This study estimates the price determinants of show quality Quarter Horses sold at auction. Several characteristics including genetic and physical traits, the quality of pedigree, and the sale order affect price. Sale price is positively affected by a strong performance record of the horse as well as the performance record of the horse's offspring. A common practice at horse auctions is for the seller to reject the final bid offered and not sell the horse. The market prices predicted by the model for these horses indicate that they are not undervalued by the final bids, based on their characteristics.