Another way to see the price is hours: If you pay R50k for 200 hours of work, that's not bad. Way below the average motor technician billing rate. But in terms of "this is a guitar" it sounds a lot. if I could get some work out at that hourly rate I would smile. I would assume that the luthier cannot work 40 hours per week non-stop on one instrument, if that was possible, your guitar would arrive in less than two months. Spaced out over the time it would take to build, it is not such a good money-spinner. Locally. In perspective, 30 years ago a handmade guitar was R2500. And I thought that was expensive!
Beautiful work, I would love to feel and play such an instrument someday.
Also, the convenience of telling the luthier what you might like is handy. Nut width. Fingerboard radius. Fret sizes. Sound characteristics. Not easy to buy those off the rack.