It was a cheaper offering years ago over the SAA. I see them going for stupid money nowadays and the auctions do have bidders and followers so it's not just ''asking $$$ for ....

I picked one up dirt cheap years ago, 4 3/4 one just to shoot, then I had someone offer me a old style Vaquaro for $200 so I bought that. Ran a couple boxes through each, the Colt actually shot pretty dang good and to POA. I then got a Ruger SRH in .454 and just put both of them up.

Every once in awhile I'd look up selling prices and they were always around the same ballpark but lately they have climbed to over double what they used to sell for.

Why?

Colts , not made anymore .

Its the same reason gas isn't .19 cents a gallon.   Because they have it and the value of everything is manipulated.  
People tend to value things depending on what it personally cost them.  Give someone something and they don't value it they feel entitled to it and treat it without respect because it cost them nothing personally.  It's just a flaw in human nature.

Pretty much this. Only made a couple years limited numbers and the pony.
Anything Colt makes in limited numbers always goes up in value.
Just look at the Boa revolvers made near the end of Colt DA revolver production. Price equivalent to a nice new car.

Some unscrupulous sellers call them Cowboy Single Action Army’s!  Some folks believe these are actual SAA’s!