The most scrutinized of fashion's social events is right around the corner. The Metropolitan Museum of Art's Costume Institute Gala, otherwise known as the Met Ball, will take place on Monday, May 7. Celebrities from Hollywood, fashion and beyond will meet for a night of sheer glamor, commemorating two Italian designers from different eras.

The Hollywood Reporter reported that the theme of the 2012 Met Ball is Schiaparelli and Prada: Impossible Conversations, inspired by Miguel Covarrubia's Impossible Interviews published in Vanity Fair in the 1930s. The Vogue-hosted event is chaired by Jeff Bezos, found and CEO of Amazon, and co-chaired by Miuccia Prada, Cary Mulligan and Anna Wintour.

Of course, Mulligan and Wintour will don Prada, but it will be interesting which other celebrities wear the designer that night. Prada, of course, has a very particular taste. Mulligan is both a fan and a muse for the label. She wore a custom-made Prada gown with pink rainboots when she married lead singer of Mumford and Sons, Marcus Mumford, on April 21.

The Met Ball is a high-class affair with rules and restrictions. Jennifer Lopez was denied a musical performance by Vogue, according to Women's Wear Daily. Fashionista reported that all Vogue attendees, namely editors, have to wear pink.

Designer Elsa Shciaparelli was closely associated with the Surrealist movement, according to THR, and her most legendary designs included the tear dress, the lobster dress, the shoe hat and the insect necklace. Progressive, no doubt. Her designs from the late 1920s to the early 1950s will be displayed alongside Prada's designs from the late 1980s to the present.

Miuccia Prada took over the family's Milan-based fashion house in 1978 and developed the line's Postmodernist flair, according to THR. The Ball will explore the likenesses of these two innovators. Orchestrated conversations between these two women will play during the Ball.

This year, the Met Ball will be live streamed. The Telegraph reported that model Elettra Wiedemann and journalist William Norwich will host the live coverage which is set to be streaming on Amazon, Vogue and the Metropolitan Museum of Art websites on May 7 from 6:30 pm to 8:30 pm EST.

Here are the most memorable dresses from the Met Ball.