How much do you cost?

We had a lecture that was aimed to educate us on how much we cost as an artist if we were commissioned to do a piece of work.
The cost of work is either –
– How much people are prepared to pay.
– How much I’m willing to do for it.

The way to work this out is to go through my prospective costs for living and how much work I need to do to meet these costs. This would include, If I were a practising artist working for myself things such as-
-legal protection (indemnity insurance)
-Accountancy (to deal with a business account)
-Living costs
-Material costs

You then need to figure out based on these costs a rate per hour. So if i was given a flat fee for a piece of work, how long I should spend on it based on what I’m earning per hour.
The artist union England states that for a graduate the rate of pay per hour is £20.25, and per day is £160.

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