I've sold a few quilts and have learned a number of lessons along the way. I enjoy doing commission work, but if a client is too controlling it really does take the fun out of it. I've had people try to cut my cost (which isn't even $5 an hour once we're through with materials costs) by asking if they buy the fabric, how much less will the quilt be? Now I set my base cost which includes thread, batting, labor, and any fabric from my stash. If they want to buy fabric or if it has to be special ordered, that is in addition to the base cost. I also state loud and clear that I am not trying to compete with Walmart, plain and simple.
I learned the hard way to invoice the heck out of any commission, and I collect 50% up front. I had a lady completely rip me off over some Christmas stockings she wanted. She made so many changes along the way, adding beads, lace, wanting them much larger than the original size we agreed on, etc. Each time I told her it would cost more, but didn't invoice it and to make a long story short, I didn't even recover my expenses for materials, let alone my many hours (including three sample stockings I made for her). She refused to compensate me for the additional materials or my hours, but tried to make it better by buying me a Starbuck's. Yeah, I don't think so.
Even with that, I truly love what I do and plan to continue sewing and quilting. I do give away a lot of my things, and sometimes that will result in future business for me. Good luck, and do what's right for you.