I am not a meerschaum expert, but I personally consider new meerschaum pipes under $150 to be rather suspect.
(With that said, there is nothing stopping a shyster from charging $300 for a flawed meer; dealing exclusively with "reputable" carvers/vendors is the only real "protection" against that, but its far from perfect)
If you find an inexpensive meerschaum, though, it is really a crapshoot.
It could be a great little smoker or a worthless piece of junk.
If its resale value and collectibility that you are after, though, you are better served by playing it safe and buying a recognized brand.
Still, dishonest sellers try to sucker people with fakes all the time. The meerschaum pipe market is really shady at times, IMO.