Hollywood's biggest party—the Academy Awards—is alternately viewed as shameless self-promotion on the part of the movie industry and as glamour incarnate. Sponsored by the Academy of Motion Picture Arts and Sciences, the Academy Awards annually honor excellence in film. Although it has been said that the ceremony is merely a popularity contest, winning an Oscar still represents a significant change in status for the recipient. After more than 70 years of Academy Awards ceremonies, the event has been criticized as having become a self-congratulatory affair that gives Hollywood a yearly excuse to show off to a global televised audience of millions. But no one can deny that when Hollywood's stars don designer clothes and jewelry, the world turns up to watch, proving that star power and glamour are still the essence of American popular culture.

Kevin Costner at the Academy Awards ceremony in 1991.

The Academy...