New York, New York - The brightest stars in Hollywood, music, sports, and style will hit the red carpet Monday for the Met Gala, the extravagant Manhattan charity ball that this year spotlights the intersection between fashion and art.

The A-listers invited to New York's biggest social event of the year have been asked to dress for the theme "Fashion is Art," which dovetails with the exhibit Costume Art at the Metropolitan Museum of Art's Costume Institute.

But for the fashionistas, the Met Gala – traditionally held on the first Monday in May – is simply one of the world's top red carpets with blinding star power.

Music mega-star Beyoncé will make her first appearance at the event in a decade, serving as a co-chair of fashion's marquee event along with tennis legend Venus Williams and Oscar-winning actress Nicole Kidman.

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Of course, the entire evening is overseen by Vogue's global editorial director Anna Wintour – the ultimate tastemaker in US fashion who has helmed the event for 30 years.

The gala is a fundraiser for the Met's Costume Institute, but it is also a social media extravaganza that sees stars don over-the-top looks, vying to create the greatest spectacle.

The Met also announced a gala "host committee" led by Saint Laurent designer Anthony Vaccarello and actress Zoe Kravitz. It features singers Sabrina Carpenter and Doja Cat, retired ballet superstar Misty Copeland, and WNBA champion A'ja Wilson.

Last year's event showcased the subversive style of Black dandyism, and was a rare Met Gala spotlighting men and male fashion.

This year's function has drawn controversy after Amazon boss Jeff Bezos and his wife, Lauren Sanchez Bezos, were announced as the lead sponsors and honorary co-chairs of the gala.

In the run-up to Monday, a campaign opposing the billionaire couple's involvement cropped up in New York's streets and subways, with some calling for a boycott of an event some see as a gross display of immense wealth.

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Behind the campaign is a group founded in Britain called "Everyone Hates Elon" – which, a spokesperson stressed, "targets other billionaires" beyond Elon Musk, the world's richest person.

The Met Gala was first organized in 1948 and for decades was reserved for New York high society – until Wintour transformed the party into a high-profile catwalk for the rich and famous in the 1990s.

The Costume Art exhibit, which opens on May 10 at the venerable museum in Manhattan, will seek to explore the "dressed body" in artworks across the centuries.