The night before the Oscars, Jeff Bezos’s fiancée Lauren Sànchez attended Chanel’s pre-party carrying a quilted purse resembling a rocket. You know, like the one she’ll soon ride to space with her gals Katy Perry and Gayle King. It wasn’t her first rocket evening purse, but it may have been her first Chanel rocket evening purse.

That was just one of many signs that stealth wealth was being shooed aside to make way for maximalism at this year’s Oscars. And if that didn’t tip you off, there was also the James Bond tribute dance squad’s red satin gowns (Reagan red?); the abundance of “Old Hollywood”-inspired red-carpet looks; and the dresses that were so metallic and glittery, Sànchez would be able to see them from her orbital bachelorette party.

Excess is back, and both the fashion and entertainment industries must be happy about it. It’s something different from the minimalism that has thus far dominated the decade, which gives people (particularly the rich ones who keep the luxury industry alive) a new reason to shop. But it also brings to a screeching halt the uncomfortable relationship the entertainment industry has had with red-carpet fashion over the last decade. Award-show carpets have mirrored efforts on high-fashion runways to say something about the world. But now, it’s settling back into what it once was: a place where stars can flaunt formalwear and bling and earn money doing it.