A lot depends on the scope of the project, and how polished you want it. There are certainly people out there who can wear many hats - I'm a graphic designer, illustrator and writer, for instance. However, the very best people are often quite specialized... it's hard for a jack-of-all-trades kind of person to compete with someone who's spent the past decade doing nothing but one specific thing.
It's a trade-off, because as you say, when you hire multiple people, there's the problem of making sure all their stuff fits together. I see five options:
1) If it's a small project, you can hire a single, multi-talented freelancer.
2) If it's a big project, but you still want to go with one guy, you could consider hiring someone as an employee on a temporary basis, especially if you foresee launching right into another project when the first one is done. Employee wages are considerably cheaper than hourly freelance rates, though there are all sorts of other concerns you have to think about when you have other people working for you.
3) You can look for an art house, or a group of freelancers who've done work together in the past.
4) You can contract an experienced graphic designer first to be your art director, and involve him in the process of selecting e.g. sprite artists, 3D artists, cartoonists, UI designers, or whatever else you need. He'll be able to tell you whose work matches his vision, and will be better able than you to communicate with them and make sure everything fits well into the big picture.
5) You can take a couple of graphic design classes, read some books and magazines, etc. and try to acquire some rudimentary creative director skills of your own. Depends on whether you have the eye for it or not.


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