Costume Institute gala at the Met Jessica Alba attends the "Schiaparelli And Prada: Impossible Conversations" Costume Institute ...

Costume Institute gala at the Met

Jessica Alba attends the "Schiaparelli And Prada: Impossible Conversations" Costume Institute Gala at the Metropolitan Museum of Art on May 7, 2012 in New York City. (Photo by Dimitrios Kambouris/Getty Images)

Karolina Kurkova attends the "Schiaparelli And Prada: Impossible Conversations" Costume Institute Gala at the Metropolitan Museum of Art on May 7, 2012 in New York City. (Photo by Dimitrios Kambouris/Getty Images)

Sofia Vergara attends the "Schiaparelli And Prada: Impossible Conversations" Costume Institute Gala at the Metropolitan Museum of Art on May 7, 2012 in New York City. (Photo by Dimitrios Kambouris/Getty Images)

Actress Amy Adams attends the "Schiaparelli And Prada: Impossible Conversations" Costume Institute Gala at the Metropolitan Museum of Art on May 7, 2012 in New York City. (Photo by Dimitrios Kambouris/Getty Images)

Heidi Klum attends the "Schiaparelli And Prada: Impossible Conversations" Costume Institute Gala at the Metropolitan Museum of Art on May 7, 2012 in New York City. (Photo by Dimitrios Kambouris/Getty Images)

Editor-in-chief of American Vogue Anna Wintour (2nd L) and her daughter Bee Shaffer arrive at the Metropolitan Museum of Art Costume Institute Benefit celebrating the opening of "Schiaparelli and Prada: Impossible Conversations" exhibition in New York, May 7, 2012. REUTERS/Lucas Jackson (UNITED STATES - Tags: ENTERTAINMENT FASHION)

Model Coco Rocha arrives at the Metropolitan Museum of Art Costume Institute Benefit celebrating the opening of "Schiaparelli and Prada: Impossible Conversations" exhibition in New York, May 7, 2012. REUTERS/Lucas Jackson (UNITED STATES - Tags: ENTERTAINMENT FASHION)

Guests in New York walked the red carpet May 7 for the annual ball celebrating the Metropolitan Museum of Art's fashion exhibit at the Costume Institute. It is dubbed the fashion industry's Oscars.