Pricing one-of-a-kind

Jewelry Discussion
1

I note a discussion has been going on about designer jewelry. Has
there been any consensus reached regarding pricing one-of-a-kind
items? I’m looking for a consensus on methodology. Anyone?

2

If you really want to sell an item, then you must be realistic
in your pricing. There is a natural inclination to over value a
favorite item - perhaps you dont really want to sell it, you are
afraid that it is your best work and you wont be able to achieve
this level of results again ?? It is hard to be a business person
and a collector at the same time. Baby needs new shoes after
all… On the other hand, when private buyers, galleries and
museums are showing an interest in aquiring your work, then
maybe you can test the market for what it will bear. Just think,
Van Goghs’ ‘Sunflowers’ last sold for $ 80 million . The
materials cost less than $ 50.00. His time is the 'X" factor.
What was it worth ? $ 20.00 per hr, $ 500.00 per hour or $
50,000.00 per hour? Go figure!!!

3

I note a discussion has been going on about designer jewelry. Has
there been any consensus reached regarding pricing one-of-a-kind
items? I’m looking for a consensus on methodology. Anyone?

Since I posted the question originally, I have been trying to
summarize responses- and I’ve found no consistency. Sticking
points seem to be (a) how much do you pay yourself /per hour (b)
If someone really wants your work the price doesn’t really matter
(c) assuming you don’t charge for time to fix mistakes, can you
really charge for all that time it takes to polish, finish etc.?
It seems to be an individual thing based on different
experiences with selling. Until I find a better way, I have
settled on something like the following: Double the cost of
materials; add a “reasonable” amount per hour ($20. to $25.); try
to ascertain how long the piece should take to make and/or round
out the amount of time; This gets me close to the price. Then I
think of it double (for consignment or wholesale) and try to
determine whether the final price is commensurate with other
similar things, or ok for the area in which it will be. I think
it’s easier when you are selling directly to your customers,
because you don’t need to add the additional amounts that the
Gallery will take. This was recommended by one of my instructors,
and it seems to get me into the ballpark. Any comments? Sandra

4 
   Van Goghs'  'Sunflowers' last sold for $ 80 million . The
materials cost less than  $ 50.00. His time is the 'X" factor.
What was it worth ? $ 20.00 per hr, $ 500.00 per hour or $
50,000.00 per hour? Go figure!!!

hi,

unfortunately, van gogh never sold a painting in his life. i
don’t think he ever got a handle on marketing side of things.
perhaps a better example would be jasper johns work selling for
the megabucks.

best regards,

geo fox

5 
If you really want to sell an item, then you must be realistic
in your pricing. There is a natural inclination to over value
a favorite item - perhaps you dont really want to sell it, you
are afraid that it is your best work and you wont be able to
achieve this level of results again ?? It is hard to be a
business person and a collector at the same time. Baby needs
new shoes after all..... On the other hand, when  private
buyers, galleries and museums are showing an interest in
aquiring your work, then maybe you can test the market for what
it will bear. Just think, Van Goghs'  'Sunflowers' last sold
for $ 80 million . The materials cost less than  $ 50.00. His
time is the 'X" factor. What was it worth ? $ 20.00 per hr, $
500.00 per hour or $ 50,000.00 per hour? Go figure!!! >>

I agree with your entire evaluation and all your statements! We
can want to charge a fortune, but if the stuff doesn’t sell, it
won’t do us any good! Dilemma - what will the market bear? This
changes from day to day!!! I’ve had (what I though should be
"cheap’) sell for mucho bucks and when I’ve spent time on a
piece, I have had the GREAT piece laying around for years!!!
Learning what will sell and what will not may be the real key?
I’m only guessing . … not enough experience with marketing.

6

I will give you the formula that I have used for years and has
kept me competiave and made me a nice living . take the cost of
the gold in an item before finishing and multaply by 5 and you
have the retail price for the item. for diamonds double the price
for colored stones triple the cost. simple easy and it will all
adverage out at the end of the year. this will work untell you
have a backlog of work of 3 months then add 10% to your prices
untell you get the back log down to aprox one month. then keep it
there untell you get more back loged then raise your prices
again. I have used this formula and now adverage $300.00 an hour
when I chose to work doing custom orders. Vernon