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E.g. I googled 'shell cordovan shoes' and I'm not seeing anything less than 600 bucks in the first page of hits.
Interesting bit I found:
" You may or may not be aware, but boots made with leather from a horse's ass are actually held in pretty high regard. It's not just boots, either. From wallets to belts to watch straps, anything made from shell cordovan—which comes from the rump of the horse and can take six full months to properly prepare—sees a significant price bump. But why?
Well, there are a couple of reasons, and they're actually pretty simple. First off, that six-month production timeline isn't exactly cheap. But beyond that, shell cordovan is a near-perfect combination of beauty and brawn. It looks smooth, and eventually, it feels smooth, too. Cordovan boots don't crease like all of your other boots. As you wear them in, and the leather softens, you'll see creasing in the normal spots, but it's subtle and pliable—a far cry from the hard, cracked line you might see in lower-quality leather. "
Source: http://www.esquire.com/style/mens-fashion/news/a52395/thursday-boots-shell-cordovan/