Some Nirvana ponies were only made in small numbers in specific countries during the 1980s. They are very HTF and sometimes only a handful of a particular variant are known in the collecting community. Of course, MIB/MIP condition ups the value. It is hard to say if this pricing is typical simply because there may not be another such item in existence, but a collector with a "gotta have 'em all" goal and the budget to afford it might pay a lot for a rare item like this.