If you like pictures of martinis enough to pay $1000 for one, I say go for it, if you have that kind of money to throw around. If you're looking to make an investment, it may not be such a great deal. Though Godard is excellent at what he does, he will probably never be ranked up there with Picasso, Renoir, or even Warhol. Michael Godard is essentially to painting what Jesse James is to motorcycles; he's hot now primarily through good PR. Do I personally think his prints are worth a grand? No, but then no one thought Van Gogh's paintings were worth anything when he was alive. He can get away with selling them for that price simply because some people are willing to pay that price. He does do the original painting, then it is photographed or scanned and colour separated. The artist proof means he is personally working with the printer, colour correcting, until the print matches his expectations; so he, more or less, is hands-on in the production of the proofs. The signed and numbered prints are supposedly valuable because they are printed in a limited edition (without his help), which he then "okays" by signing them.
If I had a thousand dollars I wanted to spend on art, I would probably buy a framed Godard poster for $100, and spend the other $900 buying good original paintings from lesser known, lesser hyped local artists. Who knows, the local artists may be the next Warhol, and then your $300 painting will be worth millions, whereas it's doubtful that Godard's prints will ever truly multiply in value. But as the answerer before me said, "If you really like it, get it." After all, it's only money.