Metropolitan written and directed by Whit Stillman
Just as Europe's Last Ball accidentally revealed the extent of European aristocracy's decline, this film purposefully depicts NYC's WASP culture in decline. That said, it does correctly capture the relevant features of NYC-Boston WASP culture.
Although, it is funny to compare the cultures of the elite over time. A hundred years ago, the elite were expected to be able to dance and play at least one instrument. All you had to do was leave some alcohol with a couple instruments lying around, and you'd soon have the party dancing and singing.
Compare that to the functions of the elite today, we can no longer presume that everyone has the rudiments of dance and music, so get-togethers have devolved into people standing around drinking because that's the current lowest common denominator -- all you can expect the "elite" to be able to do is stand upright and hold a glass.