It only gets bigger and better with each passing year -- and the Victoria's Secret Angels are even hotter!

Lingerie giant Victoria's Secret held their annual fashion show in New York last night.

But of course, it was much more than just a fashion show -- with dance performances, world-famous musicians and supermodels getting their groove on, it was a full-scale production that cost a staggering 12 million dollars!

Artistes Jay-Z, Kanye West, Maroon 5 and Nicki Minaj performed live as supermodels like Miranda Kerr, Doutzen Kroes and Alessandra Ambrosio sizzled on the runway. The themes behind the lingerie ranged from ballet and college funk to Spanish passion and mermaid goddesses.

And like every year, the showstopper was a dazzling $2.5 million 'Fantasy Treasure' bra -- don't miss it!

First up we have model Caroline Winberg in a beautiful cutwork shimmer bodysuit reminiscent of a magical underwater world.

Next we have Dutch doll Doutzen Kroes in a sensual satin and sequin trim bra and thong.

South African stunner Candice Swanepoel pouts for the flashbulbs as she struts her stuff in floral yellow lace, with printed bolero and train.

Brazilian babe Adriana Lima dominates the catwalk in a superheroine-style get-up complete with a cape that spells out 'Incredible' -- we whole-heartedly agree!

Swapping the wings of an angel for those of a butterfly we have blonde Toni Garrn, modelling a lacy babydoll.

We see the gorgeous German once more, this time in sensual black lace, corset and playful pink-white ruffles.

Posing like a ballerina in her fluffy tutu and matching lingerie, Alessandra Ambrosio charms onlookers.

VS Angel Erin Heatherton and rapper Nicki Minaj are a colourful spectacle as the latter performs during the show. Go girl power!

Statuesque Lindsay Ellingson shows off her figure in a body-hugging jumpsuit.

Belarusian bombshell Maryna Linchuk looks like a mermaid princess in shimmering pastels -- wow!

A vision in citrus hues, German chicka Julia Stegner takes to the runway.

Dutch dream Bregje Heinen shows off blue lace and an eye-catching neckpiece and corset.

Candice steps out once more, in a romantic lacy number with metallic wings -- angelic as ever!

Adriana blows a flying kiss to the audience as we're blown away by the sight of her fabulous bod in black lace and garter stockings!

Dazzling in dripping gemstones and a fuschia lingerie set, Brit supermodel Lily Donaldson is a sight for sore eyes!

Rappers Kanye West and (right) Jay-Z upped the A-list appeal of the Victoria's Secret showing with their energetic performances as beautiful women paraded past.

Showing off her toned and tanned curves in white, Alessandra looks right at home on the ramp.

French femme fatale Constance Jablonski dares to bare in a feathery gown that preserves her modesty with strategically-placed sequins.

Doutzen reappears in a strapless white teddy and trailing a layered robe.

Brazilian beauty Izabel Goulart plays up for the crowd with the help of parasols and her luscious pout.

Dusky and doe-eyed Lais Ribeiro wins us over with a shy smile -- and not-so-shy bra and briefs!

Here we see Doutzen in a typical VS angel number as she gets her angelic groove on.

Fabulous Flavia de Oliveira creates a flutter in her sheer outfit.

As Maroon 5 performed live, frontman Adam Levine couldn't resist planting a kiss on Russian girlfriend Anne Vyalitsina as she did her thing -- wish we could do the same!

Puerto Rican model Joan Smalls is big on presence as she cops an attitude for the cameras.

Lindsay takes another turn too and she's wearing a lovely set of wings -- but we bet you didn't notice those first!

American catwalker Shannan Click is in a playful mood as she struts out wearing glowing wings and heavyduty sequinned boyshorts!

Lais is like a beautiful gift in this pic, ready to be untied along with her red ribbon!

And finally, Aussie cutie Miranda Kerr makes a grand entrance in the 'Fantasy Treasure' bra -- an aqua push-up studded with almost 3,400 hand-set precious stones, comprising 142 carats of white and yellow diamonds, pearls, faceted citrines and aquamarines, all set in 18-karat white and yellow gold. Whew!

Alessandra and Adriana lead the parade of hotties as they take their final turn on the runway.

And as fab as the 2011 show was, you can bet next year's will be even bigger and even better!