Pricing Your Jewelry : Whose the Judge of Overpriced?

 

I was inspired to write this blog after reading a bullentin in ETSY. What happens when a customer approaches you and pretty much tells you that the price tag is more then the value of your handmade goods? I have never had this issue before, but I am sure there are several people who have ran into this issue.

 

Wow, it surprises me that there are people who could look at an artists work and under-value what they have made it one simple sentence “You are trying to rip me off.” I am sure there are situations, very far and very few in between, that may deserve that upfront statement, but most of us jewelry artists spend alot of time finding that perfect price point and it’s not a price we just come up with on the spot. It takes calculation of so many different things, overhead, labor, material costs, marketing costs, photography costs, listing prices, and etc. Out of all the issues in an artists struggles with, the most often heard is how do I price this piece.

 

I know as an artist I struggled for months on how to price my work, and honestly feel I have a fair price point on what I sell. I think there are many people who don’t know why often times retail mass production of goods is often times a little less expensive. Most of the time quality is not as good in mass produced items sold for retail, as they are in handmade crafts where sometimes hours are spent on an individual piece. I myself will go through every gemstone I have, and if there is any inperfection I won’t use it. I also spend hours of time dedicated to finding the best quality beads, most unique beads, and the best materials to string them.

 

My heart goes out to artists who may get bombarded with a comment like this one, but always remember as an artist you know what your product is worth and what it is not, and I feel that education and helping consumers understand how you get to that price point are very important. Don’t undercut yourself if you truly feel that you made a piece that is worth the price tag hanging from it. Keep your head up and keep on beading.

If you would like to see my work, please visit me at:

http://naturalamber.etsy.com

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2 Comments

  1. lazeny said,

    November 19, 2008 at 10:33 am

    I saw your blog when I was looking at sites discussing about overpriced jewelry. I understand that artist do give a lot of time, effort and skill towards making a piece, but I had an issue w/ one of the popular jewelry chain here in my area that sells their items 3-times the actual price.

    It’s just a 21 inch 10K white gold chain w/ a hook&eye clasp and an overly simple design. I had it appraised independently and then I found out that the actual value of the necklace is 3x less of the original price. Now I know about profits and such but 3x?

    And that same jewelry chain consistently lower their prices up to 70% during sales.

    Now I try to make it a point to research the particular jewelry store /jeweler. It doesn’t mean that if it’s a popular chain store you’ll get the right value for your money.

  2. kellicraftstudio said,

    February 24, 2009 at 1:09 am

    I agree with you 100% regarding this issue. To make a piece of jewelry from scratch takes a lot of time. Planning the piece takes time. Selecting the right beads/stones and findings take time. Assembling the piece take time and skill. I do wirework and that takes skill and precision. I can’t tell you how many times I fiddled with a piece of wire to get the perfectly wrapped coil or loop. Anyway, good post.


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