There's no set color palette for masquerade parties, so you have plenty of room to play with your decor. However, some common colors you might see at a masquerade party include black, white, gold, and silver. You can use these colors as a starting point and then add in accent colors to create a more festive atmosphere. For example, you could use purple and green streamers and balloons to add a pop of color to your black-and-white tablescape. Whatever colors you choose, make sure they complement the theme of your party.