How much should I pay for a portrait done by a friend?

How much should I pay for a portrait done by a friend?
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Answer :

If you figure $50 per hour is reasonable for an artist’s creativity, and she worked 8 hours a day, I get $1200. If it was only 2 hours per session, then maybe $300. If you want to add a bonus for quality, go ahead—maybe between 100 and 500 dollars.
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