But fashion hopefuls have been warned - you better bring your A-game and a headpiece.
The prize pool for the Dakota Boutique-sponsored competition had topped almost $10,000 this year, Otago Racing Club event and marketing manager Charlotte Neilson said.
The prize package for the best-dressed woman is worth more than $3300, including two nights' accommodation at the Matuka Luxury Lodge at Twizel, and the men's first prize this year is worth $1300, up from $700 last year.
Ms Neilson said potential contestants should aim for class over crass.
''We don't want anyone naked up there on stage,'' she said.
''You should be dressing appropriately for the weather, which, of course, will be fine.''
All women entering the competition will need to wear a headpiece, as it is compulsory for entry.
Ms Neilson said the four judges, who included former Miss New Zealand Deborah Lambie, would be casting their gaze upwards.
''You should be going all out on a headpiece,'' she said.
''Also, this year, floral is in.''
That is not to say gents can forget about a hat.
A fedora, a cheese-cutter or a trilby will all add an extra dimension to their suits and will put them in the running for prizes including a new suit from Barkers.
Registration opens at the Fashions on the Field marquee at 11.30am and the competition starts after race 2 at 1pm.
The winners will be announced after race 4.
