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This paper is an attempt to analyze what determines patent value. We focus on analyzing the relationship between the price of the patent and some inherent characteristics of a patent. We identify age, forward citations, backward citations, generality, originality, claims, and pendency of the patent and next maintenance due as the independent variables. We use the Ocean Tomo auction price data as our dependent variable. We run a regression function after transforming some of the independent variables (claims, generality and backward citations) and find that age, claims, backward citations and generality affects price positively while forward citations affect price negatively.