That's about the same price as what Urban Outfitters on Oxford Street (london, uk) is selling them for. I know the US price at Urban Outfitters is cheaper a bit.
£60 at Urban Outfitters Dead Link Removed
The Photographers Gallery is still fairly cheap for the bog standard without flash holga if anyone is looking. I think it was in the range of £20-£22 the last time I was there a few months ago.
Some people aren't happy unless they pay a lot for something. I think it's marketed more as jewelry or a fashion accessory--and that's totally fine with me.