Okay I talked about what you should think about when pricing but how do you figure the actual price out. Some people figure to the dollar what the actual costs are per piece and some of those things include rent, utilities, computer hook up, etc. and not to forget the dollar per hour that you think you're worth. I don't do mine that way. I try and cover major costs, gallery fees, supplies, framing, entry fees, advertising, food, liquor, etc. then everything else is mine. So I have a bottom line dollar I'm shooting for. As with any business when you are starting out you spend longer hours with less pay to reach a goal, then comes the gravy later once you are established.
As far as actual pricing goes, to figure out my paintings and drawings I do the following. For painting I figure square inch then I have two multipliers one for larger pieces and one for smaller ones, with an arbitrary break off point between the two. There was an ah-ha moment when I read an article about pricing. The thinking was that you use a higher multiplier for smaller pieces and lower for larger ones. I go with square inch then use my multiplier and stick with it.....except....if something is older and has been in several shows then I do reduce the price slightly to hopefully move it on. With drawings I price differently, I do use the same formula but since I know my drawings don't sell nearly as well I then subtract what seems to be a reasonable amount and do the same for all. Assemblages are a little harder, the original price I choose was about a 1/3 less than an established artist that I knew doing similar. I have raised the prices to the point where I might be able to get 5-10 dollars more but I think I reached my threshold on those guys. On the larger ones I go by cost of the antiques and other materials, time plus what other assemblage artists in the area are asking. It's a bit tricky, the last one I did was very labor intensive and so it will be very expensive compared to my other stuff.
Just remember when you're well known and popular you can ask what ever you want but if you are a relative unknown you have to prove yourself first, so price accordingly. During tough economic times again since you don't want to reduce prices make smaller ones to sell and keep the other prices the same. I just raised my prices this year after taking a vacation for a couple of years, because of the economy.
PS do not get into bargaining for art this not a garage sale, I do give discounts for multiple pieces however.