Can someone tell me why this camera is so expensive? It reminds me of the "Time" Magazine plastic monstrosity that was made to look like an SLR.

This is a last edixa model, one of the first electronic cameras, it was not a great success and it's somewhat rare. I don't know the exact production quantities, but looking at the known serial numbers I'd guess less than 1000 cameras. I may easily be wrong by a huge margin. It resembles a Time magazine camera, but Electronica TL is in a completely different weight category

In the collectible word the "expensive" is a relative term. The value of every collectible item is sentimental; there is no measurement tape to define the exact price for a camera. Some cameras were manufactured in a very low quantities, some cameras were not kept pristine, so good condition is a rarity, some just wear a brand label that's "generally considered" to be collectible or expensive.