Carey Mulligan, Amber Heard, Julianne Hough Heat Up Hollywood Awards Red Carpet (Photos)

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Who wore what and why to the annual ceremony, held Oct. 24 at the Beverly Hilton.

The Hollywood Awards -- held at the Beverly Hilton -- are closely watched for two reasons.

1. The awards show, broadcast on Starz, is in it's 15th year and attracts names such as George Clooney and Michelle Williams and many in the industry hope it will eventually give the Hollywood Foreign Press's Golden Globes a run for their money. Literally.

2. No one who hopes to win an Oscar in February minds being photographed in October holding up a shiny gold statue. All the better to kick off the 2012 Awards Season.

PHOTOS: 15th Annual Hollywood Film Awards Red Carpet Arrivals

And then there’s the red carpet action. Often an actress will stay true to the designer(s) who helped her when she was not yet an O nominee. OK, not often, but occasionally. That in mind, Fash Track talked to some stars on the Hollywood Awards carpet to find out who they’re wearing and why.

STORY: Carey Mulligan to Receive Suporting Actress Honor at Hollywood Film Awards

Actress Carey Mulligan honored with a best supporting actress Hollywood Award for her portrayal of a disturbed young woman who moves in with her sex-addicted brother (Michael Fassbender) in Shame, and her role as young mother in need of protection (from Ryan Gosling) in Drive, wore a stunning simple modern black dress by Bottega Venetta: Why this dress?  “Um, I don’t know, I got given it to try on and it’s got my favorite neckline and it’s comfy.”

To see more red carpet action, including Amber Heard, Julianne Hough and Bryce Dallas Howard, click through Fash Track's 15th Annual Hollywood Film Awards gallery.