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With loathsome, work-related Christmas party season in full swing (you can't inhale nearly enough free cheese and wine to make three hours of forced interaction with co-workers you don't like palatable), the annual Marc Jacobs Holiday Ball—some say the best party of the year—is a breath of fresh air.

Wednesday's fete at Gotham Hall, "A Night in Venice," featured the designer's closest friends, a few hundred of their friends, and some of the most inventive costumes this side of Halloween. Radar's got the pics, as well as some shots from last night's Young Collectors Council 2006 Artist's Ball at the Guggenheim.