The 1911 pistol went from old worn out warhorse to designer gun over the course of 60 years. In this age of polymer framed super capacity auto loaders that are cheap to manufacture, revolvers have been kicked to the side (except for the venerable J-frame). Gun manufacturers have recognized a niche still exists for the 1911. However, it costs money to machine and polish steel - much more than it costs to crank out polymer. Hence, quality guns made of steel cost more.
me,... I'm still a true to heart revolver guy who happens to have a soft spot for 1911s (I've wanted one as long as I can remember) and I would own more than the single one I now own if they weren't so darn expensive.