I have a hard time pricing other people's work because I generally make everything myself. I price my own work based on an hourly rate and the estimated time required to complete the work. I include the cost of materials used and shipping cost if applicable.
Here's my journal entry "How should I price my art?": [link] It covers issues other than price which also affect your ability to sell your work.
If you have never sold your work and you have no idea what rate to choose, then I recommend at least minimum wage as a starting point for your hourly rate. If you know you can charge more, then charge more. You can always increase the price in a week or a month (or any time) if you find it is too low.
thank you so much for your post! i'm reading through several of your journals now. Very interesting! Though there exist no "minimum wage" in Sweden where i live, but perhaps around 3£/hour would be a reasonable price? It takes around 10h to draw a drawing for me.
Ah! There's no minimum wage in Sweden. That's a very good point. I'm afraid I don't know the conversion rates. You might be able to make an estimate based on the hourly pay of any entry level job that doesn't require specialized training. You could also do an internet search to get an idea of the average minimum wage in the UK, Canada, France, Spain, USA, or wherever you think your potential clients might be.
If you pick a price that is little lower or a little higher than the best price for your work, that is okay. The important thing is to pick an approximate price as a starting point and then find ways to increase the price over time.
When it comes to gifts and friends, it might be okay to offer a lower price than you would offer to a stranger, but that is up to you.
Ah, yes I think I'll just start with a fairly low price which I think is reasonable. And then see if people are expecting higher price or not. But of course with a higher price, the client expects better quality. I'm not sure how great my quality is at the moment.