Back in 1970 my dad gave me his old rolex. I thought that it was a nice gesture but never thought more about it. I started wearing it and kept wearing it for 20 years and put it in a drawer because I wanted something "hipper". Went through breitlings, and a JVC, and totally forgot the old rolex. I was going through my old stuff several years ago, and found it again. By now, I was into watches and loved reps, and couldn't believe that I had totally forgotten the old rolex.
You're right. Prices have changed. Here's my Dad's old rolex, and you all know what these things are worth today: