I kind of agree. At that price (and taking what I've read here about Bo to be true) it really ceases to be a pipe and is more like a "slice of pipe carving history" as said above.
I almost laugh that it has been smoked before (!) as this is not a "useful" pipe to me... but more like art, or an investment, or a collectible... Imagine hanging a picasso on your refrigerator LOL! That's what smoking a pipe like that sounds like to me. (of course if anyone wants to drop that much on a pipe and smoke the hell out of it, they sure may do what they please).
I think there are worse investments to make than that pipe... though $16k seems a little high, given it's present value (of what I've read above). It's not much an "investment" if you only make your money back after holding it for 10 years.
But as a piece of art that someone will no doubt love and smile at when they look at it everyday, maybe it's a steal.