How much should you charge for a 8x11 portrait painting?

For an artist who has not yet earned any reputation, but still does good work (verify this!) pay them no less than 250.00 USD, preferably more. The artist's time and materials are well 2/3 of that, and if he/she is rendering any degree of photorealism, then rest assured they are not ever going to be compensated for the time they have invested. IMO anything less than 350 is still giving away the art.