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I've am doing a collaboration at the moment, not with another jeweler
but with a leather artist. We are creating a line of leather clutches
& hand bags that are accented with semi-precious stones set in
sterling silver. She creates the base bag and we sit down together to
make sketches of stone placement. Once that is finished I take the
bag to my studio and set the stones & silver in the leather.
The way we work out payment is that we each add up our own cost &
time seperately to get an individual base "cost" for the bag, which
we record on our own version of a price list. We then add these
costs together and do our calculating to find wholesale & retail
pricing based on our combined cost. When a bag sells we each get our
own individual base cost back, plus half of the remaining sale price.
For instance if a bag sells for $800, she put $100 into it in time &
materials and I put $200, the remaining would be $500...so I would
then get my $200 + $250 and she would get her $100 + $250.
Hope this helps!