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the money behind the Met Gala

the money behind the Met Gala

 the Met Gala is a big thing. it’s expensive to put up, it’s expensive to get in. but once you are in, you are in.
finance
July 4, 2021
3 min read
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the money behind the Met Gala

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the money behind the Met Gala

on Monday, September 13, the Met Gala happened after an 18 month long Covid-induced hiatus. everyone is talking about it. there are several reasons for that. there are great clothes, so many celebrities, and there’s big money. this year’s Gala raised a whopping $16.5 million.

what is this money for?

the Gala actually is a fundraiser. the money raised goes to the benefit of the Metropolitan Museum of Art’s Costume Institute.

how much money has the Gala raised?

in 2019, the Gala had raised $15 million and $13 million the year before that. in the last five years, the Gala has raised more than $70 million. and in the last two-and-a-half decades, more than $200 million have been raised.

cost of producing the event?

according to a WSJreport, it cost around $3.5 million to put up the show in 2016.

how do you get in?

this year, the ticket cost around $35,000. the Gala had humble beginnings, with the tickets costing only $50 in 1948.

the price for a table, usually booked by brands, is anywhere between $200,000 and $300,000.

what does it mean to sponsor the gala?

this year’s sponsor was Instagram. the app today is the go-to online space for art admirers. the Met itself has 3.9 million followers. Instagram’s sponsorship deal gets it “recognition as the lead sponsor”. and viewers flock to Instagram to view images of the event. so Instagram and the Gala both get people’s attention. for brands like H&M, when a celebrity walks the red carpet with their designed outfit, it’s organic advertising for the brand.

what about the clothes?

they go back to the designers unless a celebrity buys them. the clothes are exorbitantly expensive. according to an Economic Times report, the estimated price range of the outfits is  $4,495 to $35,610.

the Met Gala is the year’s biggest fashion event. It’s a fundraiser and a party that has set the gold standards for all parties. in the business of doing things, the Gala does everything. this year, American politician Alexandria Ocasio-Cortez turned up in a suffragette white dress that had “Tax The Rich” written in red. it was in keeping with this year’s theme, American independence, and was a powerful political message. some people didn’t like what she did. but AOC couldn’t have been clearer. the medium is the message, she said. hen your medium is the Met Gala, everyone is listening.