The last time Valentino, or "Mr. Valentino" as he is often referred to even though his last name is Garavani, held a big party, the setting was the Temple of Venus, in 2007. It was part of an over-the-top three-day party celebrating his 45-year career in fashion, accessible only to the boldfaced-named and privileged.

On Wednesday evening, the setting of his latest party was decidedly more modern: the sleek, futuristic Frank Gehry-designed IAC Headquarters building in Chelsea. That was conscious. Mr. Valentino, who has retired from the label bearing his name, was celebrating the launch of the Valentino Garavani Virtual Museum, an online series of exhibitions featuring his collections downloadable to anyone for free.

Giancarlo Giammetti, Mr. Valentino's longtime right-hand man, came up with the idea for the virtual museum and didn't hesitate to boast that he's the more tech-savvy of the pair. "Of course," he replied when asked. "Not at all, not at all," the designer responded when asked how well versed he was in technology. "I learned a little bit more with the museum but no so much, not so much. But I'm going to. I'm going to."

But he has other talents. He famously sang a karaoke version of "My Way" last September at a party for Carine Roitfeld. He wouldn't be singing on this night however.

Shucks. After all there were some singers at the party he could have performed a duet with. Courtney Love, for instance, who admitted she "had no idea" what a virtual museum was but was curious and described herself as an agoraphobic who Andrew Saffir had to drag to come to the party. "I don't know that I do his style," Ms. Love said, referring to potentially singing with Mr. Valentino. "I mean Puccini?"

Also in the crowd, Vogue's Hamish Bowles, who recently auditioned for "X Factor" singing a Britney Spears song, who said Mr. Valentino would be a better singer than he. "I'm sure he's had far more experience."

The party, in a space bathed mostly in red light and housing screens to display the interactive online galleries, attracted figures from the worlds of fashion—Joseph Altuzarra, Daphne Guinness, Tamara Mellon, Peter Som; as well as entertainment—Sarah Jessica Parker and Matthew Broderick, Claire Danes and Hugh Dancy, and Bravo's Andy Cohen.

Rachel Zoe said she was impressed that the 79-year-old could be so into an idea that seems more suited to a much younger generation. "I love that a man that is so kind of, I don't want to say traditional, but, I don't know, he's been around for awhile, is doing something so futuristic and amazing. It's not like a 23-year-old coming out with a blog. It's pretty cool."