Even people who hold their purse strings tight may be a little undone by the treasures for sale in Santa Fe [1]. The most expensive shops are more like free museums; the cheapest are shameless places eternally on the brink of “going out of business” and should be avoided.
In general, you’ll find assorted souvenirs and a few influential galleries downtown around the plaza, galleries of all stripes on and near Canyon Road [2], and more funky and fun modern stuff on South Guadalupe Street.
Links:
[1] http://www.moon.com/destinations/santa-fe-taos-albuquerque/santa-fe
[2] http://www.moon.com/destinations/santa-fe-taos-albuquerque/santa-fe/sights/canyon-road