"This is my Jackie O moment," the 39-year-old told reporters on the red carpet. "This dress is courtesy of Tom Ford."
The GOOP goddess said it wasn't hard to find the perfect look for the biggest night in Hollywood. "Tom very kindly asked if I needed something to wear, and I have this beautiful jewelry by Anna Hu, which I love. I love this flower ring."
The Contagion actress finished her look with Jimmy Choo "Koko" platform sandals.
Paltrow, who got ready for the Academy Awards with celeb BFF Cameron Diaz, 39, joined her Iron Man costar Robert Downey Jr. to present the award for Best Documentary Feature to Undefeated.
Tell Us: Do you like Gwyneth Paltrow's sophisticated Oscars look?