Most artists will make their product even if no one is buying it, therefore most rules for market value don't apply. The following is a list of various approaches, one, or a combination of a few may be the best approach for you.
Some artists create an equation, factoring in materials, rent, utilities and labor.
Start Cheap, Build a Following You may want to start at a more affordable price point to cultivate buyers, and gradually raise your prices. The occasional artist flat out refuses to mix money with art. In that case, if you can afford it, hire a rep to do all the dirty work for you. It will relieve a lot of your headaches - just make sure it's someone you can trust. One thing all sources agree upon is not to bargain- if you seem desperate, buyers can smell it.