What REALLY staggers me is the asking price of $35 000 for such a creation. Where I come from $35k will buy you a brand new luxury motor car (BMW, Audi, Volvo or Merc), or a small suburban apartment, or over a dozen round-the-world airline tickets! To pay that kind of money for a blown up photo just boggles my mind . . .
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In the US most luxury cars at priced higher than 35k. I would say 35k is on the low end of the scale for "luxury motor cars". More like the entry price so to speak.
Since we are talking diigital photography, comparing this pricing to high end digital cameras is more to the point. In that case, 35 k is not enough to get you a Hasselblad H2 with P45 back & lenses for example, or a comparable high end system such as a Linhof digital system. For that amount you'll get the back and a lens, maybe, but not the camera.
So therefore, if we were to price the work comparatively to high-end digital camera equipment, the price of this piece would be more like 50k to 65k. As it is, its on the low end. A "bargain" so to speak ;-) As it turns out this is also much more in tune with realistic prices for luxury cars, although still on the low end.
Regardless, in the world of art, 35k is not a very high price. Granted, it is more than most people charge for photographs, but when compared to paintings, which I think is what Pete's pricing model is, it is a price that's quite normal for that size in the Santa Fe market, with many pieces priced much higher. We need to keep the context in mind, which is the whole basis for pricing in any market.
So the best way to approach this pricing is by comparing it to paintings, in the same size and creation time (1 week). You will then see that this is quite standard and that many paintings are priced much higher.