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. 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 a reported nine million dollars raised in 2013. The affair, attended by personalities from the arts, fashion and entertainment, has been held at the Met since 1971 and is considered to be the fashion industry’s premier annual red carpet event. Check out this years BEST DRESSED HOLLYWOOD CELEBRITIES AT THE 2014 MET GALA RED CARPET.