Stewards have upheld a protest into alleged interference in the final 100 metres of the race that stops the nation.
"We'll enjoy tonight, then regroup and plot a path to next year's Melbourne Cup".
"I feel like crying", Dettori said.
Having finished second in the Stella Artois Caulfield Cup, Vow And Declare went one better on a sun-soaked day at Flemington to deliver a first Melbourne Cup win for one of Australia's leading jockeys, Craig Williams, who coveted the trophy above all others.
Racing Victoria announced after the stewards meeting that Master of Reality had officially been relegated to finish fourth, while third-place finisher Prince of Arran was promoted to second and Il Paradiso officially finished third.
"I want to cry", was Dettori's only reaction after the two-mile contest.
Dettori is scheduled to start a four-week riding stint in Japan from next weekend.
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Prince Of Arran's jockey Michael Walker was fined AUS10,000 (£5,400) and suspended for seven race meetings for overuse of the whip.
"The horse ran a fantastic race".
It was the third time in 17 Melbourne Cup appearances Dettori had been second across the line following Central Park in 1999 and Max Dynamite in 2015.
Nick Williams said: "Nothing would have been better than for Master Of Reality to have won the race for him".
Master Of Reality was first to strike for home at the top of the straight and Dettori stole a couple of lengths advantage, but with a furlong and a half to go, Vow And Declare just edged in front.
He told www.theage.com.au: "I'm more gutted for Frankie than I am for myself". "I'll be back. I don't know if Frankie is ever going to win this race".
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