Yeah, Bo Nordh pipes command an amazing premium. I didn't realize that one of his pipes had sold for so much. Thanks, philobeddoe.
There was something of a wunderkind carver in Germany in the late 70s and early 80s named Hasso Baudis. By all accounts, his pipes are as rare as hen's teeth now because he made and sold pipes for only five years. At the time, though, his pipes were in great demand (he was a real sensation, and only in his early to mid 20s) and his creativity was admired by pipe makers such as Rainer Barbi. One of his pipes was sold for something on the order of 100,000 DM, which at the 1982 conversion rate would have been around $44,000. He's the only pipe maker I can think of who gave Bo Nordh a run for his money, at least in that respect.
To the original post, and this has been addressed by many other posters, all of whom are probably wiser than me, the value of a pipe is an individual decision. For me, the traditional German/Danish pipes by Ingo Garbe are the best money can buy. For me (and possibly only me, of course*), his pipes are the epitome of pure pipe making, flawlessly functional and (almost) unerringly elegant.
I hope you find the best pipe for you!
*Well, this isn't strictly true. I believe Marty Pulvers also considers Garbe to be the greatest "purist" pipe maker, at least of the last several decades. But taste, smoking style, etc., vary so widely that this can't be considered any sort of blanket statement. Cheers!