<Tr> <Td_colspan="2"> Costume Institute Gala </Td> </Tr> <P> 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 Institute in New York City . It marks the grand opening of the Costume Institute's annual fashion exhibit . Each year's event celebrates the theme of that year's Costume Institute exhibition, and the exhibition sets the tone for the formal dress of the night, since guests are expected to choose their fashion to match the theme of the exhibit . </P> <P> Institute Gala is a major fundraising benefit that serves as an opening celebration for the Institute's annual fashion exhibit . Following the event, the exhibition runs for several months . The 2014 exhibition was scheduled to run from May 8 until August 10, 2014 . The Gala is widely regarded as one of the most exclusive social events in New York and one of the biggest fundraising nights in the city with $9 million raised in 2013 and a record of $12 million the following year . It is one of the most notable sources of funding for the Institute . The affair, attended by personalities from the arts, fashion, high - society, film, and music, has been held at the Met since 1948 and is considered to be the fashion industry's premier annual red carpet event . Its red carpet fashions are widely photographed, reviewed, critiqued, and emulated . The museum is closed to the general public on the first Monday of May due to the gala occurring . </P> <P> Anna Wintour, Vogue editor - in - chief and a chair of the event since 1995 (excluding 1996 and 1998), oversees both the benefit committee and the guest list, with Vogue staffers helping assemble the list of invitees . According to Cathy Horyn of The New York Times, 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 $30,000 for those outside the official guest list, after prices were raised $10,000 to increase the exclusivity of the event . The annual guest list includes only 650--700 people . </P>

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