Canberra real estate agent Richard Luton has done just that, placing third in the men's racewear section of the iconic event on Tuesday. And all just a few days before the ever-youthful Canberra identity celebrates his 60^th birthday on Sunday.

"I'm thrilled," he said. "I'm probably the oldest person they've had as a finalist."

Mr Luton got automatic entry to the Melbourne Cup fashions on the field after also being a finalist at Derby Day last Saturday. He wore a bespoke houndstooth suit made by his long-time tailor in Singapore. He ordered the suit, in traditional Derby Day black and white, when in Singapore in August for his daughter Sophie's 30^th birthday. The condition was he had to wear the same outfit to the Melbourne Cup.

"I've had the same tailor for 12 years," Mr Luton said. "I always go to him when I want something a little bit different. And it didn't cost an arm and a leg."

His outfit was complemented by an Alexander McQueen umbrella and Louis Vuitton shoes and clutch and an antique fob watch. His prizes included gift vouchers from fashions on the field sponsor, Myer.

Mr Luton's suit coincidentally reflected rival store David Jones' iconic houndstooth check, which might have cruelled his chance of picking up the $100,000 first prize, which included a new Lexus car.

He was happy, nonetheless, saying it had been a dream to compete in the Derby Day fashions on the field and going on to compete at the Melbourne Cup had been wonderful.

"I've always loved fashion," he said.

"I'd seen people competing on Derby Day and always wanted to do it. Anyone can register, there's no cost involved. I flew down and back in one day."