The classier version of a shrug, boleros are often worn over evening attire and can be adorned with all sorts of embellishments depending on your level of fancy. This pattern from King Cole keeps it a little more simple, with a plain stocking stitch and optional collar (though I do think this pattern is crying our for crocheted appliques!)
Knitted in King Cole Giza 4ply, a 100% cotton yarn that is mercerised making it slightly shiny and smooth for great stitch definition - all adding to that 'night out' feeling. For something completely different you could try knitting this with the stripey (and a bit nubbly) King Cole Summer 4ply.
You will also need 2.75mm and 3.25mm knitting needles.