Building and Pricing a Collapsible Lance

I have a player who has specced out to use lances while riding as one of his preferred methods of fighting. He has an efficient quiver and would like to be able to store his lance in the third slot (from the rules it can hold the following):

The third and longest portion of the case contains as many as 6 objects of the same general size and shape as a bow (spears, staffs, or the like).

Obviously the lance is too big for this section so he asked if it was possible to give it a “collapsible” property, which would effectively allow it to go from the size of staff to the size of a lance in a swift action. As the DM I’m okay with this, but since it’s a unique item I want to roleplay him getting this from a smith, and a large part of that involves specific pricing.

The way I see it, it can either go closer to the price of a masterwork item or it is effectively treated as a magical weapon and requires the +1 before it can get the “collapsible” trait. Not entirely sure which would make more sense for this case, looking for any insight.