Masquerade Costumes - Masquerade Fancy Dress Masquerade costumes are about mystic and mystery. Masquerade fancy dress balls and parties began in Italy during the 16th century renaissance, where guests would dress up in fancy elaborate masquerade costumes and wear masks to hide their faces. Masquerade balls became more popular in later centuries and a still quite popular today. Adult Costume Shop for masquerade costume ideas, where masquerade fancy dress is a disquise all of its own.