Cow-calf prices are determined by interaction of many factors. At a particular auction, cow-calf pair prices often had a range of 75% of the mean price. This variability suggests that producers need to be informed regarding cow-calf price determinants. This study uses auction data during 1993 to estimate price differentials associated with cow-calf pair characteristics using a hedonic model. Cow breed, age, health, conditions, horns, frame, and whether the cow had been bred back were significant price determinants. Calf weight, health, and frame had significant price impacts. Highest prices were paid for pens containing 9-December pairs of young Angus, dehorned, bred back, healthy cows with heavy healthy calves.