Here are the steps I took to create my most recent caricature piece. Hope you like it and find it helpful.
I made the sketch with mechanical
pencil on regular sketch paper. I typed in Messi 2011 and Rooney 2011 in the Google search bar and that brought up a whole series of images. I didn't click on any of them because I wanted to see different angles of their faces to get a better idea of their features. Once the sketch was finished, I took a picture of it with my digital camera and opened it on Photoshop.
I set the layer to multiply over a plaster texture I found online. You can find all sorts of textures on Google.
I created a new layer under the pencil lines and started to add shading. I wanted a cartoony look so I added the thick outline around the characters.
I used CURVES as an adjustment layer over the whole piece to give it a wash of color. I tweaked each channel (RGB) individually to get the look I wanted.
I created a new layer on top set to overlay. I used a low opacity to add washes of color to the faces. I wanted it to have an unfinished watercolor look. I kept this up for all the pieces like the clothing and hair.
Once I had all the colors, I duplicated the layer and set it to overlay to make the colors more saturated. I also added a shape over the layer. I erased the bits that covered the characters and set it to multiply. I lowered the opacity and added the silhouette of the Champions League Cup with the lettering. I then added splatter bits with a brush. I saved as jpeg and duplicated the final piece. I added the high pass filter and set the layer to Soft light at 50% opacity. I also added a Gaussian blur layer under that to avoid making everything so sharp. Signed. Finished.