$80 - 300 seems a good range actually, depending on the size of the piece. I personally don't work per hour, but I charge based on complexity and materials. An 11x14 colored pencil wedding portrait I'm working on is going for $90. When I go to local art shows, I see a lot of art hovering around the low to mid-hundreds.
For a small or medium sized colored pencil painting, I like to pay $50 - $100, medium to large $100+. The artist burns through colored pencils like crazy - especially if you've got the lead set crooked in the barrel (ARGH PRISMACOLOR), so you have to figure material cost into that as well. But $80-300 is a good range.
For a small or medium sized colored pencil painting, I like to pay $50 - $100, medium to large $100+. The artist burns through colored pencils like crazy - especially if you've got the lead set crooked in the barrel (ARGH PRISMACOLOR), so you have to figure material cost into that as well. But $80-300 is a good range.