I'm 100% behind Altinay on this one. I have several pipes like this. Some of my Ismet Beklers, abstracts carved for Royal and Golden Horn, are this way, as is a rose-in-hand carved by Huseyin Yanik (while in the process of ordering a pipe, I showed Mr. Yanik my collection, he attested that mine was carved by his late father before he began signing pipes, and he showed a similar one from his collection to prove it), and an unsigned saxophone, a bearded man wearing a turban, with seven shank segments, has it, too.
What is it? You can look at the polished meerschaum under a light, and there's a subtle texture visible under the surface, which looks like you're peering into the meerschaum. I haven't smoked any of mine heavily enough to see how that colors, but it's there and I love it. I believe this is extremely porous, high-quality block, dipped in high-quality wax. It does seem to be very uncommon. I've also seen it on the late-production Beklers (mostly variations on classic shapes, covered partially with ornate geometric relief carvings - had a chance to examine a whole lot of them at one of the two shops that bought out all the stock when CAO quit doing pipes). In the latter era of Bekler's career, CAO was paying premium for top-notch meer, re-grading in-house and giving the top 10% of that to Bekler!