I must also note this:
You said if no one buys it then the price will go down and you can pay a reasonable price. If the price goes down to $300 for instance, then there will be an extreme amount of demand... Which will in turn drive the price back up. Supply and demand will stabilize the price. If he stopped making these the price would be far higher. If he mass produced them all of a sudden then the price would drop.
If he tried selling for $1000 now it would not sell and that is fact. The price has pretty much stabilized around $500 so I see that as fair market price.
You said if no one buys it then the price will go down and you can pay a reasonable price. If the price goes down to $300 for instance, then there will be an extreme amount of demand... Which will in turn drive the price back up. Supply and demand will stabilize the price. If he stopped making these the price would be far higher. If he mass produced them all of a sudden then the price would drop.
If he tried selling for $1000 now it would not sell and that is fact. The price has pretty much stabilized around $500 so I see that as fair market price.