A sample of the 1984/85 wool clip was analysed to determine the physical properties affecting price. Clean yield percentage and fibre diameter were found to be by far the most important. The importance of the other properties varied between ports. The effect of staple length on price was found to be almost negligible. Breed had a small but highly significant influence on auction price. Quality and crimp frequency are apparently no longer important. The effects of various factors on price are in broad agreement with their effects on wool-processing performance.