Gai Waterhouse has a VRC Oaks prospect after two-year-old filly Dynastic Lady secured a narrow maiden win.

Dynastic Lady ($6.50) won the TAB Rewards Plate (1600m) by a nose from of Magicalease ($6) at Warwick Farm on Wednesday.

Jockey Sam Clipperton took a position outside leader Magicalease during the run.

Nemrud ($2.30 fav) loomed at the turn before weakening out of the race to finish fourth.

After a tight battle in the straight, Dynastic Lady overcame Magicalease to win in a photo-finish.

"Didn't she show fight over the last furlong? She just kept giving and giving," Waterhouse stable representative Neil Paine said.

He said Dynastic Lady rated among the stable's best two-year-olds.

Paine said Waterhouse, who is overseas, would have her sights set on a Group One race in spring.

"Gai thinks she's an Oaks filly later on this year," Paine said.

"Gai's had a bit of time for her and just each run she's strengthened up and got better and better."

Paine said Waterhouse's decision to remove the blinkers was a "master stroke".

"I don't know where Gai will head now, but she'll keep improving and hopefully step up to 2000 to 2400 metres when it's time."

Dynastic Lady is raced by Sir Owen Glenn and carries the same colours as his champion Criterion who will stand his first season at stud at Newgate Farm in the spring.

Meanwhile, hours ahead of the third State of Origin clash, former NSW representative Terry Lamb's horse Big Arty won the Schweppes Handicap (1300m).

The rugby league great, who played eight times for NSW, was not on course on Wednesday but a delighted group of co-owners celebrated the tough win.

"This horse should just keep improving with each start and he's going to need further as well," trainer Adam Wadick said.

"Once he gets over the ground you'll see an even better horse," he said.

"We might look at stepping him up over a mile now, after today, and we'll see what happens after that."