Zac Posen's new exclusive collection for Saks Fifth Avenue, Z Spoke, was feted last night with the usual fashion party trappings: champagne, finger food, models and music.

Posen, who's recently been dogged by questions of his company's financial health, was in good spirits, charming his models, gathering socialites into embraces for photos, even indulging a few fans with polite chatter.

The collection, which has an updated 1940s inflection, featured pretty, sheer print dresses with cut-away sleeves and flirty skirts, separates in glam lipstick red and figure-hugging knits. "It's about creating the new American classics, and looking at iconic fabrications and iconic materials that you want to create and set forth," the designer said of the collection.

"Damages" actress Rose Byrne, sporting a flattering red Z Spoke blouse and skirt, stood a few feet apart from where guests surrounded the ersatz catering table that dished out endless pours of drinks. "One of the fun things about New York is that there's a fashion element to the city," she said. "If you like fashion, it's fun to come along and meet the designer. Free champagne, goodness! It's very decadent in this time, really."

Posen will be celebrating the launch of Z Spoke in Los Angeles soon, which he hopes will also coincide with requests for the Oscars. He didn't have any confirmations (or wouldn't say) if any actresses were looking to him for gowns. "Fingers crossed, sketching, swatching, getting fabrics from France and Italy. You never know, its a dream," he said.