This wand, a glass rod filled with a black, viscous fluid, can be referred to as 'hollow tube glass rod'.
It radiates light.
A magical aura surrounds it.
It is immune to normal attempts of disarming.
It is unusable for those of a pure soul.
It has a chilling aura of evil.
It is worth 22000 copper, and is of the 51st level of power.
It can be used 20 times of 25 maximum and contains the spell 'crimson scourge' of the 50th level.
When worn, it affects your ability to resist petrification by 10 points and your ability to resist paralysis by -5 points.

The elven wizard tells you 'a glass rod filled with a black, viscous fluid is worthless, I have no interest.'

Is this because the item crumbles? Even if so, shouldn't the worth be '0' as well?

>Is this because the item crumbles?

Yup. Also, just because no one wants to buy it while it's decaying doesn't mean it's worthless in general.