That does seem kinda steep for a band, even a Rolex.
My Dad bought one in the mid '80s. He was SO proud of it. Would just sit and look at it. He died 18 years ago, and it lives in Mom's safe. I had an investigation a few years back in which I was posing as a high roller looking to invest a bunch of money with a shady businessman. Had to meet with him wired for sound, so I had to look the part. I asked Mom if I could wear Dads "Rolly", as he called it. She agreed, so I took it to the local jeweler he bought it from and had them take about a half inch out of the band. (Dad had much bigger wrists than me). Guess I'm glad I kept that part, looks like it's worth at least a hundred bucks.
There was a thread about tune-ups for Rolex's costing over $500. I was in that jeweler this week and they said they are about $300 there. Bad part is they no longer sell them. Only Des Moines in Iowa still carries Rolex's. This store is almost 100 years old, and had them for years.

Dad would not be pleased.
Someday, Dads Rolex will probably be mine. I will rarely wear it, as it's just too valuable. I have a nice Tag Heuer my parents bought me 25 years ago and my Dad's Hamilton Automatic he got when he graduated high school in 1956. It keeps lousy time, but I usually wear it on Sunday to church. Otherwise, my Timex Indiglo is my every day watch. Keeps better time than the Tag or the Rolex, and it lights up! I gotta wear a watch. I think in that respect I'm in a minority, and that's kinda sad.
Jim