The material involved and what the maker feels his time & skill is worth. The knowledgeable buyer will then make the final decision. I know it takes me as long as an hour to straighten a cane shaft, clean the nodes and cut the nock. On the rare occasion I make a cane shaft with split wild turkey feathers, and a stone head, tied on with deer sinew, they are for gifts. Considering that ceder shafts, stained, crown dipped, fletched with die cut feathers, and a factory broadhead will go for upwards of $75 a doz.An arrow that is competely hand made should be worth more. A last thought is that there is a difference between a head knapped for display and one that is knapped for hunting. A lot more skill in the latter.