The world's most glamorous film festival, the Festival de Cannes, recently showed that it has no equal when it comes to putting on a party. Originally founded in 1939, this years' event was held at the Palais des Festivals et des Congrès, from the 14^th to 25^th of May. This private festival is an international showcase that brings in celebrities and jet-setters from all over the world to celebrate the world of film.

"This isn't just a film festival,'' said Shia LaBeouf, who is starring in "Indiana Jones and the Kingdom of the Crystal Skull." "It's the second-biggest event in the world, second only to the Olympics.''

Which makes it the biggest festival in the world of film, and the ideal place to premier the first Indiana Jones film in nearly 20 years. Leading up to its May 18 premiere, the eagerly-awaited sequel became the centerpiece of the event, generating an intense media frenzy with hordes of international paparazzi swarming director Steven Spielberg and the movie's stars wherever they appeared.

Wim Wenders' film "The Palermo Shooting" closed this year's Cannes film festival, but it was the French film "Entre les Murs" (The Class) that got a standing ovation when it won director Laurent Cantet the Palme d'Or; the first time a local favorite has won the top festival prize in two decades. "All the performances, magic. All the writing, magic. It just touched us so deeply,'' jury president Sean Penn said at the jury press conference.

In addition to host country France, Italy's filmmakers also had a successful run, winning prizes in two top categories. The Grand Prix, the festival's runner-up award, went to Matteo Garrone's dramatic "Gomorra," a film based on Roberto Saviano's bestselling book about the Mafia in Naples.

Conspicuous display for the paparazzi has always been a tradition at Cannes, and this year Angelina Jolie set off an explosion of flashbulbs at the Chinese-themed beachside festivities for "Kung Fu Panda," where she arrived with Brad Pitt and costars Jack Black and Dustin Hoffman. Indiana Jones star Harrison Ford and companion Calista Flockhart were constantly the center of attention as they celebrated at glitzy Hotel du Cap during the week, and took part in the yacht-based festivities for Dennis Hopper's 72nd birthday party.

Other awards were voted for two industry veterans doing work that Penn characterized as "so rare and so important." One recipient was Catherine Deneuve, star of Arnaud Desplechin's "A Christmas Tale," a drama about a family that comes together for a memorable Christmas-week reunion. The other recipient was Clint Eastwood for directing "Changeling," a drama made with his low-key self-assurance and directing skill. Also, in honor of the 85th anniversary of Warner Bros., the festival featured 10 of the studio's films at public screenings on the beach.

The festival at Cannes is always star-studded and glamorous, but it's also an active business setting. This year a weak dollar meant good news for U.S. media companies looking for distribution. In the international film market, where the vast majority of sales go in one direction, from the U.S. to international markets, the current exchange rates can only provide a boost to the film business in the U.S.

Story by Adrienne Papp.