Rolex prices at local auction

[Ziplobb]

One of the local auctions here had a couple of 'vintage' pieces in Fridays sale - I left bids for both but seems I (and the auction house) are far off the mark. One lot was an original Explorer, no box or papers and needing a service - went for £5200 plus 15% premium and vat. Second lot was a GMT Master Pepsi in the box looking really very decent but no evidence of recent service - went for £5500 plus the tax. Is that really what this stuff is going for now ?