THE Costume Institute’s new exhibition, “The Model as Muse: Embodying Fashion,” is a walk down the path of the supes of the century, chronicling their rise and, ironically, current plateau, as celebrities supplant them on covers and in ad campaigns.

Given the rich subject matter, the show itself seems a bit austere — some timely abasement in the Met’s basement, perhaps? Here’s the gist.

The timeline starts after World War II with names unknown to most but whose images may be more familiar. The ’60s brings the first one-name-only phenoms such as Twiggy, and by the ’70s the likes of Jerry Hall and Janice Dickinson are living the glam life. By the late ’80s, as one puts it, models “don’t wake up for less than $10,000 a day.” By the ’90s, the idea of beauty embraces more diversity, and a 5-foot-7 girl from London’s East End becomes the standard: Kate Moss goes on to become a style icon with her own clothing line.

Post-Kate and Gisele, fame comes full circle, as there are no new one-name-only stars — or indeed any current household names at all — while hugely popular shows such as “America’s Next Top Model” and “Make Me a Supermodel” keep the dream alive.