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I started up a tutoring business a while back, just on the side after work. I looked over the market, decided that $40/hr was about fair considering that I was driving to their place and back and so I was actually spending more time than that. (It usually worked out to $20/hr after all was said and done.)
I got lots of phone calls from people wanting to know if I would negotiate down to, say, $10/hr, which is what they could afford. (Which would have been $5/hr after driving time!) No. My time is worth more than that - I'd be working hours and hours and hours to earn bupkiss instead of a few hours at a reasonable rate for my experience and skill at teaching.
Only you can decide what your time is worth - but I think your estimates are reasonable, art is *not* easy work and we're talking hours of work here. It's far better to have fewer well-paid commissions than to work huge amounts for the equivalent of McDonalds wages. You're not doing McDonalds art, you should get rewarded properly for the skills you've acquired!
Hrm. I seem to have slipped into a rant. Sorry about that.
I mean, when you hire an landscaper and you expect good work, you pay him good. So, why not an artist?
And your work is fine.
I agree about the prices!