What is New Jade?
Sometimes called Korean Jade, SuoChow Jade, Serpentine Jade, Xiu Jade, Street Jade and probably several other names I haven't heard yet, this beautiful workable stone is really from the serpentine family of minerals.  The serpentine group consists of four species with the same composition but different properties:  antigorite, chrysotile, clinochrysotile and lizardite. Each of the species has multiple varieties. Bowenite is a variety of antigorite and is one of the more popular for carving and is usually called New Jade.  Bowenite has a hardness between 4 and 6, compared to 5.5 to 7 for Nephrite and Jadeite or "real jade".  Being somewhat softer and less expensive in its natural state, Bowenite or Serpentine (Let's call it New Jade) is a perfect choice for the sculpture.  Serpentine, like Nephrite and Jadeite, comes in a variety of colors, from white to black, with the beautiful greens in between.

Isn't "Real" Jade more valuable than "New Jade"
This is next to impossible to answer.
Nephrite and Jadeite in their natural state are less abundant than Serpentine.  Therefore at the most basic level, one can say that yes, Real Jade is more expensive.  However, what makes one more valuable than the other?  Clearly, value is in the eye of the beholder and comes from the hands of the artisan.  The value of a piece is derived by the quality of the carving and the color and composition of the material.  Many of the priceless ancient "Jade" artifacts unearthed in China are actually Serpentine Jade!  So in fact, no, a "Real" Jade piece is not necessarily worth more than a "New" Jade piece.  A collector must consider the beauty and workmanship when appraising a work of art.  As an example, I have $10 Nephrite carvings and Serpentine carvings worth hundreds of dollars.  On the other hand, I also have a Jadeite piece that drawfs them both in value.  So like I said...............