One of the things I have never been good at is pricing my items. However, I noticed something this past weekend during Art in the Park. People will pay what I think is an outrageous price for one titem, but won't pay what I think is a reasonable price for another item.
I'll give you an example.
I had several crocheted cotton washcloths for sale. I priced them at $5 each. That is, $5 for one washcloth. I sold two of them. Now mind you, I can make 2 2/3 of these washcloths from a single ball of cotton yarn that cost me about $1.89 after tax. That's a pretty hefty profit for 2 washcloths if you ask me. I'm just saying. :P But yet people didn't even flinch at seeing that the washcloths were $5 each.
Now we have one of my favorite bracelets that I've made. (Go on, click it, you know you want to. I'll wait.) Now that bracelet right there is $20. The materials alone make up half of the price of that bracelet. Yet when people asked me how much that bracelet was, they were shocked to hear that I wanted $20 for it. They would quickly put it down and leave our booth. Yet when I talked to another jewelry artist who was selling at the next booth over from ours, she said that she had bracelets she'd made with beads she bought for $3 at Walmart, that she had maybe $5 worth of materials total in these bracelets, that she had priced at $35 or more, and the same people who refused to buy my $20 bracelet were more than willing to go to her booth and pay what she asked for a bracelet that she said herself, was worth less than the one I had made. She was in shock as well.
Now I will say that maybe, just maybe, $10 for my time to make that bracelet isn't quite fair. After all, I don't think the bracelet took me more than 10 minutes to string together. But when I attempted to price it less than $20, I was told that I wasn't charging nearly enough. And another bracelet that I had made (this one which I sold to a friend of mine) had beads from the same company, same store, but were $2 less in price, and my friend refused to pay less than $20 for that bracelet. I know, because I tried to knock it down to $15 since she is my friend, and she refused.
But yet people weren't willing to pay $20 for the playing cards bracelet. How can it be that people will pay $5 for a single crocheted washcloth with less than $2 worth of yarn in it, but won't play $20 for a bracelet with $10 worth of beads in it? I just don't get it.