This, IMO, is one of those guns that even though the price is a bit high is so popular with some people that $400 is not going to deter them from buying it. If it were a 4" I'd say they were about $100 too high but the 3" versions have a real following, almost cult like. I personally am one of those people that think the 3" K frames are perfect in size and therefore would pay $400 for an absolute perfect example if I were in the market for one.
If it were my gun and I was trying to sell it at a gun show I know I would be asking $400 for it.