The renowned French avenue is playing host to an inaugural star-studded event which has seen many of the celebrated producer's friends arrive on the red carpet. The list of big names include the producer of The Artist as well as Alain Terzian, president of the Cesar Academy.
Weinstein - whose repertoire of films features Pulp Fiction and the Lord Of The Rings trilogy - was applauded by French film industry legends Alain Attal and Christophe Barratier, director of The Chorus, as he was presented with a lifetime achievement award. Actresses Virginie Ledoyen, Melissa George and Beatrice Rosen were also there in tribute to the star.
The ceremony was held before a screening of Wayne Blair's musical drama The Sapphires was shown to attendees.
Officials hope the annual festival will form a link that helps film enthusiasts in France gain better access to independent cinema in America, while also promoting the work of US directors and producers among French audiences and critics.
The woman behind the event is Sophie Dulac, who juggles many titles including producer and distributor.
She also happens to be a good friend of Weinstein, with him citing this friendship among the reasons why he attended the new event.
He told the Hollywood Reporter: 'I'm here to support Sophie. Her brother Nicolas Rachline has been my best friend for 20 years and is the godfather of my daughter so that's the reason I'm here. I'm here for the family.'
He added that his love for French movies was another reason why he wanted to take part in the glamorous festival. 'I love French movies, I love France and I love the Champs Elysees so it's a good combination for me,' he explained.
The Champs-Elysees Film Festival runs June 6-12.
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