I think that is a fair assessment. I do not disagree, I was just surprised. Given the current presence of rare and unsmoked late 1920s-early 1930s Kaywoodies on eBay, I thought it might get to somewhere between $125 and $150, not close to $200. I had considered putting in a bid, but I was not willing to go over $125.
The box and papers add a lot of value, especially the papers. I have not even seen scans of the pamphlets included in that auction. That National Recovery Administration pamphlet has to be exceedingly rare. I hope the buyer is a member of this forum - I would love to have scans.
The last time I saw a pipe with rare packaging and papers was a WWII Super Grain with push tenon and a pamphlet explaining the push tenon as a way to save metal for the war effort. I wish I had won that pipe.