I was making jewelry, which was investment, low return. The market is just flooded, so I didn’t sell much and I didn’t make much on what I did sell.
I started felting, which is much lower investment and a more uncommon product.
I don’t calculate my time vs cost, because that raised my expectations of getting a “living wage.” Now, I asses the market and price competitively. I am mindful to be fair to other makers,
This is the formula that works for me.
Good luck with your stuff!

I use to sale a lot. It all has to do with the aesthetic value of the piece. You can go by materials it cost you at first plus your hourly rate just to sale as many as possible to get your name around locally. Then after you are comfortable with raising the prices go with what it looks like it should be worth. I never go too high myself because I want more People to have my art on their walls and keep advertising for me. Also I don't ever want to hang onto anything too long. Galleries would charge way more than I would even try to charge an Grady got it. Whenever the artist is selling the people want to take the price down. Pricing the art is a very hard thing to do. You always have to make sure you are not working for free because it is a job. If you charge low they look at you like you are not a great artist yet you charge more and sale more. I have done a lot of psychological experiments on customers and have realized that they have to be convinced that it is an investment. But there are as any different kinds of buyers. There are buyers that buy because they genuinely love the piece and others that are buying it as an investment and others just to look smart like the people who only buy the best known books to put on display to show they are an intellectual. You have to read the customers and if you are the seller and artist honestly it takes years to study people. Just keep track of hours, what your studio costs are even if it is your apartment, what it costs you to live if you are a full time artist, all things to factor in and treat it like it is a business because it is. Easiest way to to see what it costs you to be in business and how many pieces can you produce and sale. If it's just one piece at a time just figure materials and hours. If you found a canvas don't let them know, just price it in because now you have to buy another canvas. I have mad stuff from recycled materials, trash, and got more for a canvas piece. Finding your type of customers is a whole different story. I can go on and on about this subject. Hope it made some since. It's been a while since I have been in the game but soon enough I will be making and selling art again and I will get out there. I spent 8 years with the wrong person who dragged me down. I broke things off and days later she had a new man in the house doing all the same do boy things she had me doing when I should have been focusing on my art. Now I want to catch up to where I was again asap. Good luck. Ask me any questions you need. I have sold hundreds of pieces. Sometimes I just let them go and sometimes I made big bucks. I was a full time artist for several years. Not the best artist but a fun and selling artist. Cheers!

Cost plus 20% is a good place to start.
Keep in mind, value will go up when you die.

Supply and Demand... any drug dealer will tell you.

I haven't ever sold any of my craft-work I do it for fun & I doubt that I'd have a baldie how much to charge - For many years I knitted little teddy bears making each one different my local cafe pretended that they came in through the heating vent as they were escaping persecution in their own country so they were free and targeted mainly for a child someone knew - But it was sort of magic for me doing it and i didnt like the idea of being paid for it - about ten years ago someone came up to me and I realised she was a waitress at this cafe and she had her sister with her - I was told that she had been one of the children who got a teddy adn still had it so that was nice -each one had a back pack or bag with a miniature book in it and they were all dressed differently . But to be honest I have always had problems with money and charging - I live in sheltered accommodation and sometimes people ask me ot let out seams in their dresses or trousers or sew them up better & they give me whatever they think I don't put a price on it just let them or not - When i get up to £100 I send it off to a charity called Age N.I in Belfast

Speaking as accountant, first you need to cover the costs of your materials. If you can't sell it for more than that, quit and make something that you can sell for more than the cost of materials. Now you need to look for covering the cost of your labor. Figure out how long it took you to make the item, the difference between the cost of materials and what you can sell it for is what you are making per hour on just that job. when you first start out and before you have a large customer base you amount per hour will be crap. As your customer base increases in size, your prices should go up and your labor renumeration will go up with it. Main rule, sell for what the market will bear, not for what you think it is worth. The larger your market appeal, the more you can ask for a particular item.

I can't sell for the time I put in! I try for replacement costs and extra for profit.

For me it's what the market will carry. I might get $20 for a mug with this method and only $16 by using a formula. I avoid formulas. That's just how I do it.

Castles covered everything I was going to say. I will add, sometimes a piece will come out of the kiln totally unique, or it's a really awesome piece of jasper, agate jade, etc. Those pieces can command a higher price.