The Met Gala red carpet live stream will be available HERE on Monday, May 6, at 7:00 p.m and the theme of this year's event is "Punk: Chaos to Couture."

The MET Gala is one of the most exclusive events in fashion and is a chance for celebrities and icons to showcase their risk-taking fashion choices. Some highlights from the 2012 event include Beyonce's see-through lace Givenchy number, that had a black and purple feathered train, Carey Mulligan's gold and silver metallic Prada number and Lea Michele's navy skin-baring Diane von Furstenberg gown.

See photos from the 2012 MET Gala.

The gala benefit's co-chairs are actress Rooney Mara, co-founder of Moda Operandi, Lauren Santo Domingo; Creative Director of Givenchy, Riccardo Tisco; and Editor-in-Chief of Vogue, Anna Wintour. Beyoncé will serve as Honorary Chair.

The spring 2013 exhibition, Punk: Chaos to Couture, will be on view to the public from May 9 through Aug.14, 2013. The exhibit will examine punk's impact on high fashion from the movement's birth in the 1970s through its current influence.

"Punk's signature mixing of references was fueled by artistic developments such as Dada and postmodernism," said Thomas P. Campbell, Director and CEO of The Metropolitan Museum of Art, "so it makes sense to present this exhibition in a museum that also shows the broader output of those movements. Indeed, that dialogue between art and fashion is what makes The Costume Institute so singular.

The exhibit will feature approximately 100 designs for men and women. Original punk garments from the mid-1970s will be placed side-by-side with recent, directional fashion to illustrate how haute couture and ready-to-wear have been influenced by punk visual symbols throughout the years. Designers in the exhibition will include Francisco Costa (Calvin Klein), Christophe Decarnin (Balmain), Dior, Domenico Dolce and Stefano Gabbana (Dolce and Gabbana), John Galliano, Karl Lagerfeld (Chanel), Helmut Lang, Alexander McQueen, Franco Moschino and Rossella Jardini (Moschino), Miuccia Prada, Gianni Versace and Vivienne Westwood.