Did You Know…what the Met Gala is? Taking place the first Monday of May, the Met Gala is a fundraising event of the Costume Institute, the museum’s only self-funded department. The Institute houses more than 33,000 pieces of clothing, jewelry, and accessories that document fashion from the 1400s to today. Although the event was not always this glamorous, the astronomically-priced tickets do ensure that fashion is an undying form of art.