Lady at the Racetrack shows the fashion at the end of the 19th century. It is a scene believed to have taken place at a racecourse, the Hipodromo de la Castellana, now the Hipodromo de la Zarzuela, located in the outskirts of Madrid, Spain. This was a popular site in the late 19th to 20th century.

Luna was residing then in Madrid from 1877 to 1884, and from 1893 to April 1894. He returned to Manila in May 1894, after 17 years of absence.

Juan Luna (1857-1899) won the gold medal at the 1884 Madrid Exposition of Fine Arts, becoming the first Filipino painter to gain Spanish recognition.