Although there are more than 4 million Quarter and Paint Horses registered worldwide, there are only very few studies that cover the subject of the sale price dynamics on auctions. The objective of this study is to determine if there is a significant correlation between characteristics and prices of horses. The auctions used for evaluation are the NRHA Sales in Oklahoma City, Oklahoma. Results from sales from 1998 to 2013 were used to build the database. Year and type of sale, order of the sales lot, pedigree, age, color, breed and gender of 3,083 horses sold in that time frame were evaluated. Significant correlations were found between the price and all but one evaluated characteristics. No significant correlation was calculated between the breed and the price. Light colored horses yielded higher prices than darker colored horses. Buyers paid more money for horses between two and twelve years in age, than for younger or older horses. Similar results for both color and age have been obtained by other researchers. Stallions were more expensive than mares and geldings. Horses sold in the fourth quarter of sales were the most expensive ones. These results are not consistent with other studies. There is significant correlation between sale price and the genetic potential of a horse based on its three generation pedigree. The dam's quality, defined by the offspring's earnings, had a very substantial impact on the price. Predominant sires, defined as sires with a great number of offspring in the sales, also had a strong impact on the price but to a lesser extent.