Here is a link to a wonderfully written blog ('Handmade jewelry-ridiculously cheap' is the header) regarding pricing ANYTHING handmade - it doesn't have to apply just to jewelry - although I believe most of her followers are jewelry and glass makers. All I know is - nothing annoys me more than people commenting that they can 'make it cheaper', or someone wanting something - one of my HANDMADE creations - for next to nothing, because they don't understand, or maybe just don't CARE - about the work that goes into our ART. I get a little testy when people refer to me as a crafter, too. I am WAAAAAAY past crafter, peeps. My work is Art Gallery, Museum and RUNWAY (yes, I had a piece worn on a model a few years ago) worthy. THAT is art - and is worthy of every penny I ask for it.
So read this blog - and the subsequent comments. It's very interesting, enlightening, and eye opening.