Okay, this is a bit of a different question, but I'm curious. Does anybody have any guidelines for how they price their knives? I'm thinking of a rough materials cost, plus labor, but I don't know.

Josh Blount
Wytheville, VA

This seems to be my big sticking point.

The bottom line on pricing in the knife market is...a knife is worth what a buyer is willing to pay for it.

Doesn't really help you out does it?

I think if a maker is more of a machinist with definitive steps taken to make a knife, and they make many that are similar...they can figure an hourly wage plus materials cost.

But when you're not, it makes it trickier since new makers can't get as much as well-known makers etc.

My best advice is to ask other makers at shows what they think about your work (get an HONEST opinion) but even more so ask a purveyor as they are familiar with the current market, new makers vs. experienced ones, etc.

Good luck,
Nick

Nick's right................
It might seem like a lame answer, but it's what I would have said too. There are a million different opinions on how to price ones work, but the market is the determining factor.
I try to price my work based on materials and time. (often, when I goof up, I make a couple of dollars per hour).
Once theory is to take all of your materials, X 3 or 4, then estimate time and decide what your hourly rate is going to be (what you want to make per hour)
Example: You make a drop point hunter, steel, guard material, handle material, fuel for the forge, electric for the shop, etc. Lets say all that comes to $30. So............
$30 X 4 = $120. Now you add in your estimated time to complet the knife. Lets say 10 hours for an average drop point, and the salary you desire is $10 per hour. So......... now you take $10 X 10 hrs = $100. Add that to the $120 in materials/expenses, and you come up with a $220 knife. Seems complicated, but after a while it almost becomes second nature. I'm not saying this is how you should do it, or that it's how I always do it, but it is a sound method. You must also factor in your reputation and standing in the knife world. Most newer makers are fooling themselves if they think they are going to make $10 per hour right out of the gate. On the other hand, it is not unheard of for top makers to achieve $30-$50 per hour of their time. Many variables, but something to think about.

Thought I would jump in and give my 2 cents worth
Some thing else you should also take into consideration is where you are quoting a knife you are going to make or one that is already made. If you price a knife on time and materials you will often get stung because I don't think I have ever taken the same amount of time on any two knives. Some of the things that you should consider that a lot of makers take for granted is the cost of selling the knife, travel, food, table fees motels and advertising. These are all expenses that must be considered. You also need to build in a machinery and equipment replacement or repairs, cost for warranty work. Remember it is always easier to come down on a price than to go up on it. The major factor in pricing a knife is value . No matter the cost if it is not a good value it wont sell-------------Rade

Well said by all, but Rade summed it up.
Value is what keeps you in business.
$500.00 worth of materials won't make up for poor workmanship, ect...
Reputation of the maker, the particular market in which they are sold, advertising costs, even how hungry you are at the time, ALL have to figure in somehow.
"A bargain", is when both participants are happy.
As Rade said, it is easier to start high and work down if you have to. There is a right price for everything.

Gene has a point about the expensive materials being put together poorly. A lot of knifemakers get sucked into the trap at one time or other in their careers of using special materials before they have acquired the skills to use them properly and end up with a knife that has a pretty handle and a blade that has scratches all over it (I did it too, long ago).

The key to success is first to get good then get expensive. A maker will make a lot of plain looking knives out of inexpensive materials while learning to finish the blades properly and fit the handles just right but the material cost will not be too high and the selling price will attract buyers. Once the public has had a chance to appreciate the workmanship and quality of the knives you can go upscale.

Sound advice, George!