And with one of the starriest guest lists we've seen in a while, all eyes were on what the A-list would wear to fashion's biggest night.
Themed 'The Model as Muse', the gala celebrated today's opening of The Costume Institute's annual exhibit at The Metropolitan Museum, this year entitled 'Model and Muse: Embodying Fashion'.
A celebration of the relationship between designer and muse in the last 60 years, the exhibit showcases the earliest designer/model relationships at Dior, shot by Richard Avedon, to the supermodel explosion in the 1990s and beyond.
Rumours have been swirling for months now about just who would be attending, who would wear what and was Kate Moss really going to wear a turban?
She did, in gold lame, matching perfectly with her Marc Jacobs custom designed gold lame one shoulder dress (pictured).
Marc also dressed Madonna, head-to-toe in Louis Vuitton including bunny ears (from the a/w 09 show), Victoria Beckham in a micro-mini polka dot dress and Anne Hathaway in a retro 1960s inspired mini prom dress.
Other designers represented on the red and zebra print carpet included Versace who dressed Blake Lively and Gisele, Dolce & Gabbana who dressed Rihanna and Chanel worn by Kirsten Dunst<