Are people really that skilled/fast or are artists severely undervaluing themselves?

I see some absolutely stellar work on VGen for what looks like ought to take eight to ten hours if not longer, but are priced (if they took that long) at a starting rate of like $100. I understand complexity and stuff will make the price higher, but at base, it's only like $10-$12 an hour..

I'm not an absolutely amazing artist, but I wouldn't say I'm bad, either.. But are people like this really cranking stuff like that out in like two or three hours—or little enough time to make that amount of money worth it?

Or is everyone undervaluing themselves horrifically and working themselves to the bone, pricing themselves in a desperate effort to be competitive in the marketplace?