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Unravelling money behind Met Gala: Here's how much the glamorous fashion event makes
The minimum cost of the table at the Met Gala is $350,000, according to the New York Times. Do celebrities who attend the event as "guests" pay for the seat?
André Leon Talley, the late American fashion journalist and Vogue's former editor-at-large, once dubbed the Met Gala as the "Superbowl of social fashion events". This is because major brands are eager to spend exorbitant amount to ensure their ingenuity is showcased at the event.
“It's the who's who guest list for brands. If your brand plays in this space, you can't afford not to take part,” Talley told Forbes.
However, Michael Burke, the ex-chief executive for Louis Vuitton, called Met Gala "the pinnacle" of his business and a "very serious promotion machine."
Celebrities across the US are set to make an appearance for New York City's largest fashion event on May 6.
The annual fundraiser for the Metropolitan Museum of Art's Costume Institute is themed as "Sleeping Beauties: Reawakening Fashion". The grand event will honor the fragile items, 50 antique designs conserved and maintained by the Costume Institute. Over 250 outfits will be on show, some of which have been recreated using sound scaping and digital animation.
Know how much does it cost to attend the Met Gala?
Now, the question arises how the Met Gala makes money and how much does it cost to attend the fashion show.
While Wintour chooses the guests, this does not imply that they will attend the ceremony for free.
The Met Gala exists to ensure longevity of the Metropolitan Museum of Art's Costume Institute. This party raises funding for the organisation's annual operating budget.
When the Costume Institute joined the Met, it agreed to pay for itself. But surprisingly, the Met Gala generates so much revenue that a portion of it is returned to the museum.
While the institute earned $22 million during the Met Gala 2022, prices go up every. Last year, the Met's official seat price was $50,000. It is now $75,000.
You must be wondering that you can just multiply the number of attendees by $75,000 to calculate the total revenue. No, that's not the case how it is done.
How much celebrities pay to attend Met Gala?
The minimum cost of the table at the Met Gala is $350,000, according to the New York Times. Do celebrities who attend the event as "guests" pay for the seat? While every ticket costs $50,000 this year, it does not mean that celebrities will pay the expensive price. According to WWD, designers typically purchase a table at the event and populate it with among the celebrities they are getting styled. Even on some occasions a person who bought an individual ticket get a chance to be seated on a table purchased by a brand.
Moreover, this year's gala is dedicated to Lagerfeld, and Wintour's guests are already requested to adhere to a certain dress code. According to Vogue, there are "wonderful ways" for attendees to "salute one of fashion's greats" such as dressing in a "modern-day" style from Chanel or Fendi.
