Uma Thurman, Naomi Campbell, Courtney Love, Kanye West, Freida Pinto, Brooke Shields, Patrick Dempsey and Rosario Dawson were also among the 800 guests who showed up at the Eden Roc hotel.
Taylor, who passed away in March (11), was remembered at the event as chair of the gala, with film producer Harvey Weinstein telling the crowd, "It was an honour to work beside her and it was an honour to watch her movies."
An auction was also held during the gala, with a limited edition 1991 photo of Taylor selling for $150,000 (£93,750), while a 1964 Andy Warhol painting of the actress fetching $400,000 (£250,000).
Resident Evil star Milla Jovovich kicked off the evening by singing I Wanna Be Loved By You, while Boy George performed a couple of tracks for the star-studded crowd, which included Janet Jackson, Robert De Niro, Goldie Hawn and Jane Fonda.
Actress Sharon Stone was slated to preside over the evening, but had to cancel her slot due to work commitments.