The story of money and how we attach it to value is a complex problem deeply rooted in psychology. We often focus on costs when setting a price. And while covering costs is obviously important in terms of sustainability, it has virtually nothing to do with the perceived value of our product and service.
The key question to ask when establishing prices is whether or not someone would have paid more for it. The feeling of getting a bargain is powerful. It's powerful because it eliminates the "but". This was a really great meal, best I ever had, but...it was a bit pricey. A bargain in this context doesn't mean cheap. It means a person feels they received more value than what it cost them in money, time, effort, etc. Some people buy something because it costs them more. A Rolls Royce isn't the best choice for a person looking for a reliable and economical means of transportation. But, it's the only choice for someone trying to raise their status with people who place a high value on expensive cars. And still, they're seeking a bargain. Not a lower price. But one which makes them feel the benefit they received was worth more than what they paid. The paradox of pricing something extremely premium and scarce is that a higher price might actually drive the perceived value even higher. It's challenging to determine the limit, especially since the data pool is so small. What's the original Batmobile worth?
The race shouldn't be to see if we can charge a lower price. It should be to see what we can create which someone would have happily paid more for. One is a race for the bottom. The other eliminates the "but". Choose wisely.