This is an indispensable article by designer, illustrator and typographer Jessica Hische introducing us to the thorny issue of pricing. I particularly draw your attention to the section on licensing.
Note: while directed to commercial freelance work, this is just as relevant to painters, who have the issues related to commissions to worry about.
Whether you are a student, a young designer, or a seasoned pro, pricing jobs can be one of the most frustrating parts of the creative process. The cost of creative work is shrouded in mystery and very subjective. While it makes some people uncomfortable to talk about art and money together (as we all know creatives are really meant to suffer through life and die penniless), they are incredibly similar when you think about it. What is money other than dirty rectangles of pressed tree pulp? Because we all believe it has value it is valuable.
I know you’re all dying for me to get down to brass tacks and explain how to price for each and every design situation, but what follows won’t be anywhere close to a definitive guide, just some of my own opinions and words of wisdom on how to avoid screwing yourself and the rest of us over by doing too much work for too little pay. We’re in charge of assigning value to what we do.