It's a good answer if you want to come off as arrogant and rude.
I usually just ignore the specific question overall, and reply with where I got it; implying they can check the price at the store if they'd like.
Perhaps it does. I do believe tone of voice has a lot to do with how it comes off. I've had people laugh when I say it because I say it with a Thurston Howell kind of tone. It works. But it also depends on who is asking. I don't care for strangers asking me how much I spend on a handbag, it's none of their business and yes I think it's a rude question. So I don't particularly care how I come off when a total stranger asks that question.
My friends are a different story. With them I just answer the question and go on. We all have things we shell out money on. One of my friends is a shoe fiend. I do computers and handbags. Another is into jewelry. So yeah we talk price but usually over coffee at home.