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(CNN)Here's a look at the Kentucky Derby. The Derby is run annually on the first Saturday in May at Churchill Downs in Louisville, Kentucky.
Photos: The most exciting two minutes in sports?
Photos: The most exciting two minutes in sports?
The Kentucky Derby, held at Churchill Downs, Louisville, welcomed 167,000 spectators in 2016, just 3,000 short of the previous year's record.
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Photos: The most exciting two minutes in sports?
The one and a quarter mile race is one of the highlights of the racing calendar, and has been referred to as "the most exciting two minutes in sports."
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Photos: The most exciting two minutes in sports?
This year sees the 143rd edition of the race, where jockeys will compete for a $2.4 million purse.
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Photos: The most exciting two minutes in sports?
The Kentucky Derby is the first leg of three thoroughbred races -- the Triple Crown -- and is run ahead of the Preakness Stakes and Belmont Stakes. In 2015, American Pharoah became just the12th horse to win that coveted Triple Crown.
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Photos: The most exciting two minutes in sports?
California Chrome won the Kentucky Derby in 2014 and came close to winning the Triple Crown but fell short at Belmont.
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Photos: The most exciting two minutes in sports?
The 2016 Kentucky Derby was won by pre-race favorite Nyquist (center), ridden by Mario Gutierrez.
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Photos: The most exciting two minutes in sports?
Nyquist, now retired from racing, gets a very public bath after last year's triumph.
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Photos: The most exciting two minutes in sports?
The Kentucky Derby is known to attract famous faces, such as world champion skier Lindsey Vonn.
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Photos: The most exciting two minutes in sports?
The event, like so many other horse races, has a reputation for attracting weird and wonderful head gear.
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Photos: The most exciting two minutes in sports?
One of the favorites for the 2017 race, Classic Empire, trains ahead of this year's race.
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Photos: The most exciting two minutes in sports?
Kentucky Derby entrant Patch, which lost its left eye last year, is bathed during morning workouts ahead of the 143rd Kentucky Derby.
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A festive attendee poses during the 142nd Kentucky Derby at Churchill Downs on Saturday, May 7, in Louisville.
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A fan watches as trainers prepare a horse for an early race.
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You get the idea.
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Wearing an fabulous, obnoxious hat is thought to bring good luck (at least, to you and whatever horse you have the most money on).
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Fans watch from a balcony.
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A festive fan poses in a hat resembling an explosion of pastel ruffles.
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"Wearing a hat is much like getting into costume, you might be pleasantly surprised to see what type of character you become," says the Kentucky Derby website.
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A fan shows off her feather-and flower adorned hat.
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Drink in hand, the racegoer is prepared for the day.
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A fan wearing a flower-inspired hat makes her way to the seating area.
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While hats are the thing, mint juleps are the traditional drink served at Churchill Downs during the Derby, and they are delicious.
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A fan wears a floral themed dress and matching hat.
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If two heads are better than one, how about three? Or is that five?
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Fancy hats aren't just for ladies; many men have tried their hand in the past few years.
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Figure skater Tara Lipinski shows off her striking red hat.
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While these two were at the Derby, many hat makers were at parties around the country, vying for prizes for creativity.
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Advice from the Kentucky Derby: If your hat is having a pattern party, keep the dress design simple.
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Fashion through the decades – As the 2016 Kentucky Derby kicks off, we take a look at some of the most eye-catching fashions through the decades.
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Early days – The Derby first launched in 1875, and up until the turn of the 20th century women could be seen wearing hats, gloves, and long dresses down to their ankles.
"At any social outing in America at that time, you would have worn a hat and gloves -- and the Kentucky Derby was no different," said Chris Goodlet, Curator of Collections at the Kentucky Derby Museum.
"Many women would have worn silk because of the warm weather, and be carrying a parasol."
This image features race-goers in 1926.
"At any social outing in America at that time, you would have worn a hat and gloves -- and the Kentucky Derby was no different," said Chris Goodlet, Curator of Collections at the Kentucky Derby Museum.
"Many women would have worn silk because of the warm weather, and be carrying a parasol."
This image features race-goers in 1926.
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1929 – In the 1920s, women would also been seen wearing tailored suits. Hats and gloves were still in vogue.
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1938 – Suits continued to be the outfit of choice for both men and women in the 1930s.
"In fact, in the 1930s and 1940s the formal suit seemed to be more popular than the dress," said the Kentucky Derby on its website.
"In fact, in the 1930s and 1940s the formal suit seemed to be more popular than the dress," said the Kentucky Derby on its website.
