The time that goes into a painting is equal to the cost of that work. That price also takes into account the talent,  art education and how popular the artist is. Art is perceived value, in  that if someone sees a painting that is deemed too cheap they think the artist isn’t any good. I know of an artist who was asked a few years ago to do a painting by a VERY famous departmental store for one of their clients, and when he gave his price of £700 he was told by the store it was too cheap and put a zero on the end. I’ve heard of an artist recently who put their prices up THREE times in a very short space of time when taken on by a well known gallery. The art isn’t any different, its just the price that changes, and the percentage cut the middle-men get.
Someone asked me this week if I would do a painting for them, a commission, but said that they didn’t want to insult me as a professional artist by only wanting to pay half the price I have quoted on my website price list. I explained firstly that I wasn’t insulted at all, and can do a painting to suit the budget (unless someone wants an extremely complex painting done for £50 in which case, I won’t!), so give me your budget, and tell me what you want, and the size you want it in, and I can do something for you. There will be ten times less hours put in it if its a tenth of the original price, but it will still be a picture you will love and cherish and be happy with.
Tell me the picture in your head, and the price you want to pay me to do it. Individuality and a professional piece of art, what could be better on your wall?