When Angela Bassett rises very early Tuesday morning to announce the nominees for the 1995 Academy Awards, she’ll be getting dressed in Escada. The actress has chosen a classic red single-breasted gabardine jacket with matching pants and rose detailed windowpane blouse for the conspicuous occasion. Bassett and Academy president Arthur Hiller will make this year’s announcements beginning at 5:38 a.m. from the Academy’s Goldwyn Theatre in Beverly Hills.

The Grammy’s will be held on March 1 in L.A., so performers and nominees are bracing for the real competition: who looks the coolest. Melissa Etheridge has ordered up a tuxedo of black leather and peau de soie brocade from L.A.’s Pamela Barish for the bash.

There are model parties — and then there are model parties. Pauline’s will throw a wingding for 300 Wednesday night in the enormous Merchant Bank in the Wall Street area. Albert Watson, Francesco Scavullo, Mark Hom and film director Milos Foreman are all expected.