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I've heard people recommend pricing by the square inch but personally I'd rather paint a large full-length-figure portrait than a small full-length portrait any day, even for the same fee. The smaller it is the harder it is to get it right! A difference of a sixteenth of an inch has a big effect on a likeness if a face is only four inches high.
I think that's why most people on this site set their prices mainly based on the composition and complexity (head-and shoulders, three quarter figure, etc). I think sizes are often listed mostly as a guideline, once the composition has been decided on.
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