THE CROWN JEWELS - MELBOURNE SPRING RACING CARNIVAL TOPS OFF THE FESTIVITIES WITH ELABORATE HEADWEAR

Serena Lindeman’s jewel encrusted spiral Hat has 130 carats of diamonds, 70 carats of colored gemstones and white and gold South Sea pearls. The price tag: $1million. The model, Lindy Klim is the wife of swimmer Michael Klim

Angela Morrissey hat with butterflies

The Australian event was part horse race and part showcase for outrageous headwear. The Millinery Collection 2006 (as it is called) showcased over 100 hats from Australia's leading milliners. The hats were worth over $1 million.

There were over 100 hats, some adorned with large feathers, fake butterflies and a high-heel shoe. Hat designers will be given an award - for the first time ever - during the Melbourne Cup in November.

''Everybody wants something bigger this year to stand out and they are spending an average of $300 for a hat,' said hat designer Molly Kasriel.

The Hat as a Crown Jewel	Headwear by Kim Fletcher