The actual stitching and wax definitely helped sell it to me, but what sealed the deal is the fact that you're getting an item handmade by the artist who created the original that you see in the movie. That in itself is more than enough reason to part with such a huge sum of money.
Exactly. It's hard to really appreciate it unless you happen to be holding one in hand. I'd consider the Noble one to be like holding a laser printed contract from the local lawyer. While the Weta one has the look, feel, texture and realism of an old world contract document.
Sure, it's not cheap, but consider for a moment the value of Daniel Reeve's time. With on-costs, what would you consider reasonable, $60 a hour, how long would it take for Daniel to paint the edges, stitch it all together, crease and age it all till you have an authentic looking prop replica? Maybe 2, 3 hours, would it be fair to think that around half the cost is purely Daniels time. So maybe it's not as expensive as one may think?