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"Schiaparelli And Prada: Impossible Conversations" Costume Institute Gala

NEW YORK, NY - MAY 07: Beyonce Knowles 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)

Met costume gala

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.