Penelope Cruz at 2012 Oscars

Actress Penelope Cruz arrives at the 84th Annual Academy Awards held at the Hollywood & Highland Center on February 26, 2012 in Hollywood, California. (Getty Images North America)more pics Penelope Cruz at 2012 Oscars. (Getty Images) On the biggest red carpet night of the year, fashion mavens around the world waited for the parade of Oscar gowns to begin. The 84th Annual Academy Awards did not disappoint. But in truth, all eyes were waiting for just a glimpse of Penelope Cruz's Oscar dress. The actress wore Armani Priv.

She brought real romance to the Hollywood & Highland center in a flowing periwinkle creation by Armani Priv. Penelope added classic Grace Kelly polish to her ensemble with diamond jewels and shiny 1950s-inspired curls. Her 2007 Oscars look may be difficult to top, but this retro look is certainly a close second.

The 84th Annual Academy Awards were held February 26, 2012 at the Kodak Theatre in Hollywood. While we missed the fantastic wardrobe changes of Anne Hathaway, Billy Crystal charmed (for his 9th turn) as host of the soiree.

We've spotted other celebrities with a similar look, including Coco Rocha, Kate Bosworth, and Demi Lovato. Check out all 143 pictures in the Off-the-Shoulder Dress Lookbook.

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