I've struggled with pricing, too and it is a real balancing act. Sometimes when the economy has been slow and sales reflected that, I would sell at cost. Other times I've kept track of my time for each project and paid myself minimum wage. I use rare and hard to find materials and my materials cost can be high so I may charge less for labor. My prices are sometimes less and sometimes more than comparable products. I have to put in the time to keep my finger on the pulse of the market and be keenly aware of supply and demand and take that into consideration when pricing. The IRS defines a business from a hobby by the profit it produces so I sell fabric supplies to balance out any losses in other shop sales.
Pricing skill, craftsmanship, expertise and talent is very individual so I measure my compensation by other factors, as well. Of great value to me is I love what I'm doing, I work at my own pace in my own studio and my custom work is sought by people who appreciate my skill and artistic ability. That is enormously rewarding to me. The bottom line for me is I am selling a form of artistic expression and the only one who can really put a value on that is the customer.
