Industry standards
Market rates are for real estate valuations and mortgage loans and not a fair standard labor rate.
Contract pilot rates are based on "Industry Standard" rates. Those are set based on a cross section of salary surveys of actual wages being paid across a given job description.
In the case of freelance pilots, adjustment is made to compensate them for their pier group salary plus the cost of overhead business expenses required for certification and compliance. This includes recurrent training cost, health, medical, dental, workman's comp, loss of license insurance and other expenses.
The given industry standard rate for a G-V contract pilot has a variable mean ratio of only 1.1034 used in salary comps which equates to a pay scale of $1,397 to $1,595 per day. This is on duty pay meaning flying or not flying. This is in line with the top three US Crew Staffing company's at $1,300 to $1,500 per day for a G-V rated PIC.