The Myer Classic is one of four big Group 1 races which takes place on Victoria Derby Day. This weight for age event for fillies and mares will join the Victoria Derby, Mackinnon Stakes, and Coolmore Stud Stakes on the Saturday before the Melbourne Cup, adding to a full and exciting day of thoroughbred racing. The Myer Classic has been through a number of name changes over the years, starting its life in 1988 and graduating slowly from a Listed event to a Group 1 event.

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The Myer Classic started as a 1600 metre Listed race in 1988, becoming a Group 3 race in 1995, a Group 2 race in 1997, and a Group 1 race in 2004. It has also been through a number of name changes over this time, including The Honda Legend in 1988 to 1992, the Hong Kong Bank Series in 1993, the Hardy Brothers Classic from 1994 to 2001, the Nestle Peters Classic from 2002 to 2004, and the Myer Classic from 2005 onwards.

The Myer Classic has only been a Group 1 event since 2004, and therefore does not share the same prestige as many other high profile Group 1 events. While it does attract some of the best 1600 metre fillies and mares from around the country, this race has not yet produced a winner for either the Melbourne Cup, Caulfield Cup, or WS Cox Plate.

A number of notable horses have won the Myer Classic over the years, including Divine Madonna in 2007, Typhoon Tracy in 2009, and Hurtle Myrtle in 2001. The 2012 edition of this race was won by Appearance, with Soft Sand coming home second and Secret Admirer in third.