My Five Favorite Must-Have's for an Epic Oscars Party:

As the owner of top flower shop, LA Premier, celeb event planner Kevin Lee has designed more than his fair share of mega-chic Hollywood events -- some with price tags nearing $1 million. For you, he comes cheap today with tips on how to make your Academy Awards viewing party, well, Oscar-worthy:
Black and Gold, Of Course - "To me, it's typical but there are many ways you can treat it. There are gold sofas. Or you can get black plates. Certain things are traditional... From there, you can move on and make something outrageous."

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Celebrity Look-Alikes - "You can hire a celebrity look-alike, which would be really, really fun. Hire those people to walk around your party and take photos [with them]. I know they're not real, but it's really, really fun. Makes the party come alive."

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Red Carpet for Guests Walking In - "Create a step and repeat backdrop with Oscar gold statues behind it so you can take photos. Then bring the celebrity look-alike over so you can take photos."

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Bubbly Champagnes - "Life is short, enjoy it. That's the best way to go."

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Caviar - "To be honest with you... caviar and champagne are the best. What else can you do beyond that? Oscar night winners... what are you going to give 'em? Caviar and champagne! That's the best way to go with your friends. Buy a beautiful concept caviar and open it up on the coffee table with a bubbly champagne for sharing and conversations. It's spectacular."

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Find out what the celebrity event designer is up to next. Follow Kevin Lee on Twitter @Fabkevin.

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