By Stephanie Shaakaa
The Met Gala is essentially the “Oscars of Fashion,” but with much higher stakes for the wardrobe and a far more exclusive guest list.

It held its most recent iteration just yesterday, continuing the tradition of taking over the Metropolitan Museum of Art in New York City on the first Monday in May.

It didn’t start as the high-fashion spectacle we know today, it was founded in 1948 by fashion publicist Eleanor Lambert as a relatively modest midnight midnight supper where tickets were only $50. The original goal was simply to raise money for the newly founded Costume Institute, a purpose that remains its core mission even as the scale has exploded. The shift into a global media phenomenon began in the 1970s under the influence of legendary Vogue editor Diana Vreeland, who introduced the concept of elaborate themes and began inviting high-profile celebrities to mix with the socialites.

Today, while it looks like a giant party designed for social media, it is a high-stakes fundraiser that serves as the primary source of annual funding for the Costume Institute. Individual tickets now cost around $75,000, and entire tables often go for upwards of $350,000, usually paid for by fashion houses who invite specific stars to serve as muses for their designs. The event also serves as the official opening for the museum’s annual fashion exhibition, and the dress code is strictly tied to that year’s specific theme, encouraging guests to treat their attire as wearable art rather than just formal wear.

The exclusivity is guarded by Anna Wintour, the editor-in-chief of Vogue, who has chaired the event since 1995 and personally approves every person on the guest list. Inside, the event is shrouded in a “no-phone” policy intended to maintain an air of mystery and intimacy, though the occasional bathroom selfie inevitably makes its way to the public. Beyond the red carpet glamour and the memes, the Met Gala is the rare night where fashion is elevated to the level of fine art, allowing designers to create boundary-pushing, sculptural pieces that define the cultural conversation for months to come.

The Met Gala is a machine that converts culture into capital and capital into culture.