It's sandblasted.
Here's another blasted example of his, unsmoked, on sale for $828 at an Italian webshop,
http://www.sybaritepipe.com/en/baldo-baldi/23-pipa-baldo-baldi-dublin-sandblasted.html
Serious collectors usually go for the smooths, which are considerably more cash outlay,
like this one, which goes for $2,208,
http://www.sybaritepipe.com/en/baldo-baldi/296-baldo-baldi-grade-4.html
I think his stuff is more hype than anything else, he made some beautiful pipes, but has no appeal to me whatsoever.