Robert De Niro, who co-founded the festival in 2002, joined celebrities like Kristen Bell, Zach Braff and Selma Blair in paying tribute to the work of a number of artists, including Yoko Ono.
The pieces, currently on display in Manhattan, will serve as awards for ten directors from the festival.
Selma, who is on the festival's jury this year, also paid tribute to the evening's host, Chanel. The Legally Blonde actress dressed in an elegant outfit created by the Parisian fashion house.
At the dinner, she was seen sharing some laughs with Kristen as well as actress Abbie Cornish, both of whom also chose Chanel for the night. Kristen wore a stylish black frock while Abbie was elegant in a white minidress over black tights.
Kristen also took some time to discuss the importance of the festival, which wraps up on Sunday.
"I think having something that's here in New York, where some of the grittiest filmmakers started their careers, is really nice - to celebrate amongst the people that started it," she said.