>> The annual Costume Institute Gala's red carpet is an infamous frenzy of fashion and flashbulbs — and we were right there to capture it all. From Anna to Miuccia, Calvin to Valentino, the grand steps of the Met were jam-packed with some of the industry's most favorite faces — not to mention some of Hollywood's favorite stars. "It's always a fun night, you know? Everyone is dressed up and looks beautiful," explained Caroline Trentini, who was dressed in a denim gown designed by date Olivier Theyskens. Ginnifer Goodwin, who wore a custom Monique Lhuillier gown, shared the sentiment: "I'm excited to see so many old friends. I know that I've got a lot of buddies inside. That's what I'm most excited about," the actress said.
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"It's hugely special! What could be more important than the Costume Institute Gala? It feels like the Oscars," a Schiaparelli-pink-haired Chris Benz explained before whisking date Julie Macklowe — also sporting fuchsia locks — through the doors of the museum.
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"I think it's more fun than the Oscars!" director Baz Luhrmann — who made a series of films for the exhibit — disagreed. "Just because there are no awards. There's no stress. All I have to do is eat a little something, drink a little something, and watch Bruno Mars rock the house. That can't be too hard, you know."
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More red-carpet chats — and our Instagram snaps — right here, in the gallery.
Azealia Banks to Perform at Met Gala Wearing Custom Alexander Wang

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Azealia Banks announced today that she'll be performing at this year's Met Gala on May 7, and she'll walk the ball's red carpet on the arm of Alexander Wang.
Banks made the announcement via Twitter Monday, writing, "I've Been invited to Perform for PRADA next week in NYC! Gonna b so lush !! Let's see what new songs I debut there!#metball2012." Last Friday, Banks tweeted, "I can't wait for the MET ball! I'm going as Alexander Wang's date. He custom made my outfit and shoes ! !!!! It's soooo hot !" Both tweets have since been removed from her Twitter profile.
That Banks was tapped to perform at the gala shouldn't be surprising. Since her self-released music video for her single "212" debuted in September, Banks has performed for Karl Lagerfeld and Nicola Formichetti. She's also appeared in Elle's April 2012 feature on women in music.
Banks joins a short list of high-profile women who will accompany designers to the annual gala, which takes place next Monday. Jack McCollough and Lazaro Hernandez of Proenza Schouler will be taking Australian actress Isabel Lucas, and Joseph Altuzarra will dress singer Lana Del Rey.
This year's Met Gala celebrates the Costume Institute's exhibit Schiaparelli and Prada: Impossible Conversations. The exhibit opens to the public on May 8.
Photo: Azealia Banks performing at Coachella earlier this month.