The Master Wand is the strongest of the wands, requiring 60 Magic to wield. It can be obtained by either exchanging pizazz points at the Mage Training Arena or buying one from another player. Purchasing the master wand from the mage training arena requires 240 Telekinetic, 240 Alchemist, 2400 Enchantment, and 240 Graveyard points and a teacher wand equipped or in your inventory.
Along with the rest of the wands, the Master Wand has been experiencing a huge increase in price due to the loot changes made in PvP worlds. This was the same update that removed the Abyssal whip (along with many other items) from the PvP world loot table. Before that update, the Master Wand was a little under 400k.
As of July 24, 2014, the master wand is able to autocast Ancient Magicks.
Official meeting point for the product committal is:
World 1 West Varrock Bank
Additional Downloadable Content