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Sculptor Deane Weastell began working on the horses in the middle of last winter and said this week he hopes they will be finished in another three weeks.
The horses - made from reinforcing steel, wire-netting and concrete - will be teamed up with an almost century-old wagon that has been restored and displayed alongside Luggate's main thoroughfare.
The project has been organised by the Luggate Community Association with voluntary labour and funding from grants and donations.
Mr Weastell said his biggest concern was moving the 1.5-tonne horses from his property, between Wanaka and Lake Hawea, to Luggate, without causing cracks or breakages.