Pricing is based upon materials, labor and overhead costs.
The variable there is labor. The total figure makes your wholesale cost. The retail price is whatever the wholesale buyer needs to get. The standard practice is to double the wholesale price, but many of our accounts are now charging 2.5 to 3 times the wholesale cost if they are in a high rent area. Yes, sometimes new artists who have never made a sale must set their prices low until they find a market.