In a conservation auction there are many possible influences on bid prices. This paper considers a range of factors that influenced the bids submitted to the Queensland Government�'s Vegetation Incentives Program (VIP). The relationships between total bid price and a variety of variables are examined. The VIP appears to be a unique example of a program that asks landholders to separate management and covenant costs in their tender. Forgoing payment on the covenant may be an indicator of low opportunity cost or altruism on the part of the landholder. Accordingly this paper also investigates the influences on covenant bids.