The most expensive mahogany is typically considered to be Honduran Mahogany, also known as Swietenia macrophylla. This species is highly prized for its rich, dark red color, tight grain, and exceptional durability, making it a favorite among furniture makers and artisans. The rarity and high demand for this wood have driven its price to the top among all mahogany varieties.

The cost of Honduran Mahogany can vary widely depending on factors such as the quality of the wood, the size of the logs, and the market conditions. According to the Wood Resource Quarterly, the average price for kilogram of Honduran Mahogany in 2021 was around $10 to $15, which is significantly higher than other types of mahogany. The high price is attributed to the wood's limited supply, as the species is listed as endangered under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). This listing restricts the international trade of the wood, further reducing its availability and driving up prices.

The demand for Honduran Mahogany is also influenced by its use in high-end furniture, musical instruments, and boat building. Its unique properties make it ideal for these applications, and the scarcity of the wood adds to its allure. For example, the use of Honduran Mahogany in the construction of high-quality guitars has contributed to its status as the most expensive mahogany. The wood's ability to resonate well and its aesthetic appeal make it a preferred choice for luthiers.

In addition to the wood's inherent qualities, the cost is also affected by the labor-intensive process of harvesting and processing Honduran Mahogany. The trees are often found in remote, difficult-to-reach locations, and the careful selection and handling of the logs are crucial to maintain the wood's quality. These factors contribute to the high price tag associated with this particular species of mahogany.

In conclusion, Honduran Mahogany is the most expensive type of mahogany due to its rarity, high demand, and exceptional qualities. The wood's endangered status, use in high-end applications, and the labor-intensive process of harvesting and processing all contribute to its premium price.