Even the 2024 Met Gala isn't immune from inflation,Coxno Exchange it seems. The cost of attending the annual black-tie event, dubbed "fashion's biggest night," is up sharply this year, with the price of an individual ticket soaring above the average down payment on a house.

Officially called The Costume Institute Benefit, the gathering of celebrities from the worlds of entertainment, design, sports and other industries supports the Metropolitan Museum of Art's acquisitions and exhibitions related to fashion. Attendees often wear outlandish attire in keeping with the event's theme. 

The co-chairs of this year's benefit, held on May 6, are Bad Bunny, Chris Hemsworth, Jennifer Lopez, Anna Wintour and Zendaya. It celebrates the opening of the Costume Institute's spring exhibition, "Sleeping Beauties: Reawakening Fashion." The dress code? "The Garden of Time," according to The Met. 

The exhibit's description provides some clues as to how to translate that into fashion. Hint: Pick styes that evoke nature. It features 250 garments spanning four centuries, which are "visually united by iconography related to nature, which will serve as a metaphor for the fragility and ephemerality of fashion and a vehicle to examine the cyclical themes of rebirth and renewal," The Met notes.

But because the gala is a fundraiser, the price of admission doesn't come cheap, even if you're on the exclusive guest list.

How much are Met Gala tickets?

For invited individuals, the cost of entry to this year's gala is $75,000, The Met told CBS MoneyWatch. That's up 50% from last year's $50,000 price tag. 

A 10-person table starts at $350,000, according to The Met. 

How much do celebrities have to pay to attend the Met Gala?

Well, first they have to be invited. Not just anyone can buy a ticket or a table to the event. 

Meanwhile, many celebrities don't pay full freight. Instead, a design house typically springs for a table and invites guests they wish to host, one attendee confirmed to CBS MoneyWatch. So for some particularly glittering guests, attendance is free. 

Where do the proceeds from Met Gala tickets go?

Anna Wintour, who is Condé Nast's chief content officer, global editorial director at Vogue and a Met Trustee since 1999, controls the event's guest list. To date, under her leadership the event has raised more than $223.5 million for The Costume Institute, according to The Met. 

Last year's Met Gala raised raised nearly $22 million. Roughly 400 guests attended, according to the Associated Press.  

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• Met Gala

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.