WASHINGTON (CBSNewYork) — President Barack and first lady Michelle Obama showed class and style at the inaugural balls Monday night, capping off a day in the fashion world spent wondering, “What will Michelle Obama wear?”

As CBS 2’s Emily Smith reported, the first lady chose red, and selected the same designer she did four years ago – a man she made a fashion icon.

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The first lady wowed the crowds at the inaugural balls, wearing a full-length velvet and chiffon halter dress.

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“It’s a very sexy dress,” said Katrina Mitzeliotis, fashion director at Hollywood Life. “Michelle Obama is not your typical first lady. They’re not your typical First Family. She is breaking molds, and setting fashion barriers, and that’s what she did.”

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Michelle Obama chose the same designer who custom-made her gown for her first Inaugural Ball in 2009. Jason Wu became an overnight sensation at the age of 26.

“Look where he is now,” Mitzeliotis said. “He has an amazing fashion empire. He does bridal. He does accessories. He had a line with Target; a line with Nordstrom. Jason Wu is everywhere.”

Other outfits are already trending. Among them is the first lady’s checkered Thom Browne coat that she wore Monday afternoon – estimated at a value of $2,000.

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Browne is an American designer based in New York City who primarily focuses on men’s clothing. In fact, he has only been creating women’s looks for two years.

He found out Monday that Mrs. Obama chose to wear his custom-made creation.

“You can never predict life to happen this way, and I’m just so fortunate. I’m so honored. I’m so proud she chose mine,” Browne said.

To polish her daytime look, Mrs. Obama paired practical with couture – wearing purple leather J. Crew gloves that have already sold out online, and a J. Crew belt to cinch her waist, along with Reed Krakoff boots.

Daughter Malia, 14, also wore J. Crew, while daughter Sasha, 11, donned Kate Spade.

But fashionistas said the bright red dress is what’s making headlines around the world. And you can expect to see it everywhere you turn.

“Store owners everywhere are going to be pushing those red dresses to front; they’re going to be flying off shelves,” Mitzeliotis said. “Halter gowns are going to be so hot thanks to Michelle, and a lot creating looks for less.”

The purple gloves have been marked down at J. Crew from more than $100 to $39.99, and had sold out in purple Monday night.

As for the red gown, you won’t see the first lady in it ever again. It goes to the Smithsonian for display.

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What did you think of Mrs. Obama’s dress? Leave your comments below…