I had the whole car painted for $1500. The fenders cost $400 total. The body shop removed the old fenders and prepped the whole car, then painted the car and fenders separately. This was easiest thing to do since the fenders were already off the car.
After the first couple of coats had dried, they fenders were put on the car and the next three coats were applied, then the clear-coats.
The whole job took a few weeks, but they were working me in between insurance jobs. The car looks great and I much prefer the 'solid' feel of the 'whole' fenders as opposed to ones that were filled with scrap metal lying around the shop. Just a mental thing....
76 240D - 550K miles
78 300D - 200K+ miles