Well, it would depend the market. If it is a local band you won't likely get what you'd get for a big star. Years ago when I was a young fellar I did two covers for local bands. One payed $250 and the other $500. The $250 was for a bright simple island style piece of art for a steel drum ban and the other as a gothic black and white piece for a Pantera style hard rock band. keep in mind these were about ten years ago.
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Yes I think Franklin is right. It depends on the client. Could you not work out and hourly rate and base it on that?
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Editorial and publishing rates are a lot different from advertising work which tends to have much higher budgets. Although it also depends on how high profile the end client is which needs to be taken into consideration when quoting for the job.
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Determine the client's budget if you can. Then you can decide if you want the job, or can work within their budget.
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I agree with the masses. It really does depend on the client and their budget. I did an album cover for a local rap group which was fairly simple and tendered about $450.
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