I am terrible at pricing my works so after a little searching, I found a great article on Etsy to provide some tips! The best tip? The simplified formula for finding the price:
- Cost (Labor + Materials Cost) x 2 = The Wholesale Price
- Wholesale Price x 2 = Retail Price
So, it comes down to the fact that it is based on YOUR comfort level with what YOUR time is worth. The most important thing is that you are making out of it what you want to make. For me, I find jewelry making to be so relaxing. It isn't my primary source of income and I still consider myself a beginner so $10/hour is reasonable in my mind. As time goes by and I continue to get my name out there and start really selling, I might go up in that amount. I guess time will tell!
Now, here is why I started searching - I have a new item that I am getting ready to place in a few shops; the 3-D Beaded Hummingbird. However, I don't know what to price it. It takes me about 8 hours to create so if I charge $10 per hour for my time, $80 is the starting point. The materials are next to nothing (let's say $3). So that is $83. If I use the above formula, the wholesale price of the thing is $166. The retail price jumps up to $332. While I would LOVE to be able to make that for each one I sell, I just don't see that they would sell for that! So you be the judge. Do you think that in the little mountain towns of Colorado, I could reasonably ask $150? If not, what do you think I should price these little fellas? Your advice is much appreciated!!God's Blessings!
That's a tough one. It certainly is worth that much-it's beautiful! I guess it depends on where you plan to try and sell it at. If it's at a gallery, you sure could ask that, maybe even a bit more. I know in the town where I have my store, it would never sell. People here just don't spend that kind of money. I would try it and see what happens. Good luck!
ReplyDeleteThe hummingbird is beautiful! It is a lot of work too. You are right, I would not be able to pay $332 for the piece. I have the same issue with pricing my handcrafted jewelry.
ReplyDeleteHave you researched what like items sell for in the online shops like Etsy and ArtFire? Can you look at those items and compare to your work? I know some sell too cheaply for an artist. But I think it would give your more of an idea of your price range. Then pick the amount your are comfortable selling at and maybe just a bit higher. You can come down on price later. But I think it would harder to raise the price of a piece.
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