Here is the answer:
Dry aging is a process in which the meat stands in specially designed coolers/aging room. People cannot dry age meat in their own refrigerators.
This process allows moisture to drain from the meat and breaks down the fibers of the meat, making the steak juicer, more tender, and more flavorful. Like when a fruit is ripe enough to pick from the vine, that is when we cut the meat.
Prime meat to is aged to perfection by holding it in coolers at a temperature of 34-38° F. Lobel's ages beef for four to six weeks. Veal and lamb are young, delicate and tender, and are hung in our coolers for no more than a week.
The meat is aged in large pieces, like the whole tender loin where the filet mignon is cut out from. They cut the outer layer off of the meat that becomes dehydrated (also leading to the higher costs) to steaks that are just as red as non-dry aged.