Holiday party help?

OK opinion needed. Dave's holiday party at work is being held at a hotel. People are all over the map with dressing. Mostly people dress up but not all SUPER fancy. The invite was black white and red and it said something about it being a suggestion for attire. 



 (click to enlarge)

I got this dress and sweater this weekend with the intention of wearing it to the party because I knew the dress would get a lot of use. Dave picked it out and it was on massive Sale at Banana Republic. ($40 from $150) On me it fits more Joanie. (by that I mean I fill it out more than the lady in picture) Now I usually avoid shrugs. I feel they emphasize my waist line in a bad way, this is based on nothing but my own self depricating nature. (make look bigger not smaller) But Dave loved it and said it added to it.

Here is the problem. I realized later that it reads more grey then black and white and grey pattern. Also is it fancy holiday party enough? I was going to wear it with either of these shoes and black tights. I also wouldn't wear the included belt I'd swap it out.

Two years ago I wore this dress.

 

 The year before that I wore this.

 

The tights and sweater were silver sparkle but you can't tell in photo. The dress black satin.

Is it fancy enough? If not I know I will wear it all the time anyways but should I keep an eye out for a more literal red white and black outfit? He works at a contemporary architecture firm. Lots of hip young people and some older who tend to wear something with sequins.