Olivia Munn Flaunts Major Cleavage in Sheer Black Dress at Emmys Party (PHOTOS)

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Olivia Munn underwent a major style transformation last night, showing off two very different looks at the Emmys.

The Newsroom star, 32, started out in a ladylike brocade frock for the actual awards show. The short navy-and-black dress kept the actress’ chest hidden under a high-neckline for the first half of the night.

But as soon as it was time to party, Munn changed into a more daring number for the HBO after-party, showing off her ample cleavage in a black Armani Prive Couture dress with a plunging neckline.

The sexy star appeared to be busting out of the cap-sleeved dress, and the neckline’s sheer panel did little to protect her from what appeared to be an imminent wardrobe malfunction.

Opting for minimal accessories other than a small metallic clutch that coordinated with the dress’ shimmery collar, the actress’ perky pair was definitely the focal point of her look.

But she wasn’t the only one putting her chest on display last night…

Though she was one of the few stars in black, with everyone from Julianne Moore to Nicole Kidman  opting for  bright colors and glittering embellishments, Munn’s cleavage was in good company.

One of the night’s biggest trends, cleavage was everywhere. With Kat Denning, Zooey Deschanel, Amy Poehler and Emily VanCamp among the stars who bared their breasts on the red carpet, the cleavage competition was intense. A go-big-or-go-home strategy was the latecomer’s only chance at standing out — and it worked, with Munn’s on-display decollete taking home the award for the night’s perkiest pair.

Click through our gallery to see what all the boob buzz is about and tell us what you think of Munn’s daring dress.