The cost of a pencil portrait depends on several factors. A small to medium sized pencil portrait will cost less than $100, while a large-sized portrait will cost more than $200. Both portraits will be made with quality materials and require some degree of skill. If you're hiring an artist to draw your portrait, be prepared to pay a bit more than this. In this price range, you should expect to pay around $200 to $500 for a high-quality piece.
You can find pencil portraits in the low-priced range for much less than this, but be prepared to deal with poor-quality artists. These artists are usually hobbyists and working in art factories overseas. For this price range, expect a small, reproduction of your portrait, made from paper or canvas board. The artist will try to reproduce the image as closely as possible, but you should expect a few flaws, including hand smudging and no filled-in background.
If you want to get a high quality pencil portrait at affordable price, Paint My Photo is the best place. Their pencil price starts from $82 and you can get extra 20% discount off by coupon code on their home page. Which means, you can get a 12 x 16 inch pencil potrait at $65. That's the best deal for custom portrait you can find online.
Reference: How much does it cost to commission a painting?