TMZ got Morgan in NYC Monday ... and he says he rubbed elbows with the Oscar winner at the Vanity Fair party, and was close enough to realize the gown was all smoke and mirrors. Watch him explain why it fooled people without his keen eye.
As for the theft of the dress originally believed to be worth over $150K ... well, he only sees one loser in all of this.
The Lupita's dress has since been recovered but according reports, the thief says he took two of the pearls off of the dress and went down to the Garment District for appraisal, but found they were worthless fakes. That's when the thief took the dress back to the hotel.
He added that, he saw Lupita's Oscar gift bag -- valued at $125,000 which he didn't take. Looks like he chose wrong.
Source: TMZ
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