A third option would be to go over to http://www.99designs.com and put up a price, describe what you want and let the proofs flow in.
In my opinion giving you an estimate is kind of tough. If i see something beautiful and I can afford it, ill probably buy it. It depends on how invested personally I am with the project. Probably not the best way to get it done but that's just me lol.
I was going to use these guys -- http://iphone-icon.com/ -- who charge $49 for a 2 day turnaround.
I ended up using crowdspring for some UI elements and the designer who won also threw in my icon. He's actually done quite a bit of work for me and I've had nothing but positive experiences.
To your original question, I would say no more than $75 and that's if the icon is fairly complex and you want a lot of revisions and refinement.
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