Madonna Flanked by Handsome Talent, Kate Winslet, Christoph Waltz & More at the Venice Film Festival (Day 2)

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Madonna’s new film, her first directorial effort on a narrative feature titled “W.E.” is slated for a release by The Weinstein Co on December 9, 2011, right in the middle of Oscar-talk. Could this be the year that one of Madonna’s films rises from the din to be included in the chatter? The immaculate one surrounded herself with the film’s pretty young things as she stepped out onto the red carpet at the Venice Film Festival today.

If the success of “The King’s Speech” is anything to go by, Madonna’s film might be hitting the market at the right time, the film looks at the romance between American Wallis Simpson and King Edward VIII, who abdicated the throne in order to marry his love. The movie transitions between the historical event and the life of a young woman who sees the story of Wallis Simpson as applying to her own marriage. Akin to a monarchical “Julie & Julia,” we’re thinking.

Also hitting the red carpet were Oscar winners Kate Winslet and Christoph Waltz with Oscar nominee John C Reilly in support of Roman Polanski’s new film “Carnage” based on Yasmin Reza’s award-winning play “God of Carnage.”

Check out the photos below and click around for more (George Clooney, Evan Rachel Wood, etc.) from the Venice Film Festival.

Gallery Photos by Ian Gavan/Getty Images for Jaeger LeCoultre