Let’s face the facts, the biggest event of the year has got to be the annual Costume Institute Gala, better known as the Met Ball. Vanity Fair Oscars After-Party step aside!  Held each year in May, the ball marks the opening of the fashion exhibit at the New York Metropolitan Museum. Hosted by Vogue magazine, the event is attended by the fashion elite who each year must comply to the ball’s ‘theme’.

Jennifer Lawrence Met GalaJennifer Lawrence in a strapless embellished gown at the Met Ball 2013

Last year the theme was punk, which saw stars like Miley Cyrus rocking up in a floor net fishnet gown with spiked platinum blonde hair. A heavily pregnant Kim Kardashian jumped at her first opportunity to attend the ball with Kanye West, although doesn’t seem to have got the memo and turned up looking like the whole Chelsea Flower Show.

Kim Kardashian Met GalaLast year was Kim's first time attending the Met Ball 

This year the theme is ‘White Tie & Decorations’, a wholly more classic concept than last year. White tie, by definition, is full evening dress, so men will be expected to turn up in tailcoats and dicky bows. Forget the chic revolution that Tom Ford has tried to instigate for men over the past few years, think more Leo DiCaprio in Titanic.

It’s slightly more ambiguous what this dress code means for women. We’re hoping for a cross between Downton Abbey and modern haute couture. The ‘Decorations’ part we’re also a little stumped over. Can we expect to see some cocktail umbrellas in hair dos or does it refer to elaborate dress jewels? We suppose it’s up to everyone to interpret it how they see fit.

The Costume Institute has chosen to pay homage to English couturier Charles James, whose lavish designs redefined women’s finery. Credited by Christian Dior as the innovator of ‘The New Look’, we imagine the exhibition will be like walking into a Disney Princess dream.

The usual stylish celebs such as Sarah Jessica Parker, Emma Watson, Madonna and Jennifer Lawrence should be in attendance, as well as Vogue cover girl Kim Kardashian. We wonder if Gwyneth Paltrow will be heading along this year, after claiming that last year’s ball “sucked”. Paltrow told an Australian radio station, “It seems like it’s the best thing in the world, you always think, “Oh my god, it’s gonna be so glamorous and amazing and you’re going to see all these people’ and then you get there and it’s so hot and it’s so crowded and everyone’s pushing you.” So does that mean she won't be attending the event this year?  We doubt it.

Gwyneth Paltrow Met BallGwyneth Paltrow said the Met Ball 2013 "sucked"

It will be interesting to see how younger, more outrageous celebs, such as Miley Cyrus, approach this year’s theme. We’d like to see her switch from cool to classic, even if it is just for a night.

This year's Met Ball will be held on May 5th, 2014.

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Check out Miley Cyrus and her punk themed attire at the Met Gala 2013: