Designer Oscar de la Renta's inauguration event dresses for Michelle Obama and daughters.The presidential inauguration party tops the list of formal affairs next January, and President-elect Barack Obama is rumored to be preparing for his big event: he’s believed to have ordered a simple and classic black tuxedo by the union-friendly suburban Illinois-designer Hart Schaffner Marx, a stylist in which the president-elect is said to be faithful, according to the LA times.

But most-likely all eyes will be on the future first lady’s outfit.  So, what will Michelle Obama wear on her husband’s big day?

Women’s Wear Daily is featuring sketches by high profile designers on its Web site of possible inauguration day outfits for the Mrs. Obama and among the contenders are simple and classic designer Nicole Miller, the elegant and timeless Karl Lagerfeld for Chanel, and the funky and youthful California-based fashionista Betsey Johnson. [via]