I saw a great sterling pendant that had a poem stamped on it, but it was expensive.  How do you price a piece with an expensive focal bead or pendant?  Do you still use the same formula as you would any other piece?  For instance, if the price of the focal was $28.00, and you typically double your cost--that means that your piece is already $56 without adding any other components.  My customer base would not be able to handle this.......

Alice 

Would it look like a more expensive version of things you already make? or would it be completely out of line with everything else in the collection?

I ask because, I think most artists have a "showcase" piece to draw people in...even if its price point is way beyond other items in the display. It may draw peoples attention and then lead them to other more affordable pieces. I make extra spendy pieces all the time...and you would be surprised at how often they sell early in the show.

If you think its in line...or worse case, it will be your favorite piece to wear at a show, then go for it!

Price as you would anything else. Same markup. 

Hi Alice!  :-)

That's an excellent question, btw.  Although I tend to use fairly pricey components, once in a while I use something outrageously expensive... and then I wonder the same thing.

I recently blogged about the subject of pricing (Tuesday, August 12, 2008; http://laurabrackenblog.blogspot.com). 

In this particular instance, I think I'd try sticking to my formula.  You can always adjust down later. 

Remember, jewelry is a luxury item so trying to give the common man the best deal based on a sucky economy usually means we (the jewelry makers) end up doing nothing but selling out creations as a set of components.  Ick!  As hard as it is, we must NOT sell just to replace the cost of materials.  If you're like me, you DO struggle with the whole "pricing game".

I'd love to hear how this turns out or what you end up deciding to do.

:-)

Roxy, I like your idea of using it as a showcase piece to draw attention to my booth!  I haven't purchased the piece yet (bites nails) since I've already spent my buget.  I have my first ever large show on August 30th, so if that goes well I will splurge.  Laura, your comment that we should not sell just components or to replace the cost of materials really makes sense!

Thank you both for your valuable advice!  Alice

I use many showcase pieces in my shop - things that I've put together with some of the pricier components - they ALWAYS get attention, and some people have tried to purchase beads to if not duplicate, then closely resemble the piece. They sometimes will buy just the focal, or want to know about the silver or accent beads used.   I also offer lower price options along side (with a glass focal instead of a semi precious one). I have had customers request custom pieces made similar, using less pricey but still beautiful beads.  (I realized my situation is a little different - since I offer beads for sale in my shop).   I also WEAR many of my showcase pieces and my husband says he "can't take me anywhere" without someone complimenting and wanting to know where it came from.  I HAVE sold pieces right off my body on more than one occasion!  Consider wearing the piece as a customer draw - and also showing it as an "idea" piece.  And who knows - you may end up with that one special customer for whom price in no object......
Good luck!
Sheryl Stephens
Cool Moon Creations & Beads
http://www.coolmooncreations.com

I'd be inclined to stick to the same formula - if something is expensive it's expensive; it's not up to you to 'bail out' your customers. If they can't afford a more expensive item then I'm sure you have plenty of lower priced items to tempt them! And as others have said it would make a lovely showcase piece to draw customers in even if they buy something cheaper in the end.

I think what I might do is construct the setting/necklace from something cheaper such as normal glass seeds, as opposed to semi precious beads or crystals, for example. You can still make a beautifully stitched setting/rope/etc to compliment the focal bead, and seed beads would only add a few dollars more to the final price.

I would be inclined to go down a bit maybe if the price point was rediculous. You can only sell something at the price it will sell. If you ussually go four or five times on most supplies I would just double the high priced focal.

Profit on a $5 strand of beads x4 is $15. Profit on a $50 focal x2 is $50 you still are making more than you would have with a less expensive focal.

 I have some pricing bits in my blog for my customers who asked if you want to read it.

My grandpa told me it is better to make a dollar off of a dollar item then to not make $5 off of a dollar item.

www.askszarka.blogspot.com

Szarka

Wow, that's one I hadn't heard before... materials x4. 

Well, the economy stinks here in Kansas, and it's even worse in the little farm town where I live.  So.....and I'm sure I'll get bashed for this....but so far I've only been able to double my cost and round up to the nearest five or ten dollar mark.  The pieces I have priced higher just sit.  No profit there. But soon I will be selling in other much larger towns, and hope to sell off a website or blog someday.  It's great that many of you can get 3 or 4 times your cost! 

Thanks all for your input.  Alice

Don't feel badly.  You are in the best position to know what works best for you and your circumstances.  Trust me, we've ALL been there, done that... or worse.  :-)

Thanks Laura!  It helps to know we've all been in the same boat at some time or other.  Alice

I'm new to this forum, but your question is always asked of me from my design students.  Generally, if I buy a focal or special bead or pendant that's super expensive, I still price it using my usual markup.   Rarely though will I buy a component if I think I'll have a tough time turning it, unless of course I really want it for myself.  I make high-end jewelry anyway, so most of my buyers expect to see the higher prices.  Often though, it may take some time to sell the piece.  I usually eventually sell the piece, sometimes to my dismay, since I wear my pieces when they don't sell, and often they end up becoming my favorite pieces of jewelry to wear.  You never know when that buyer (whomever it is) is going to show up.  It could be someone you meet by chance while you're wearing the piece.  Or, it could be the 5th time you've tried selling it at a show.  I think it's very important for all designers to create a standard and stick to it.  A lot of sellers that I know underprice their pieces because they are so worried they will not be able to sell them.  Good luck! 

 I'm with Szarka. I do not triple the cost of an expensive focal if it's going to put the price for the whole item too out of whack. Generally, I don't use expensive focals in order to keep my prices acceptable for most people (I make almost all my own focals). But you could price the whole thing normally except double the focal.

Thank you Kat and Sparklebee.  I did not end up buying the focal I mentioned in the first post, but did get two others that were rather expensive.  I am going to do an experiment and try pricing both ways at my next show and see what happens.  Alice

I think it all depends on how much time you put into the piece, what materials you use and at the end what your willing to sell it at for what profit and what your customer base can afford, all this calculated without selling it to low and loosing, if your new to jewelry making and selling, then there is allot to learn still but you will get the hang of things after a while :) Much luck to you