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