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If you're the author and illustrator, you'll get to keep the full royalty rate, which would be similar to above: around 10% with possible benchmarks that will raise it to around 15%. If you're only the illustrator, the royalties will be split equally between you and the author.
PayScale.com reported a total pay range (including bonuses and commission) of $14,732 to $99,912 for book illustrators in April 2018. It also reported these salary ranges which show how much illustrators make based on experience: Entry-level: $21,716 - $66,212. Mid-career: $29,187 - $80,178.
The artist is still the owner of the illustration and has the right to copy it (copyright). Clients pay to be able to use your work in predetermined ways for a certain amount of time in the form of a licence.
In self-publishing, the author usually pays a flat fee for the illustrator's services, rather than ongoing royalties. When the project is complete and payment has been made in full, the contract specifies that the copyright for the images is transferred to the author to publish, market, and sell their book.
Hourly rates for illustrators range from $25 to $100, and can be higher depending on the area of specialty and artist reputation. Nationwide, the average costs for an illustration project can range from $90 to $465, but larger projects will command higher rates, and every project is different.
The short answer is the copyrights are yours! Unless one of three things happen: you work as an employee and illustration is part of your job. your illustration contract contains a work-for-hire clause.
If you're the author and illustrator, you'll get to keep the full royalty rate, which would be similar to above: around 10% with possible benchmarks that will raise it to around 15%. If you're only the illustrator, the royalties will be split equally between you and the author.
An illustrator is only doing one or two books a year and getting paid in the $10000 - $30000 range. Or an illustrator is taking on a bunch of low paying children's book illustration jobs that keep them busy and keep them earning something which feels better than nothing.
Illustrators are usually matched with authors by a publishing company. Sometimes, an author will choose an illustrator to work with, especially if they've worked the person before, but whether the author has published once or many times, it is usually the publisher who will pick an illustrator for a book.
If you're the author or author/illustrator, you'll get the full royalty rate. This is typically 10% but could be lower or higher depending on the publisher and negotiations. There may even be a step clause in the contract where the royalty amount gets higher when you hit certain benchmarks.