The catwalk star was a huge fan of the late actress and was overcome with excitement when she heard some of her possessions were being auctioned last year.
She snapped up a bright yellow Givenchy pant suit, which she saved to debut on the perfect night.
She decided to wear it to the annual ball held in New York City, which celebrates the Metropolitan Museum of Art’s latest exhibition – this year about designers entitled Schiaparelli And Prada: Impossible Conversations.
“I decided I’m not tailoring anything, because how could you?” she told People. “Funny enough, it fits everywhere — except maybe in the boobs — but other than that I was excited I didn’t have to touch it.”
Coco attended the auction with a group of girlfriends. Her husband James Conran fully supported her decision to indulge in pieces from Elizabeth’s wardrobe.
“I went [to the auction] with a few other girls and all of us were getting these emails from our husbands saying, ‘You be good now!’ But [my husband] didn’t [send one],” she said. “I said I was the lucky one, and he was happy for me. This model does not buy designer stuff, but it was very special. I was like, ‘Yes, I must!’”
The Met Gala is famed for pairing designers with celebrities. This year model Kate Upton attended with Michael Kors, donning a silver sequin gown by the designer.
Jason Wu arrived alongside Karlie Kloss, Rachel Zoe and Karolina Kurkova went together and Doutzen Kroes was Roland Mouret’s date.
A number of stars gave a nod to exhibit subject Miuccia Prada by wearing one of her creations, among them Eva Mendes, Uma Thurman and Linda Evangelista. The designer herself opted for a pant suit.
US Vogue editor Anna Wintour donned a gown which was embroidered by Prada and is rumoured to have asked all worldwide editors of the publication to wear pink to the gala.