Fashion mongers all over the globe await this one night in particular, and that is called the MET Gala. More than the Oscars even, the MET Gala is awaited by everyone of all ages and interests. Reason? Simple. No bigger display of vanity and opulence has put itself out for your review as publicly as attendees of the MET Gala have. Maybe not your critical judgment, but you do owe MET attendees for a good chuck of your entertainment of the day. But beyond its glamour and hype, the MET Gala serves a greater purpose.
The purpose of the MET Gala
Organized and presided over by Anna Wintour since 1995, the MET Gala has become a much-loved annual celebration of fashion. The MET Gala is a charity event that is a fundraiser for the Metropolitan Museum of Art’s Costume Institute, it has traditionally been timed to mark the opening of its annual fashion exhibition. Year after year, the event raises eight-figure sums. The MET Gala is a big thing. It’s expensive to put up, and it’s expensive to get in. All of this fuss is entertained because of 2 main reasons. First, it is important to save the heritage of fashion, textiles, designers, art, and techniques for the future generation to appreciate and learn from. This exhibition is not just a beckon of hope for viewers who fancy fashion, but a major source of inspiration for young fashion enthusiasts trying to make it big in the world of fashion. Second, it brings in a huge sum of money to the New York State of America, publishers like Conde Nast, and other notable organisations.
The money it brings in
In recent years, the MET Gala has emerged as a lucrative fundraising event, generating eight-figure sums year after year. As reported by AP, in 2022, the event raised a whopping $17.4 million, and collectively with the previous year, the Gala amassed a total of $33.7 million.
Despite its charitable aims, the MET Gala’s entry fee and ticket prices are notoriously expensive, with ticket prices going up to $35,000, and a table can cost as much as $275,000. Moreover, Anna Wintour and her team of organizers reserve the right to approve attendees based on their relevance and contribution to the fashion industry.
The MET Gala raises money for the Metropolitan Museum of Art’s Costume Institute, where a collection of more than 33,000 pieces of clothing, jewellery, and accessories that documents fashion from the 1400s to now is displayed to anyone who buys a ticket to the museum.
What buying a ticket can get you
The night begins with a grand entrance and a lengthy photo session with the paparazzi, followed by a highly anticipated performance by a top-tier artist and an exquisite dinner. But the excitement doesn’t end there; an after-party hosted at premium New York City locations is the perfect way to cap off the night. The festivities commence with a cocktail reception attended by nearly 400 guests, and an opportunity to view the highly anticipated exhibition. The evening continues with a seated dinner, followed by a dessert served in the Great Hall.
Bank of America is the corporate sponsor of the MET Gala. According to Forbes, in 1960, tickets cost only $100 (about $830 today) and sold out just two weeks prior to the event, whilst, tickets to this year’s gala cost $30,000 a pop, and tables run $275,000. And that’s not all, Anna Wintour and her team still decide if you or your business are worthy enough to buy a ticket to the MET Gala. In short, if you do not add any value to the flourishing business of fashion, chances are your application will get rejected.
Not taking the money after all
To put things together, chances are the MET museum in itself might not pay a heavy amount to the government of the United States besides basic structural and rental fees. We know this as organisations such as Bank of America, Chanel, Fendi, Bloomberg Philanthropies, Reliance Industries, The MET Life Foundation, etc. are listed as sponsors whose corporate support helps The MET fulfil its mission by funding its operating budget. Is it a coincidence that this year’s theme is ‘Karl Lagerfeld: A Line of Beauty’? Late fashion designer Karl was the founder of Fendi and creative director of Chanel, if not the only fashion designer on the list to be sponsoring the MET museum.
So the money it made in one night? All for the cause of saving fashion. In the past, the 2021 gala raised a record-breaking $16.75 million and was the primary source for the institute’s annual budget.
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