Basically the Gala ball acts as a precursor and major fundraiser for the Metropolitan Museum of Art’s Costume Institute’s annual fashion exhibit.

Celebs don’t pay for the privilege to attend, but if you are a paying guest, tickets are usually around the $25,000 per head mark. No, I did not add a ‘0’ in there.

And hey, if Vogue editing guru Anna Wintour invites you and you’re a celeb of serious repute, well, you kind of have to go, right?

Here is an easy-to-decipher guide to what it is all about and the type of fashion and the celebs we can expect to see on the red carpet from New York.

To get you in the mood, take a quick look at the trailer of the documentary made all about last year’s seriously grand event, aptly titled First Monday in May