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Notably, model-actress Amber Valletta wore a Marie Antoinette-meets-punk rock look that year, with a nude corset by Maggie Norris Couture and skirt by John Galliano, complete with an 18th-century hairstyle. It was not until 2004, when the theme was “Dangerous Liaisons: Fashion and Furniture in the 18th Century,” that the Met Gala became an event with more elaborate costume moments. Other exhibitions she worked on with the Met included “Romantic and Glamorous Hollywood Design,” “Vanity Fair: A Treasure Trove” and “La Belle Époque,” among others. She introduced Gala themes, with the first one being “The World of Balenciaga” in 1973. Under Vreeland, the Met Gala became more associated with popular culture, thus becoming an event with immense publicity and press coverage. Raquel Welch, Diane von Furstenberg and Diana Ross at the 1981 Met Gala. When did the Met Gala transition into a more social event? Each year, the event manages to pull in an abundance of funds, with the 2019 edition reportedly raising a record $15 million.

According to Forbes, the Met Gala has raised more than $175 million for the Costume Institute. Today, the Met Gala is still known as one of the biggest fundraiser benefits in New York City.

After the Met Gala, the exhibit is in the museum for several months. The event started off as a fundraiser for the Costume Institute, serving as an opening celebration for its annual exhibit. From its creation until 1971, the event was not held in the Met as it is today, but in venues such as Central Park, the Rainbow Room and the Waldorf Astoria. The first Met Gala was a dinner held that December, with tickets going for $50 each. The Costume Institute, created by Irene Lewisohn and Aline Bernstein and initially called the Museum of Costume Art, merged with the Museum of Metropolitan Art in 1946. Lambert is also known for being the founder of the Council of Fashion Designers of America, which she established in 1962.

The Met Gala was founded in 1948 by Lambert, a renowned fashion publicist, as a means to fundraise for the Costume Institute and mark the opening of its annual exhibit. Here, WWD breaks down all you need to know about the history of the Met Gala.