Originally Posted by ckcowl

usually you figure cost of materials and triple...or you could decide how much you believe your time is worth (ie: $15 an hour) and keep track of time to add to costs...but seldom do artists actually make money on time...also check local markets to see what similar items are selling for. one year my daughter and i were making purses/tote bags, thought we would sell them at the local summer outdoor market...we were putting about $20 in materials into them...priced them at $45 thinking this was very reasonable (we were spending 3-5 hours on each) turned out, there was a lady there with bags (100's of bags) for $10 each...we couldn't sell even one of ours. found a different venue a few months later and had a lady come to our booth and gripe (loudly) that we were severly hurting fellow crafters by under pricing...
so, i guess it's just a relative thing...you need to know what your market is willing (or expecting) to pay. btw, at the second venue...we sold all of our bags :)...underpricing....hmmmmmmmmmm