Well....there are a few different ways to look at it.

In regards to intrinsic value (meaning the value of the silver) you took it in the butt with no lube. My best guess is that this weights about 2oz so at $17.64.9252=$32.63

In regards to retail value $400 is probably going to be at a store like Macy's. I sell second hand and I would usually get about $150 for something like this and we sell a lot of silver.

For the most part Tiffany and the price of gold have driven up the cost of silver jewelry. Tiffany was able to sell so much silver jewelry at such inflated prices that everybody else jumped on the bandwagon and loved those big margins. With the price of gold going up companies were looking for alternatives to selling something like this in gold for $4000. Pretty much anytime you buy silver jewelry you are going to be overcharged. At $200 from Macy's I don't think you did that bad.