Wages and costs have little to do with this kind of furniture and this kind of wood, Tony.
It is a custom one of a kind chair with very special wood, so it comes under the "whatever the market will bear" method of pricing.
In other words, he can ask whatever he likes, and he may well have the market that knows his work and is willing to pay what he asks.
As for it looking much like Sam Maloof's work, you are right. Sam is a personal friend of mine and I used to get exercised about people copying him. Then he told me there is only one Sam Maloof and everyone else is whoever they are. Only he can build the chairs he does. The design is not that easily copied and his workmanship is suburb. And he has been getting those kind of prices for years. Don't know about this other guy.