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The Costume Institute Gala (or Costume Institute Ball), known as the Met Ball or Met Gala, is an annual ball that celebrates the annual opening of the Metropolitan Museum's fashion exhibit at the Costume Institute. The red carpet evening is hosted by Vogue magazine. It is regarded[by whom?] as an important social event in New York City. The event has been an annual affair at the Met since 1971 and became popular when Diana Vreeland became consultant to the Costume Institute in 1971 and with her 1973-1974 exhibit "The World of Balenciaga". Other Costume Institute curators that helped develop the annual galas were Richard Martin, Harold Koda and Andrew Bolton.[citation needed]
In 2014 individual tickets ranged in price from $5,000 to $15,000, while corporate sponsors paid $150,000 for whole tables. In 2006, the event raised a total of $4.5 million. In 2014, the price of the top table was $250,000.[8] Vogue editor-in-chief Anna Wintour oversees both the benefit committee and the guest list, although Vogue staffers help assemble the list of celebrity invitees. Robert Isabell designed the event for over a decade prior to his death in 2009. Vogue and Chanel have shared the cost of the event.
Each year the event has a theme, and the evening includes a cocktail hour and a formal dinner. The evening rivals the West Coast's Vanity Fair Oscar Party, which is said to have more "star power", but less fashion panache. The Oscars parties have more Hollywood people and press representatives.
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