Tenderloin steaks (commonly referred to as filet mignon) are the most expensive cut on the whole steer, a factor of both supply and demand. Many people love them for their exquisitely tender texture (the most tender cut on the whole animal) and are willing to pay more for them. Some people also appreciate their convenient size (smaller than many other steaks), and lower fat content.
At the same time, the tenderloin is a small cut and there are only two of them on each steer, making them a precious commodity.
The tenderloin’s extreme tenderness comes from the muscle being so little used during the steer’s lifetime. However, this also gives tenderloin steaks the mildest flavor (though grass-fed tenderloins are more flavorful than grain-fed ones). Because of this they are often paired with sauces and/or wrapped in bacon to add moisture and flavor.
Filet mignons can be cooked as you would other high end steaks. This cut is also particularly valued for use in tartare.
These tenderloin steaks are sold skinned & defatted with the side muscle off.