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Look closer in the top left of this 1940 image, and you'll see a race in action.
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1954 – The 1950s saw women wear a more princess-style dress, with billowing skirts and fitted waists.
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1966 – In the 1960s, hemlines were on the rise. Meanwhile, on the other side of the globe at Australia's Melbourne Cup, model Jean Shrimpton was causing a stir in a miniskirt that "stopped the nation."
"By the time you get to the 1960s wearing hats was no longer typical," said Goodlet.
"But the Derby keeps this tradition -- even when other social occasions don't."
"By the time you get to the 1960s wearing hats was no longer typical," said Goodlet.
"But the Derby keeps this tradition -- even when other social occasions don't."
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1970 – Would you believe it. This couple aren't wearing hats or gloves, and the woman's dress hemline is a good few inches above her knees! Welcome to the 1970s.
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1988 – In the 1980s, the bigger the better. Big hat brims, big shoulder pads, and judging by this race-goer, a big smile.
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1988 – Bold prints and multi-colored suits make the 1980s a fashion decade to remember.
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1989 – "In the 1970s and 1980s there was a return to the longer skirt, while the same casual attitude of the 1960s was still in place," said the Kentucky Derby website.
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1992 – "In the 1990s, the dress at the Derby continued to replace the suit, especially with younger women," added the Derby website.
"While gloves have become out of fashion, a hat never is, and the hats tend to get wilder and more expensive as the years go on."
"While gloves have become out of fashion, a hat never is, and the hats tend to get wilder and more expensive as the years go on."
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1993 – We'll never know if their horse won. But the pink and pearls combo is a 1990s winner.
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1993 – "The style in the infield is relaxed, with women wearing cool sundresses, cotton skirts, or more frequently shorts," said the Derby website of 1990s styles.
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2002 – The 21st century is here. And the tradition of race-goers making their own fantastical hats which started in the 1960s, continues to this day.
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2010 to 2012 – Feminine, wide-brimmed hats with a floral or feather adornment were popular in the 2010s.
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2012 – A colorful crowd at the 2012 Derby.
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2014 – Two years later the hats appear to have downsized.
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2015 – Race-goers analyze programs at last year's Derby.
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2015 – Nicknamed the "Run for the Roses" due to the blanket of roses draped on the winning jockey, the Derby has long inspired red accessories among race-goers.
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2015 – And after a long day of placing bets, cheering horses, and drinking mint juleps, sometimes you just want to put your fashionable feet up.
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Facts:
The Derby is the first race in horse racing's coveted Triple Crown, which also includes the Preakness Stakes and the Belmont Stakes.
The Derby is the first race in horse racing's coveted Triple Crown, which also includes the Preakness Stakes and the Belmont Stakes.
The race is known as "The Greatest Two Minutes in Sports" for its approximate run time. The Derby is also referred to as "The Run for the Roses" due to the garland of 554 red roses draped over the winner.
The maximum age for a competing horse is three years.
The mint julep is the traditional beverage of Churchill Downs and the Kentucky Derby.
Approximately 120,000 mint juleps are served annually during the two day period of the Kentucky Oaks and Kentucky Derby.
Only three fillies have won the Derby: Regret (1915), Genuine Risk (1980) and Winning Colors (1988).
No Derby has ever been postponed because of rain or bad weather.
Timeline:
May 17, 1875 - The first Kentucky Derby is held. The winner is Aristides, a three-year-old chestnut colt, beating fourteen other horses.
May 17, 1875 - The first Kentucky Derby is held. The winner is Aristides, a three-year-old chestnut colt, beating fourteen other horses.
1892 - Only three horses run the race, making it the smallest field ever for a Kentucky Derby.
1896 - The race distance is reduced from 1.5 miles to its present 1.25 miles.
1925 - N.Y. Journal-American writer Bill Corum coins the phrase "run for the roses."
May 3, 1952 - The Kentucky Derby is televised nationally for the first time.
1956 - The first Kentucky Derby Festival is held. This annual event runs for the two weeks preceding the actual races.
1973 - Secretariat wins with a time of 1:59 minutes, setting the record for the fastest time.
May 3, 2008 - Shortly after winner Big Brown crosses the finish line, second place finisher Eight Belles suffers fractures in both front legs and falls to the ground. Due to the severity of the injuries, the filly is euthanized on the track.
May 5, 2018 - The 144th Kentucky Derby sets record as the wettest in Derby history with more than 2.31 inches of rain.