Matt Damon and Michael Douglas get flamboyant for HBO's Liberace movie

Matt Damon and Michael Douglas are teaming up for a new HBO original movie... and they're a long way from Jason Bourne and Gordon Gekko. Douglas stars as flamboyant music legend Liberace in "Behind the Candelabra" (set to air next year), with Damon playing Liberace's much younger lover Scott Thorson, whose tell-all book forms the basis for the film. And as you can see from these photos straight from the Beverly Hills set, Damon and Douglas are going full '70s here, with feathered hair and wide collars.

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Thorson first met the famed entertainer in 1976 (when he was just 17) and quickly got swept up in Liberace's glitzy lifestyle, eventually joining the pianist onstage during his elaborate Las Vegas performances. "Candelabra" follows the pair's relationship from those heady Vegas days, when Liberace was the world's highest-paid entertainer, through a bitter breakup and public legal feud (Thorson sued Liberace for a whopping $113 million) to their eventual reconciliation on Liberace's deathbed in 1987.

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Beyond Damon and Douglas, "Candelabra" boasts an admirable cast and crew. Oscar-winning director Steven Soderbergh, who worked with Douglas in "Traffic," takes the helm here. And the stellar supporting cast includes Rob Lowe as Liberace's plastic surgeon, Dan Aykroyd as his longtime manager, and Debbie Reynolds as Liberace's mother.

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And it sounds like Douglas is having no problem slipping into Liberace's sequined jackets. His wife, Catherine Zeta-Jones, recently told Extra she even caught Douglas trying on some of her clothes and jewelry to get into character: "Michael has been in the bedroom and started putting on my diamonds and things... I'm like, 'Michael, please take off those pants. Take 'em off, baby. Come on, give me back my rocks.'"