I was thinking the same thing then I saw a retailer (The Sound of Vinyl) has a pre-order for it posted at $58 and $13 shipping. It's quite possible the new prices are going to be close to those re-seller prices. Like Pako said, it sat super cheap for a while and even as it grew scarce I saw it at some places in the 30-40 range.
Vinyl, but especially hip-hop vinyl, is getting crazy. I agree.
Kanye - My Beautiful Dark Twisted Fantasy
thesoundofvinyl.com
As for the colored vinyl, my approach is similar to MikeH. With that said, I'm guilty of paying a little bit more for a colored variant at retail if it's attached to a print run, fits thematically with the album, comes with something additional, or if it's something likely to appreciate (or to be honest if it just looks really cool). With that said, I'm kinda fascinated that people will drop that kind of multiplier for a different color just because it's a different color.
Edit: I guess if you consider it from a superfan perspective as opposed to a person who collects records largely to listen to them, it can make more sense. Like...if I were just a HUGE fan of Khruangbin and my budget isn't "records" but "Khruangbin merch", suddenly that LE Pressing from VMP could make a really sweet get even at high price. Collector wise, this isn't dramatically different than other collectables that have variants. Like, not sure if anyone collects sports cards today, but variants are massive in that sphere. The same basic card (same photo, same series) with different finishes can vary dramatically in price. Just as an example. Fernando Tatis Jr.'s Rookie Card from Topps Chrome, using Gem Mint Graded sold prices
Basic: (Ungraded) $108.50
Basic (PSA 10 - Gem Mint): $338
Sepia Refractor (PSA 10): $530
Standard Refractor (PSA 10): $1000
XFractor: $1425
Purple Refractor: A Best offer under $2300 was taken
Like, it's the same picture, same condition (for the bottom 5), the main thing that's different is look and print run. Obviously, records are different because there's music involved that is the same across the board, but it's not that weird in other hobbies. Just feels weird here.