ART AUCTION FEATURES OSCAR-NIGHT ACTION.

Byline: Daily News Staff and Wire Services

An Oscar party and celebrity art auction benefiting the American Red Cross will be held Monday night at the new AMC Promenade 16 Theatres in Woodland Hills.

The event, which begins at 5 p.m., will feature a catered dinner from DIVE! restaurant. While the 68th annual Academy Awards plays on big-screen TVs, celebrants can bid on a variety of artwork donated by such luminaries as Whoopi Goldberg, Barbra Streisand, Cary Grant, Jay Leno, Roseanne, Gregory Peck and Michael Eisner.

From 9 to 11 p.m., there will be viewings of the five movies nominated for Best Picture - "Babe," "Sense and Sensibility," "Braveheart," "Il Postino" and "Apollo 13."

Tickets are $25 per person and are available by calling the American Red Cross at (800) .

Rapping it up: Rap artist Dr. Dre, co-founder of Death Row Records, is reportedly leaving the company to start a new label, which will be distributed and partially funded by Westwood-based Interscope Records.

The 30-year-old Dre, whose real name is Andre Young, will be chief executive of the as-yet unnamed company and produce records for the new label.

Death Row, which is also based in Westwood, has sold more than 18 million albums.