Jul 23, 2011

How to Price Jewelry

Pricing your piece is always a challenging area for artists.

"Triple the Cost of Your Supplies" is a common formula for precious metal jewelers.
This formula worked well before the sterling and gold market went crazy.
Now things get a bit more confusing.
You want to get what your item is worth, but you also want to make a sale.

Pricing your items high enough is very important.
Most people when buying fine jewelry want to know they are purchasing an item of value.
Too low and the customer won't trust that you know what you're doing....
too high and they won't even consider the piece because it's out of their budget.

Jump off ETSY to find prices as a reference. Places like Sundance (the lower priced items) can be a helpful guide. Alternate resource are places like JJill and Coldwater Creek. These are not original pieces, but you will get a feel for what people are willing to pay.

Formulas are great, but there are 2 Key questions to ask yourself:

#1 - What is fair to me?
Don't underprice and devalue your work. You've got time, creativity, and supplies invested.

#2 - What can the market bear?
What is the price of a similar item at a shop I respect.

I make up a pricing chart and try to keep it with me at shows.
You'll always get special requests.
Your customers will appreciate a quick answer on a price.
They should not have to decide the value of your work.

When working with ALTERNATE METALS like
aluminum, copper, and brass
you'll need to throw out the formulas.
Your time and creativity
will always need to be considered MORE
when the supplies are so much less.

On these items consider the following:

Is the piece simple and easy to repeat?
Artisan style or crafty?

***The price should be in the lower range.

Is the piece original, finished well, a work of art?
Not easily copied, involves multiple steps from start to finish?

***The price should be higher.

Hope this helps!!! Have fun creating!!!
Liz :-)

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