It depends on how much $, time and effort have been involved in the gift, and how much you enjoy the process and the person!
If you're on the fence - yep, price it high (3 or 4 x your cost and more than you'd pay for it if you were buying) and if they bite - you've compensated yourself!
I've been approached and asked if I'd make one just like 'x' and I respond, yes I will but I'm not sure you'll go for the price!