She showed off some of the dress's subtle references: "This is detailing from the Empire State Building, some of the draping from the Statue of Liberty...(and) the constellation from Grand Central Station."

Lively and husband Ryan Reynolds are co-hosts of the event, and while Reynolds wore a more classic tuxedo by Ralph Lauren for the theme "Gilded Glamour and White Tie

" Lively stunned in a custom Versace dress inspired by Art Deco design and the details of some of New York's most famous landmarks.

The evening's dress code was inspired by the Gilded Age, the 30-year period at the end of the 19th-century

that saw skyrocketing wealth for industrialist families in the US and over-the-top fashion for New York City's upper crust.

When Lively first arrived, the glittering, beaded Versace dress was wrapped by an oversized coppery satin bow.

But as she ascended the stairs to the entrance of the Metropolitan Museum of Art, her bow was released to reveal the rest of the sweeping ensemble:

A long skirt in an aged copper tone, paying tribute to the patina of the Statue of Liberty.

"I've patinated," Lively told LaLa Anthony during Vogue's live stream. "This dress is an homage to New York City and so many of the classic, iconic buildings."

Bake Lively paid tribute to New York City architecture in a shimmering gown that dramatically transformed as she walked the Met Gala red carpet on Monday night.