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Mary, the answer is "it depends". When and how much to raise your prices depends on where your prices are compared to work of a similar quality, in the areas you sell in.
It also depends on how much of a backlog you typically have. I've heard artists say they raise their prices when they have a year's backlog.
I know of artists who raise their prices 15% every six months on a regular basis, and still have enough commissions. I started out with my prices VERY low to get some work out there hanging in homes, and doubled them within a year. I'll be raising my prices again soon, probably by 25% because they're still too low.
Many clients feel work is only as good as the size of its price tag. I have heard of artists losing commissions because the client felt the price was too low. What we create is a status symbol. People wouldn't want a new Mercedes Benz if one could be had for $5,000.
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