An American woman meets the son of a horse rancher from Argentina during a horse show. She makes him an offer on one of his horses, but he refuses it. The whole matter has to do with a past rift between their respective fathers. The IMDB summary is wrong. The girl actually falls for the guy in America and goes to South America after him. Anyway, then another subplot takes over which has to do with the rancher's past vow to quit entering his horses in flat races after an accident killed one of them. The girl encourages the rancher's son to start training a horse for flat racing. This is hidden from the guy's father. Then they sign the horse in to a big race, and the rancher finds out about it.
Strictly scriptwise, this is atrocious. But, as critics have remarked, the Technicolor is gorgeous, and there are some interesting musical numbers (the best one is an anthological tap dancing sketch). How this came to be regarded as "culturally, historically or aesthetically significant" is anyone's guess but mine.
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