It’s that time of the year again, as today is the first Monday of May (May 1) and also the official day (for the last few years) of the “Party of the Year”, the Met Gala.

Formally known as the Metropolitan Museum of Art’s Costume Institute benefit, the Met Gala is star-studded – and this year’s hosts are a direct reflection of its variety of guests. The hosts of the evening include the event’s Chairwoman, Anna Wintour, Tom Brady, Gisele Bundchen, Katy Perry and Pharrell Williams, according to the New York Times.

The invite-only night reportedly costs $30,000 for each guest to attend, and all proceeds will be of benefit to the Costume Institute. Though dressing to the theme is not technically required, last year the Kardashian-Jenner family was dressed in glamorous Balmain for the “Manus ex Machina” theme among other notable celebrities who followed the same trend.

Tonight should be an interesting one, as per the New York Times, this year’s exhibition for the event is “Rei Kawakubo/Comme des Garçons: Art of the In-Between”. Anyone who knows anything about Rei Kawakubothe designer of Comme des Garçons, knows that she defies all rules when it comes to fashion – and just clothes in general – while managing to create innovative, avant garde designs.

For celebrities who don’t typically wear that style clothing, the expectations are high and predictions on looks and entertainment for the night are hard to make.

All things considered, this evening’s festivities will be something you don’t want to miss; and you can catch the televised portion of it on E! at 7:30p.