I try not to pay that much per yard, but occasionally will buy a piece, if it is absolutely the right fabric for a project. Usually wait for sales. Our LQS has a clearance area where the really nice stuff is about $7 a yard plus a section where there are bolts that are almost gone, where if you take whats left you get a hefty discount.
I once bought a yard at $18. It still gives me pleasure, I never cut it, just hung it up and look at it. Now isn't that nuts?