The French icon was handed the prestigious Chaplin Award for her lifetime achievements at the Film Society of Lincoln Center gala and Deneuve was overwhelmed to be feted by such a large crowd.
Dead Man Walking star Sarandon stepped up to the podium to pay tribute to her longtime pal, with whom she shared several steamy sex scenes in 1983's The Hunger, and joked, "I am probably the only presenter who's actually slept with Catherine Deneuve."
Director Martin Scorsese also heaped praise on the beauty, adding, "Catherine Deneuve seems to have been made for cinema, and cinema for her. She is French cinema. She seems to be getting more adventurous every year."
Also saluting the star were her actress daughter Chiara Mastroianni and French director Francois Ozon.
The actress joins a long list of fellow Chaplin Award recipients, including screen legends Elizabeth Taylor, Alfred Hitchcock, and Sidney Poitier.