Jeremiah,
I would imagine that you could go considerably lower and not diminish the value of the oils. There are enough basic differences that would make it obvious to the client that the lower price is justified. Oil vs Charcoal, thus color vs no-color, painting vs sketch, paper vs canvas and last but not least there is a size difference. Also I assume that the oil portraits have a background while the charcoal sketches are vignettes with a few charcoal strokes as the background. I think the differences are enough that if someone wants an oil portrait they are not going to get a charcoal sketch just because it costs less. Most people will know that the oils should cost more based on the comparisons above if for no other reason.
My word of caution is to not try to sell the charcoal when they are inquiring about an oil. Just assume they want the oil portrait and direct the conversation accordingly. If you feel you are loosing the commission because of price then you can mention that there is "a wonderful alternative in a lower price range that is also popular with many people". It would probably be best not to use the word "cheaper" as that makes it sound like less quality. By telling them about the 'wonderful alternative" you are also playing up the charcoal portrait and not stressing price and therefore making them feel uncomfortable that you picked up on their financial concerns. Many people don't want to admit that finances are a concern. The charcoal gives them an "easy out" without admitting their financial situation.
Regarding actual price, remember it is always easier to raise a price that isn't high enough. Lowering a price is the worse thing you can do, so I would start on the low side of the range you are considering and then bump the price up as you periodically re-evaluate your prices.
Mary
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