Mayor Bloomberg said it in his speech: “this is the Oscars of the East Coast.” Tom Ford said “There’s more fashion here than at the Oscars.” They were both talking, of course, about last night’s Met Gala, which raises an enormous amount of money for the museum’s Costume Institute (most of its annual operating budget, according to a spokesperson), works as highly effective advertising for all the fashion houses that participate, and, this time, also provided an unprecedented launch pad for a new brand. And you thought it was just a party. Hah.

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