The 2014 Costume Institute Gala was held Monday, May 5 in New York City. One of the biggest social events in the city and a time where many entertainers and artists come together for charity has turned into one of our favorite red carpets. Stars like Rihanna, Sarah Jessica Parker and Selena Gomez shined in their designer wear and serious class.

One of the most memorable moments of the night turned out to be one of the sweetest for power couple Beyonce and Jay-Z. As the "Drunk in Love" singer posed for pictures at the Metropolitan Museum of Art, the ring she was wearing on her right hand fell off her finger. But not to worry, her doting husband flashed into action as he found the lost ring and instead of just handing it back to her, he staged a mock proposal for the photographers. 

Since we didn't get to see Jay-Z put a ring on it the first time, he allowed us to see it again. Beyonce "accepted the proposal" with a huge smile on her face. All together now: "Awww." Queen Bey rocked a crystal-studded Givenchy Haute Couture by Riccardo Tisci custom gown and her hubby wore a white grain de poudre jacket and black tux pants by Givenchy Haute Couture.

Kim Kardashian, accompanied by her husband-to-be Kanye West, made quite the comeback from the floral number she was highly criticized about while pregnant last year. Kardashian flashed her leg in a strapless blue lanvin gown with a thigh high slit. She wore jewelry by Lorraine Schwartz and was even named one of the night's best dressed. The reality TV personality was of course bombarded with questions about her upcoming May 24 wedding to rapper Kanye West. When asked about her wedding dress she replied, "I tried on quite a few, [then I] narrowed it down." Well, we would hope she had chosen a gown by now as North West's mother confirmed that indeed she has.

Of course, there was also the usual gown malfunctions at the red carpet, but this time everyone was actually wearing underwear. Zoe Kravitz rocked her blonde hair and looked fabulous in a claret Michael Kors gown. Sadly for her, the gown's split was a little too high for her kind of posing as she flashed her pink undies to the cameras... whoops. But she wasn't the only one who had a high slit incident, Kim Kardashian also flashed her black underwear off the carpet as she walked and talked to with Fiancé West.

Overall, it was a great night. Selena Gomez and Taylor Swift even became best friends again as Selena posted a video to her Instagram of the two dancing around at the New York Metropolitan Museum of Art. Wonder if Taylor will be Selena's first follow on the Gram.