New York via Ellis Island, features period costumes that find the French actress back in her "Midnight in Paris" gear: fur, jewels and flapper dresses galore.

Cotillard's satin, feathers and chic headbands, together with Carey Mulligan's latest look, get us in that '20s mood. Mulligan has been in Sydney shooting "The Great Gatsby," wearing all sorts of gorgeous drop-waist lace dresses and fur boas for her role as Daisy Buchanan.

Tiffany & Co. is reportedly outfitting the cast in diamonds inspired by their archives and Ashley Olsen (yes, that Ashley Olsen) has lent the film's wardrobe department a slew of vintage dresses. Needless to say, the film should be a total feast for the eyes.

"The Great Gatsby" doesn't hit theaters until December 25, 2012, and who knows when Marion Cotillard's immigrant drama will be complete. But the Roaring '20s moment is already in session. With "The Artist" still in theaters and celebs gracing the 2012 red carpets in Gucci's flapper-style frocks, Vanity Fair just released its "Hollywood Issue" featuring 11 starlets, including Rooney Mara, Mia Wasikowska and Jennifer Lawrence, posing on an Art Deco set wearing pastel satin gowns.

Coincidence? We think not.

Check out Cotillard, Mulligan and the latest Vanity Fair cover in the slideshow below.

Great Gatsby set (CLONED)