This problem is a practical problem in the life of an artist, and it is a very reasonable one. The main reason for this problem is that the work of art has no real practical values; it cannot be compared to a bicycle or a sofa, because this "object" is a concentrate of emotions with the ability to spread.
Material costs
Clay or gold leaf, a material used at its market value, is determined by its rarity, quality or preciousness. A painting made of real lapis lazuli must be worth more than the same painting made with low-end colours. This is purely in terms of materials, so in all sectors, the qualities of the basic materials bear a great responsibility on the values of the finished product. In the restaurant or textile department, the job is the same. When it comes to the price of works of art, it is advisable to take into account different factors.
The techniques used
It should be realised that there is a hierarchical relationship between the different painting techniques. Oil paintings are better than all others, including pastels and watercolours. Unfortunately, charcoal and graphite drawings dominate. Just like marble sculptures, ceramics and even earthenware will win. This hierarchical structure is based on the complexities of the material. It is probably more difficult to master all the chemical complexities of oil paint and the mechanics of its materials than it is to master water-based processes like watercolour.
The markets in which you operate
This means expanding your current networks: local, regional, national or international markets. In case you are a complete stranger, it would be worrying and inappropriate to charge high fees. It is better to start with a low price and increase the price with "artistic success" instead of having to lower the price. Lowering the price will also reduce the reputation or image. Let's add that the importance of your networks of acquaintances cannot be ignored. In fact, if you have famous names, or a celebrity follower, you already have a good card in your deck. That's the debate, and doing so is very human. Networking is important, as it will influence the market and can take you from being a complete unknown to the international high-end field.