The audience erupted into roaring laughter while Niven remained un-phased. The British actor deadpanned, "Well, ladies and gentlemen, that was almost bound to happen. But isn't it fascinating to think that probably the only laugh that man will ever get in his life is by stripping off and showing his shortcomings?"
The 46th Academy Awards ceremony was presided over by John Huston, Diana Ross, Burt Reynolds and David Niven.
Niven, who is best known for portraying Phileas Fogg in "Around the World in 80 Days," won the 1958 Academy Award for "Best Actor" for his role in "Separate Tables."
The streaker, Robert Opel, was a photographer and art gallery owner who snuck backstage after posing as a journalist, since he was once employed by The Advocate.
In 1978, Opel opened an art gallery in San Francisco devoted to gay male art called Fey-Way Studios, which brought fame to artists like Tom of Finland and Robert Mapplethorpe. He was murdered in 1979 during a robbery of the studio.
Elizabeth Taylor eventually presented the "Best Picture" Academy Award to "The Sting," which was directed by George Roy Hill and starred Paul Newman and Robert Redford as two professional grifters.
Leading up to the ceremony, "On The Red Carpet" co-host Rachel Smith will be doing interviews with hair and fashion stylists and makeup artists for the "Best Dressed" video series featured on Oscar.com, beginning on Feb. 11. Smith will also be covering live events and offering post-show analysis of Oscar night fashions for the site.
It was announced in November, that Billy Crystal would return to host the 84th annual Academy Awards.
The awards ceremony will air live on Sunday, Feb. 26, 2012 on ABC7. Coverage begins at noon PT.
OnTheRedCarpet.com will have complete coverage of the Oscar season, including an exclusive interactive live stream show LIVE from the red carpet. Follow @OnTheRedCarpet on Twitter and "Like" On The Red Carpet on Facebook, and download our FREE entertainment news app for the iPhone and iPad.