Continuity mistake: Elliot is hanging from the trifork in hell, his shirt is smoking and is close to catching on fire. The angle changes and there is no smoke then changes back and there is smoke.

Bedazzled (2000)
Ending / spoiler
Directed by: Harold Ramis
Starring: Brendan Fraser, Orlando Jones, Frances O'Connor, Elizabeth Hurley, Miriam Shor
Elliot makes his last wish and wishes for Allison to be happy. In doing this he unknowingly invokes a small clause in the contract allowing him to keep his soul. He finally asks Allison out, but she's already seeing someone. He then meets Nicole, who's moving in next door to him (who happens to look identical to Allison) and they live happily ever after.
Mirel
The Devil: How would you like to make one simple decision that'll change your life forever?
Elliot Richards: Ok, I'm glad scientology works for you but.
Trivia: When Elliot is on the beach, as the devil walks by with two dogs she refers to them as Dudley and Peter, which is a reference to Dudley Moore and Peter Cook - the stars of the original Bedazzled.
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Answer: It definitely is a Montegrappa Oriental Zodiac pen, this brand has been making pens in Italy since 1912. I am not sure which of the three red pens in that collection (Oriental Zodiac) is the one seen in the movie, but given its association with the devil, my guess will be it is the Ox fountain pen.