Nobody buys characters for money anyway. People just sell in-game stuff for coins, which then use to buy characters. Due to illegal gold-sellers and gold being sellable for coins, the value of coins has depreciated greatly and no longer equals its real money value.
I've got a 2.6k GS tank warrior myself, which mins at 267 coins. Knowing how hard it is to gear up a warrior tank through heroics on TBC and having in mind that all my reps are exalted and that I have the keys and attunements for everything currently released, 267 is actually a very low price and I would ask for more if I ever decided to sell him. Put in a maxed out blacksmithing, with dual Dragonmaw and stunherald, and the price shoots up even more. Is the character actually worth 400 euro? Hell, no. But is it worth 400 coins? Hell, yeah.
You get what I mean?
Having said that, if the warglaives are ever released on Outland, then their price should be more than what the price of Smourne was. I know people on Outland who already have the coins to buy both warglaives, even if each of them is priced for as much as Smourne was. And they haven't donated a single euro to get those coins.