This is how much it costs to attend the ultra-exclusive Met Gala.

I don’t mean to alarm you all, but we’re now officially in the first week of May, which means the 2017 Met Gala is but a sleep away, friends.

And with that news comes many, many questions.

So, without further ado, here’s everything you need to know about fashion’s night of nights.

For starters, what is it actually called?

Since it was first held in 1946, attendees and fans of the extravaganza have been referring to the New York Metropolitan Museum of Art's annual event as the Met Gala, the Costume Institute Gala, and the Met Ball.

Any of those three work, and so long as you've got your calendar alerts set for the first week in May you should be fine with keeping your conversation en vogue.

And what is this year's Met Gala theme?

I'm  so glad you asked!

Every year since 1971, the Met Gala has acted as a sort of opening night for a fashion exhibition being held at the Met, with attendees dressing to the theme of what's inside the museum.

While some themes are fairly clear in expectation (2013's Punk: Chaos to Couture, for example), others have been a little more... open to interpretation (2015's China: Through the Looking Glass saw some seriously confused clothing).

This year, attendees are paying tribute to iconic Japanese designer Rei Kawakubo of the label Comme Des Garcons, and it's only the second time in the Gala's history that a living designer is being paid tribute to.

As for what to expect on the red carpet, think minimalism, a truckload of black and expert tailoring. (Post continues after gallery.)

What's the guest list situation like? Can I get in with the right wrist stamp or nah?

Getting an invitation to this ultra-exclusive VIP event is not for the faint-hearted.

Not only must you be famous within "the arts" (a truly loose term), but also the radar of Vogue's editor-in-chief, Anna Wintour and willing to part with AU$40,000 to secure a ticket.

Listen: Why British Vogue's new editor is making headlines. (Post continues after audio.)

If you're feeling particularly generous and wish to nab a table for you and your besties to attend, prepare to bid adieu to $367,500.

Please excuse me while I go get my heart palpitations under control.

Are there any rules once inside?

Please — with this many A-listers in your presence, you can bet your bottom dollar there are rules.

For starters, Ms Wintour does not care for selfies and requests that guests have their phones tucked away throughout dinner. Furthermore, couples are almost always seated at the same table, but apart so that conversation among guests can flourish. Last year, the high priestess of print sat at the head of her table with Bradley Cooper to her right and George Clooney to her left. Amal was a few seats away.

Caterers for the event are also under strict instructions with parsley, garlic and onion all being banned (the first can get stuck in your teeth and the latter bring on bad breath).

Appetisers with falling ingredients (bruschetta et al) are also solid no-nos - because heaven forbid some loose food fall on your gown, darling.

Who can I expect to see there?

Every A-list celebrity ever. From the Kardashians and Jenners (only Kim, Kendall and Kylie because the others are apparently not A-list enough) to Gigi Hadid, Selena Gomez, Lupita Nyong'o and Lena Dunham, the Met Gala is the ultimate who's who.

And in addition to Anna Wintour's keen curatorial eye, each year's event also has Honorary Event Day chairs. Last year it was Taylor Swift, this year it's none other than Katy Perry and Pharell Williams.

Good lord, WE ARE SO READY FOR THIS.