Heat oven to 350 degrees. Butter a 2.5 qt. baking dish. Set aside.
In a large bowl, whisk together eggs, milk, cream, vanilla, sugar, and salt. Stir in pecans and cherries.
Place bread in buttered dish and pour the egg mixture over it, pressing the bread down to submerge it. Let sit for 30 minutes, pressing down the bread occasionally.
Dot with small pieces of butter; place in preheated oven and bake until golden, approximately 1 hour.
Serve warm with salted caramel sauce.
*Can be made up to 1 day in advance; refrigerate, covered, and warm in 350 degree oven for 40 minutes.