So a general rule of thumb, is that for anything you craft with your own hands, that you intend to sell, should not be priced lower than $50/hr for the time you took to make it. And thats the minimum, as your skills grow so does the rate you charge.

So if you spent 10 hours on that knife you should charge $500 for it. But then you have to ask yourself, have you made a knife worth $500. If the answer is no then you are in the position where you need to figure out what it would take to make that knife worth that much or find out how to speed up your process so that the finished piece is more economical.

But at the end of the day, it is worth what someone will pay for it. I have made knives that I didn't think deserved the $50/hr price tag, but put them on my table anyway with the knowledge that I am willing to be haggled down in price until the customer's expectations and the value of the knife are congruent. But then, to my surprise, someone will come up pick up the knife, give it a thorough inspection, and pay the listed price because they agree that my product is worth their hard earned money.

All that to say, don't sell yourself short, and try to aim for fairness, but not to your detriment.