Yes. Definitely! Especially when it was made by your own hands and presented to someone who deserves and appreciates it. Nothing can compare with the smiles and hugs you get from the happy receiver.
As artists, we have the special ability to create something of value any time we choose. Must we always feel we are entitled to remuneration for it? Personally, I would rather see my work on the wall of someone who treasures it than to collect dust in storage, awaiting the potential sale.
Over the past three years, I have given away (to charity auctions and friends) at least six paintings. I was proud of each and every one; there was not a dud in the bunch, in my humble opinion. My below par works get chucked or painted over.
So don't be stingy with your work. Spread it around a bit. It will bring you and your loved ones much joy, and there will always be more to sell. HAPPY NEW YEAR!