Landseer's portrait commemorates the costume ball held on 12 May 1842 at Buckingham Palace, attended by two thousand people. Prince Albert and Queen Victoria dressed as Edward III and his consort Queen Philippa of Hainault. The royal couple's costumes were based on tomb effigies and their creation was specifically intended to give work to the declining Spitafields silk industry.

This was the first of three costume balls held by the royal couple. The seond was in early Georgian dress, while the third was in the style of the Restoration.