MadaraThat is pretty much the most concise and accurate way to describe celluloid (a variety of plastics) that is yellow in color and made with a pearl-like luster. It offered for that cost because the kind of individual who would be interested in buying this pen might pay it, i.e. a collector. Now, there is a reason that it is being sold on this site... being a rollerball instead of a fountain, there is definitely a different market (I'm sure the fountain version of this is much more expensive, not only due to nib materials, but demand as well). In short, it's expensive because it is a limited edition (collectability) and covered in engraved sterling silver (materials and craftsmanship). However, it is not worth that much to me either, as I find it hideous; naturally, some of my pens that I fancy would not appeal to others as well (suumcuique). And of course a casual shopper or even pen collector wouldn't impulsively buy this. But the right person might.
Ditters_von_DittersdorfSo it is deceivingly described but after all is just plastic. This pen offers no value not even to a collector. Silver is cheap and the engraving process does not justify the price. As you said to each their own.
MadaraIn the secondary market of collecting anything, value is exactly what someone is willing to pay for it. We are in agreement: for us, the value of this pen does not even come close to approaching the asking price. If someone else values it at that price or more, then they might buy it- it is that simple.