WATCH: Liza Minnelli Celebrates 40 Years of  

Liza Minnelli and a star-studded audience of Old Hollywood favorites helped launch the third annual TCM Classic Film Festival with a newly restored 40th anniversary screening of Cabaret.

Before the film TCM host Robert Osborne interviewed cast members Minnelli, Joey Grey, and Michael York, who each shared memories about making the 1972 musical. Minnelli, who won an Academy Award for best actress for her signature performance as Sally Bowles, said late director Bob Fosse was allowed to get away with making the film he wanted because he shot it in Germany far from the prying eyes of studio executives. She recalled that when Fosse would receive telegrams from the studio he'd read them aloud to his cast and crew before tearing them up in front of them. Grey shared that he believed Fosse preferred making straight films and considered Cabaret a straight film with musical numbers, rather than a musical film.

Before the film, a section of Hollywood Boulevard in front of Graumann's Theatre was blocked off to allow for a red carpet walkway and re-premiere of the acclaimed film, which won eight Academy Awards and is still considered one of the greatest and most innovative musical films ever made. Other celebrities in attendance included Debbie Reynolds, Mickey Rooney, Tippi Hedren, Barbara Rush, Rose McGowan, Jennifer Grey, Larry Hagman, Patrick Duffy, Linda Grey, and Illeana Douglas.

The TCM Film Festival continues through April 15. For more information go here. Watch footage from the red carpet below.