"THE MET GALA, formally called the Costume Institute Gala and also known as the Met Ball, is an annual fundraising gala for the benefit of the Metropolitan Museum of Art's Costume Istitue. It also serves as an opening celebration for the institute's annual fashion exhibit. It is widely regarded as one of the most exclusive social events in New York and one of the biggest fundraising nights of the city with nine million dollars raised in 2013 and a record of $12 million the following year. The affair, attended by personalities from the arts, fashion, high-society, film and music, has been held at the Met since 1971 and is considered to be the fashion industry's premier annual red carpet event.
Anna Wintour, Vogue editor-in-chief and chair of the event since 1995, oversees both the benefit committee and the guest list, with Vogue staffers helping assemble the list of invitees. Each year the event has a theme, and includes a cocktail hour and a formal dinner. The gathering rivals the West Coast's Vanity Fair Oscar Party, which is said to have more "star power" but less fashion panache. In 2014, the individual tickets cost $25,000 for those outside the official guest list."
-Source Wikipedia (http://en.wikipedia.org/wiki/Met_Gala)