Pricing is a touchy subject. The most outspoken on this subject are usually people who don't sell things for a living (other than their advice). When it comes to pricing art, I think a lot about pricing has to do with ego and with goals. My approach is goal based and I am going to share what works for me.
I have been selling art for (at least) thirty years and 18 of those years have included online sales. My business is divided into three categories: art for product manufacturers, art for interior designers and corporate clients, and art sales that are direct to consumer. My prices are different for each category but my goal is the same: art and beautiful products EVERYONE can afford. Typically my interior design and corporate clients can afford to spend more, and often those projects require custom or exclusive art that I do not make available to the general public. Those pieces tend to be large and cost more. When it comes to direct to consumer art sales online, experience has taught me that most of my buyers have a budget. I do not think your income should determine whether or not you can decorate your home. I always make sure that I have art (prints or cards usually) that cost less than one hour of minimum wage. In some states, minimum wage is still $8.00 an hour. I price my cards at $5.95. I know some people reading that just recoiled. I know what it is like to live paycheck to paycheck and still want a treat once in a while and to decorate. A cool art card or print combined with a frame coupon for Michaels can be a game changer when you are on a budget. Will I get rich selling a few cards a week at $5.95 each? No. Will I feel good about doing that? Yes.
The same image I sell as a greeting card for $5.95 I will also make available as a large framed print for $300.00 for my clients with larger budgets. And for clients with even larger budgets, I make the same image available on other surfaces for $600.00. Most sales are in the mid-range but my main goal is to offer pricing for everyone.
When it comes to original art for sale online, my base price structure is $10 per inch based on the longest side. So a 5"x5" would be $50.00 and a 10"x20" would be $200.00. If it took me a really long time to complete I will add $25-$50 to that base price. When I came up with this structure, I really just asked myself what price sounds reasonable. If your price is ego driven, $50 might be really upsetting. I have friends who ego price everything they make. Sure they sell one or two $8000 paintings a year to the small section of people who can afford that. I would rather sell something daily at a reasonable price and have my business constantly moving.
Your prices do not have to be set in stone. It is ok to try out pricing and change it based on what it seems your buyers are willing to spend or can afford. I know I am constantly talking about your target market but when it comes to pricing, if your target can afford only $35 and you only sell items for $350, that is a problem. I do not think of selling an art card for $5.95 as a punch in the gut. I am happy to do it! More often than not, the person buying the $300 print will also buy a card.
There is no price police. If your sales have stalled, try experimenting with prices on some items and see what happens. You can always go back to your old price.