A couple of you hit it right on the head; that pipe will not do anything , in the way of smoking, that other, less expensive, pipes cannot do. It does do something, entirely different that other pipes cannot for the person desiring such a signature piece. Owning such a pipe would satisfy an inner-desire that the others cannot, simply because it is desired. In other words: "If you have an itch, scratch it." For some, this pipe is exactly the item for that particular itch.
I believe Peck and some others understand and totally get this.
While I would not mortgage the house for such a pipe, neither would I hesitate to spend such a sum on a pipe that passed my tests. The drive to do so is purely self-satisfaction as no-one else would know I owned it. If someone did see they'd probably have no idea of the value.
All I can say is that it's a damned good thing that it's not a bent, bulldog or rhody. And, please, please do not take the time to point one out to me. I would have to fly to the pipe to eyeball and fondle it before making a bid. That'd push the cost to waaaay over $20,000.00. That cost might be pushing against the ceiling.