Help! Advice please on pricing?

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Hang on Studio Wall
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How do you price your work? I'd be really grateful for your advice on how to price a painting: it's a 15" x 11" (i.e. quarter Imperial) painting on Bockingford Not 140lb, and is hanging on my wall, and someone would like to buy it. It'd be my first ever sale, and I don't have much idea about how to price it. It's already in a frame but an Ikea one and not sealed up, so I can offer it framed or unframed. Moved from the watercolour thread