When the recession hit, the fashion world told women to shop their closets. But in recent months, it has been all about shopping other people's closets.  In the past two weeks alone, I've been invited to three clothing swap parties. Last night, I finally decided to give one a try...

Following in the footsteps of their successful NYC swap party, the vintage shop What Goes Around Comes Around hosted an exclusive bash at their Hollywood location. The invite was pretty vague: bring one to three vintage items (at least 10 years old) and instructions will be given upon arrival.

I tried parting with my velvet and lamé dress but at the last minute, I decide to trade in my early '90s Kate Spade purse. (We're in an '80s revival, after all!)

All of the merchandise was separated into A (high end), B (mid-range) and C (lower end) categories. My purse only earned me a C ticket.  On the B rack was a gorgeous green ombré Oscar de la Renta dress that I just had to have. Luckily, my friend's 1950s cocktail dress earned her a B and she sweetly swapped tickets with me. We made our way over to the C rack to find her something but even after an hour of waiting, nothing struck her fancy. She grabbed a vest and sipped another cocktail.

Lesson learned? If you're throwing a swap party, make sure you have plenty of drinks around to ease people's sorrows just in case they don't find anything they love. The swap hosts served Karma Champagne, which I highly recommend. The single-serving bottles are less likely to spill on the clothes plus you can sip them through a straw so you don't mess up your lipstick. And don't forget: One woman's trash is another's treasure—especially when that "trash" is Oscar de la Renta.

Want to learn how to wear vintage and still look modern? Check out the Style Spy's fashion tips!