Surprisingly, almost all paint applications on action figures and statues are done by hand, making this one of the costlier steps in the process. The producing factory usually charges for each individual application. For example, on a figure like the MOTU Classics Rattlor here. Along with all the regular apps Mattel was also charged for each individual scale that was painted in blue and yellow.

If the level of quality control is high then the cost will also go up. This is why most toy companies will mold a toy in whatever color is most predominant, and sometimes skip certain applications all together to save money on the final cost.
If I had to guess, I think the color that this figure is produced in will be the white stone-like color of the base. Just looking at the level of detail and the amount of paint applications from this one picture, you can definitely see why the cost is so high.

Of course it also doesn't help that this is a limited product, making the overall cost of production that fall onto the buyer even greater.
If anyone is interested in this figure, they might as well go all in and go for the even more limited exclusive version
http://www.first4figures.com/component/option,com_myphp/Itemid,3/product,127/. It comes with an alternate right hand that's holding his blood chalice along with the regular hand, so you have a bit of a choice in how he looks.