Michelle Obama's Jason Wu Gown

At the start of December, Jason Wu called it a "long shot" when asked if he would be designing for the inauguration. Looks like the long shot came through. Young designer Jason Wu was the designer of Michelle Obama's white inaugural gown. Like Isabel Toledo who designed inauguration outfit Michelle Obama wore earlier, Jason Wu is an American designer born elsewhere (Isabel Toledo was born in Cuba, Wu was born in Taiwan). Both also attended Parsons in New York. President Obama wore a white bow tie with his tuxedo. Mrs. Obama also wore diamond drop earrings and a diamond cuff bracelet to match the sparkle of the beaded gown. Wu's gowns generally cost between $3,000-$6,000.

Michelle Obama celebrated her husband Barack Obama's Inauguration in a dazzling white, one-shouldered Jason Wu gown.

"Michelle Obama once more does something new and fresh [by] working with an emerging fashion star and turning Jason Wu overnight into a household name," Us Weekly fashion director Sasha Charnin Morrison says.

"This type of dress shape/silhouette is something that's completely unexpected. [It's] vibrant and aspirational, full and gorgeous," Charnin Morrison adds. "No one else in the past would have been this striking, this ravishing or been able to pull this look off. She's bringing sexy back."

Look back at famous Inaugural Ball gowns.

Michelle also donned a $3,510 dress made from the 26-year-old Taiwan-born designer for a November interview with Barbara Walters. The Wall Street Journal reports Wu's evening wear sells for $3,000 to $6,000.

What's in a dress?

Michelle's choice is "a balancing act between being a queen and a commoner," Carl Sferrazza Anthony, a historian who's written about first ladies, told The Dallas Morning News. "The inaugural gown is a metaphor for the first lady role."

He added: "They reflect around the world an image of our country."

Earlier today, Michelle stepped out in a gold sheath and matching jacket from Cuban-born designer Isabel Toledo for Barack's swearing-in ceremony. To stay warm in the 30-degree weather, she paired her outfit with olive green gloves from one of her fave shops, J. Crew.

(Her daughters also wore threads from the chain shop to their dad's Inauguration. Malia chose a royal blue jacket, while Sasha bundled-up in a pale pink coat.)

See how famous designers would have dressed Michelle Obama for the Inauguration.

Meanwhile, the president hit the town in a custom tuxedo made by Chicago-based designer Hart Schaffner Marx. (The brand's suits typically retail at Nordstrom for about $895.) Obama hasn't purchased a tux in 15 years, it's been reported.

Look back at photos of Michelle Obama's style on the campaign trail.

Barack and Michelle are expected to hop between the 10 official balls scheduled for tonight. They shared a first dance to Beyonce's performance of Etta James' "At Last" at the Neighborhood Ball.

See the Obama's family photo album.

But after tonight's glitz and glamour, it's down to business.

The new president called America "in the midst of crisis" between the economy woes and war in his speech from the Capitol this afternoon -- but promised action.

"Today I say to you that the challenges we face are real," he said in front of a crowd of thousands, including celebs Oprah Winfrey and Anne Hathaway. "They are serious and they are many. They will not be met easily or in a short span of time. But know this, America -- they will be met."

See which stars showed up to Obama's Inauguration!

Tell Us: What do you think of Michelle's dress?