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Josie Maran sells a bottle of 100% argan oil for $43. I presume it is cosmetic grade because, generally, argan oil is consumed much as one might use olive oil in cooking. And there is the rub, so to speak. There is plenty of research on argan oil's nutritional value, but none that I could find on its cosmetic effectiveness – despite all the claims about its high vitamin E potency.
Argan oil comes from the seeds of the fruits of the argan tree, grown only in south western Morocco. The fruit itself is considered to be inedible and is relegated to goat fodder. Getting the seeds is fairly arduous (shells must be broken and then the seeds toasted) and hence argan oil is relatively rare and expensive.
There have been clinical trials demonstrating that the high proportion of polyunsaturated fatty acids and vitamin E in argan is beneficial in lowering cholesterol and preventing cardiovascular disease. The main components of argan oil are:
Palmitic - 12.0%
Stearic - 6.0%
Oleic - 42.8%
Linoleic - 36.8%
Linolenic - <0.5%
The only skin study I have come across is not an independent one; it was conducted by Aveda for its new Green Science line that will be launching soon.