My best tip for viewing THE RED CARPET ISSUE — an insightful, provocative documentary about the relationship between Hollywood and high-end fashion — is that you do so with friends (or, see it separately, then discuss). And while ostensibly about girlie things (gowns, jewelry, high heels, handbags), this is really about the red carpet’s dirty underside, a multi-billion dollar game of poker sure to appeal to male and female viewers alike.

Watching this film reminded me of a heated debate a group of my college friends once had, about legalized prostitution (not that I’m saying hooking and pay-to-wearing are the same!). These were smart kids, and probably all former high school debate clubbers. One would make a statement, and I’d think, ‘Good point.’ Then someone else would argue the opposite, and I’d think, ‘Makes sense.’ I remember that opinion-whiplash feeling to this day. You’re bound to have an interesting conversation following this film about many topics, including the two obvious biggies, fame and capitalism.

Going into the screening, I was dubious that anything in it would surprise me, simply because I’ve worked for so many years in both New York and L.A. covering that crimson turf. However, I can report that a few details did truly shock me. I can also say that the very strongly-held position I had going in (anti-pay-to-wear) wasn’t necessarily changed, but the other side’s P.O.V. was so clearly laid out that I did question my beliefs. That’s a high compliment, because I’m pretty stubborn.

The passions on both sides of this polarizing issue are exposed, but fairly, in equal measure, and civilly (Hollywood and fashion are about appearances, after all). Still, I wonder how director Olivier Nicklaus convinced a few of his subjects to be as candid as they were: A Chanel rep gives Penelope Cruz and her stylist a piece of her mind — I’ve heard much much much much much worse, but strictly off-the-record. Don’t get me wrong, you sense that what is revealed is just the tip of a gargantuan iceberg, but it’s enough to guess what lurks beneath. I knew the stakes were high, but not quite that high. The dollar amounts are staggering.

Interviewees include designers (Marc Jacobs, Roberto Cavalli, Nicolas Ghesquière Marchesa’s Georgina Chapman among them), actresses, directors, magazine editors, photographers, stylists, historians and fashion houses’ celebrity liaisons. The film’s major WTF?! moment comes while celeb stylist Phillip Bloch has the audacity to quote human rights icon Malcolm X while analogizing the whole set-up; it’s pretty obvious based on the narration and camera work that the filmmakers were similarly appalled, too. And as is so often the case, Karl Lagerfeld wins Best Verbatim (”Be warned, the red carpet can be a den of bad taste, with a femininity worthy of transvestites”).

To see a complete list of the films and series airing during New York Fashion Week on Sundance Channel CLICK HERE.

CLICK HERE to see more clips from THE RED CARPET ISSUE.