Please put item pricing in House Rules -- that's where it belongs.
Here would be my main points in brief:
- Look at DMG ch. 1: "Changing the Rules: Additions to the Game". It says "As DM, you get to make up your own spells, magic items, races, and monsters!". All these things go under the same heading in the DMG, "Changing the Rules", what we normally call "House Rules".
- The item pricing table in DMG ch. 8 is not a set of rules, they are explicitly "guidelines". Look at the sidebar in that section. It says:
The easiest way to come up with a price is to match the new item to an item priced in this chapter and use its price as a guide. Otherwise, use the guidelines summarized on Table 8-40: Calculating Magic Item Gold Piece Values... The formulas only provide a starting point.
Pricing new items is a very subjective creative process, and this is borne out in those discussion threads, that there are always a very wide range of suggestions without agreement.
- Similarly, there is a table in the DMG for "Maximum Damage for Arcane/Divine Spells" by level, yet we all agree that new damage spells should go in House Rules. I'm failing to see the distinction that puts new spells in House Rules, some new items (those with table guidelines) in D&D Rules, and other new items (with funky powers not on the table) in House Rules. By DMG ch. 1, these are all in the same category of "new stuff the DM gets to make up".
- Monte Cook (by all reports, author of that section) has clearly gone on record as saying that D&D magic item pricing is supposed to be a subjective process by the DM. For example (from
http://www.montecook.com/arch_dmonly3.html#marketvalue ):
Some days I look at Table 8-40 on page 242 of the DMG and wish it wasn't there at all. At these times, I wish the rule was simply, “Match your new item as closely as you can with an existing item, then give it a similar price.” That's really the ultimate pricing rule... At the very least, we should have called the table "Estimating Magic Item Gold Piece Values" rather than "Calculating Magic Item Gold Piece Values."...
Do not -- I repeat -- do not allow players to look at that table and see what they can make for X amount of gold... The most important thing to remember is, Table 8-40 doesn't determine prices. It suggests them.
Here are my points more fully fleshed out in the past:
http://superdan.net.home.comcast.net/dndfaq3.html
Thanks for the consideration of this here, I think it's worthwhile.