The 56-year-old star stepped out in a Balenciaga gown at the star studded fashion event - which had the theme 'Sleeping Beauties: Reawakening Fashion' - on this Monday, and she first saw the gown in a photo taken by the late Richard Avedon.
She told E! News: "I just loved the idea that - I never got to work with Avedon, I wanted to work with him.
"He was sick and he passed, and it's a big regret. So, I get to wear a dress that was inspired - I saw it in a photo that he took, and went, 'I hope I can bring that back to life.'
"It's a celebration of a photographer as well, and a dress."
She loved this year's theme for the annual gathering, explaining how it meant a lot to "bring these gowns back to life".
She added: "Just the idea of past, present and future being brought together, and these gorgeous couture gowns."
Nicole pointed to the amount of effort put into the outfits add another layer to the occasion.
She explained: "You forget, the people that make these gowns, they put so much time - look, it's exquisite
"The artist that made it. I watched them make it, I see the love they put into it. We wear their art for them."
In 2022, Nicole caused a stir when she graced the cover of Vanity Fair's annual Hollywood issue in a daring ensemble featuring a super-short Miu Miu mini skirt and matching crop top with her outfit dividing fans and attracting criticism online.
Reflecting on her controversial look, she later insisted she likes to take risks when it comes to fashion and doesn't think about the consequences.
She told Australia's Stellar magazine: "I make the most random, crazy choices. I call them 'teenage choices' because I just don't ever think of consequences,
"Part of my brain just doesn't think like that. I just go, 'Oh, I'm going to wear that; it reminds me of my school uniform.' Or, 'Oh my God, yeah, I'd love to do that.' I try to (stay) in that place because I think otherwise you get scared or worried."