Well in combination between my Business practices in the visual arts class and my upper division illustration class I have learned about how much time I actually spend on a composition or at least learning how much time. From the business class I was told to start keeping a log of the time I spend working on a project that records what I do during my process and how much time I spend working on it. This is suppose to help you decide how much a project is worth and what to price commissions in the future. I have also been learning that the more prep time you put in before starting the actually composition the better it will be.
Here is an example of my activity so far on my current project; which you can also see the progress here at this
[link]Project Assigned + Q&A session with client (my teacher): 30 min------You include this because you are on the job
Research and reference search: 2 hrs and 30 min
Thumbnail sketches(30 thumbs) + character Sketches: 5 hours
First rough sketch "Hindenburg" : 2 hours 30 min
Second rough sketch "Stock Market Crash of 1929": 1 hour 45 min
Third rough sketch "Chernobyl": 1 hour 40 min
Created Poser Reference: 1 hours 46 min
Final Drawing 3 hours 28 min
Underpainting process: 5 hours
Now if I was only paid 10 dollars an hour my piece (the original) is already worth $238 but I know that there will be at least another 10 hours worth of work put into this so it would be worth around $338 and that is the bargain price. Now prints of course would be a fraction of the original's full worth because it is a reproduction but a commission is a different story.
Now of course with this project we had to come up with 3 different rough sketches for our comps and so that did mean a lot more research and so on however I was surprised to see how much time I actually spend including prep time. I have also found out this amount of time is often quite common with the best artists out there, although you do get faster over time and more efficient. Now with a really client you also have to check back with them have things signed off for the OK to go forward and all that. I guess it is like that old saying. If it is worth doing then it is worth doing it right.
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Update
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It is my Birthday and I am now 33 years old but because of my mileage I feel about 43.
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Imagination is not a total internal power but rather it is a reflection and multi-faceted projection of our experiences and knowledge. We take in information from the world around us and intuitively re-order it into something new. Something is not created from nothing but simply transformed from what was before.