From Princess Diana To Blake Lively, The Met Costume Gala Through The Years [PHOTOS]

Fashion's all-stars, and their muses, gather together for one night to celebrate not only the Metropolitan Museum of Art's fashion exhibit at the Costume Institute, but also to raise their champagne flutes to the style-setters of the year.

The 2012 Met Gala, otherwise known as the Met Ball or the Oscars of the East Coast, is an annual fete that features the world's best red carpet. The Vogue-hosted gala is the top social event of the year in New York City and individual tickets go for $25,000 apiece. Each year there is an allocated theme for the evening of cocktails and a formal dinner. The Hollywood Reporter reported that the theme of the 2012 Met Ball is Schiaparelli and Prada: Impossible Conversations, inspired by Miguel Covarrubia's Impossible Interviews published in Vanity Fair in the 1930s.

Designer Elsa Shciaparelli was closely associated with the Surrealist movement, according to THR, and her most legendary designs included the tear dress, the lobster dress, the shoe hat and the insect necklace. Progressive, no doubt. Her designs from the late 1920s to the early 1950s will be displayed alongside Prada's designs from the late 1980s to the present.

Miuccia Prada took over the family's Milan-based fashion house in 1978 and developed the line's Postmodernist flair, according to THR. The Ball will explore the likenesses of these two innovators. Orchestrated conversations between these two women will play during the Ball.

The Vogue-hosted event is chaired by Jeff Bezos, found and CEO of Amazon, and co-chaired by Miuccia Prada, Cary Mulligan and Anna Wintour.

As is custom, fashion's hottest designers attend the Met Gala with a top model on his or her arm. Fashionista scored all the info about who is taking who this year and the guest list is stacked. Designer Michael Kors landed the most sought-after lady of the night, model Kate Upton. Upton's popularity has skyrocketed this year, from her Sports Illustrated Swimsuit Edition cover to her Cat Daddy viral video. Her star power is undeniable. Kors reportedly purchased Upton's $25,000 ticket for her. Other starlets who will don MK include Jessica Alba, Hillary Swank and Liu Wen.

Some are changing up the tradition of the model-designer pairing. Designer Derek Lam will take katharina Harf, cofounder and executive VP of DKMS Americas. Model Coco Rocha will go with her husband James Cochran, instead of a designer. According to the Post's Alexa magazine, This is actually the first time I've ever worn something that wasn't fitted by the designer himself. I did take the vintage Givenchy piece to my friend Zac Posen and to Vogue and they all agreed that it fits perfectly, no need for tailoring!

This year, the Met Gala will be live streamed. The Telegraph reported that model Elettra Wiedemann and journalist William Norwich will host the live coverage which is set to stream on Amazon, Vogue and the Metropolitan Museum of Art websites on May 7 from 6:30 pm to 8:30 pm EST.

Check out photos from the Met Gala through the years.