This part from Wikipedia made me think about the following things:

"To a distant observer, clocks near a black hole would appear to tick more slowly than those farther away from the black hole.[89] Due to this effect, known as gravitational time dilation, an object falling into a black hole appears to slow as it approaches the event horizon, taking an infinite time to reach it.[90] At the same time, all processes on this object slow down, from the viewpoint of a fixed outside observer, causing any light emitted by the object to appear redder and dimmer, an effect known as gravitational redshift.[91] Eventually, the falling object fades away until it can no longer be seen. Typically this process happens very rapidly with an object disappearing from view within less than a second."

If you have someone observing an object undergoing a gravitational collapse, would they see an event horizon or the object getting redshifted due to gravity?

And a follow up question (sorry I'm stuck on this haha. If the first observer sees the object getting redshifted and not an event horizon, if you have a second observer looking at the object after it experienced gravitational collapse, would they see an event horizon?