The Six Most Expensive Rolex Submariner Watches Sold at Auction

The Rolex Submariner is a legendary timepiece that has captivated watch enthusiasts and collectors since its debut in 1953.

Brief History of Rolex Submariner

The Rolex Submariner was first introduced in 1953 as part of a trio of new black-dialed, stainless-steel sport watches released by the Crown. Its siblings were the Turn-o-Graph (short-lived) and the widely popular Explorer, but the Submariner dive watch is clearly the most impactful of the lot. Since day one, the Rolex Submariner Reference 6204, its core elements have included a Tonneau-shaped case, black rotating bezel with 60-minute gradations for dive timing. The Rolex Submariner also featured a bold dial with luminous hour markers and hands (including a running seconds hand with a luminous dot near or at the tip), a screw-down crown for water resistance and, importantly, those 10 characters printed at six o’clock: SUBMARINER.

For the last seven decades, Rolex has continuously made some version of this watch, with almost all these original elements intact throughout incremental improvements. Crown guards were eventually added to the case, while the crown itself has varied in size over the years. The bezel has changed design and material (from aluminum to ceramic). And the dials have gone through multiple generational changes, including moving from radioactive radium- and tritium-based luminous material to safer synthetic lume. But at the end of the day, every one of these Rolex watches looks quintessentially and undeniably like a Rolex Submariner.

This article explores the top seven most expensive Rolex Submariner watches sold at Sotheby's, delving into their distinctive features, provenance, and the allure that makes them exceptional pieces in the world of horology.

1. Rolex Military Submariner Reference 5517 : A Stainless Steel Masterpiece Circa 1978, 482,600 CHF

The Rolex Military Submariner was sold for 482,600 CHF in November 2023. The Rolex Submariner was introduced in 1953 and set the standard for sports watches. This particular Rolex Military Submariner was commissioned by the British Ministry of Defense between 1972 and 1976. These Rolex watches featured fixed bar lugs, an oversized 60 minute calibrated bezel, large sword hands, and a luminous dial with an encircled T indicating the use of radioactive tritium. Each Rolex watch was uniquely engraved with a service code (0552), NATO code for diver's watches (923-7697), issue number (853), and the year it was issued (78).

The above Rolex Submariner reference 5517 with its maxi dial is one of the rarest Rolex Submariner Military watches. Only 1,500 examples were made, and less than a third remain. This Full Spec 5517 Rolex Submariner Military featured all MOD specifications and a matching caseback. The MK1 maxi dial was produced between 1976 and 1977 and had larger lume plots. The Rolex remained in excellent condition with strong factory proportions and was gifted to the consignors in the early 2000s by the original owner.

2. Rolex Submariner Reference 6538 : The Iconic Big Crown and James Bond Model Circa 1959, 274,000 GBP

Submariner Rolex Watch — Rolex Submariner Reference 6538, Circa 1959

The Rolex Submariner Reference 6538 Circa 1959 sold for 274,000 GBP in 2018. The above Rolex Submariner model was introduced in 1955 and became one of the most sought after Rolex Submariner references. Known as the Big Crown Rolex Submariner or James Bond Rolex Submariner thanks to its appearance in the film Dr. No, this Rolex Submariner featured an 8 mm Brevet crown and a slightly thinner case compared to its predecessor. The introduction of the new Calibre 1030 allowed for this design evolution.

The Rolex Submariner reference 6538 displayed several dial variations. This particular example featured the two line 200m=660ft Submariner text on a glossy dial that had faded to a warm coppery brown. The original condition of this lot was further evidenced by the lighter patina on the 6 o'clock index and the red triangle at the zero on the bezel insert. Presented by the family of the original owner, this Rolex watch with a superb tropical dial offered a rare opportunity for collectors.

3. Rolex Submariner Reference 5513/5517 : The Historic Military Double Reference Circa 1974, $262,500

This historic Rolex Military Submariner sold for $262,500 in December 2019. Throughout the 1970s, Rolex supplied watches to the British Military. The above watch, nicknamed the Rolex Milsub as a portmanteau, served as an example of the double reference 5513/5517. The Rolex Submariner Reference 5513 was engraved between the lugs, while Reference 5517 was on the underside of the lug. The case back was further engraved with military issue numbers and the year.

The above 1974 model was one of the rarest Rolex Submariner watches, featuring a black dial, Calibre 1520 automatic movement, and a stainless steel case. The Rolex Submariner came with a stainless steel Rolex bracelet and a case diameter of 42 mm. The impressive condition and provenance of this Rolex Submariner Military made it a highly desirable piece among collectors.

4. Rolex Submariner Reference 6536/1 : An Iconic Sports Watch Circa 1957, $225,000

The above Reference 6536/1 Rolex Submariner sold for $225,000 in December 2019. This Rolex Submariner is a prime example of an iconic vintage Rolex sports watch. This particular Rolex watch featured crisp edges on the bezel and crown and well preserved bevels on the lugs, indicating no evidence of polish. The original dial had vibrant gilt lettering on a rich glossy black surface, with the 6 o'clock lume slightly lighter than the rest.

Offered by the descendants of the original owner, this Rolex Submariner had never been auctioned before. The Rolex Reference 6536/1 with its cal. 1030 automatic movement and 37 mm case diameter represented a fantastic opportunity to acquire a vintage Rolex Submariner in outstanding original condition.

5. Rolex Submariner Reference 5517 : The Ultimate Military Timepiece Circa 1978, 218,750 CHF

The Rolex Submariner Reference 5517 Circa 1978 sold for 218, 750 CHF in November 2018. This is another Rolex Submariner supplied to the British Military in the 1970s. These Rolex watches were known as Milsubs, designed to meet strict military specifications and featuring fixed bars on the lugs, a fully calibrated bezel, and wider Sword hands. All military Rolex Submariner dials were marked with a letter T above the depth rating, and the case backs were engraved with military issue numbers and the famous Broad Arrow.

The Rolex Submariner Reference 5517 was an exceptional example of the Milsub, preserved in superb condition. The combination of fully calibrated bezels, sword hands, and military engravings made this Rolex watch highly collectible and a fantastic addition to any serious vintage collection.

6. Rolex Submariner Reference 16610 : The Panama Canal Commemoration Circa 1999, $215,900

The Rolex Submariner Reference 16610 Panama Canel sold for $215,900 in December 2023. This Rolex Submariner was part of a limited edition of 150 Rolex watches commemorating the transfer of the Panama Canal from the United States to the Republic of Panama in 1999. Seventy five Rolex Submariner watches were made in stainless steel, and seventy five in steel and yellow gold exclusively for the Mercurio Joyero retailer in Panama.

This Rolex Submariner featured minor cosmetic differences, including a white emblem on the dial representing the Panama Canal and an engraved limited edition number on the back. The present Rolex Submariner numbered 32/75, was in excellent condition and included the punched Guarantee and Chronometer certificate. Rolex rarely produces limited edition pieces, making them highly sought after. With Rolex producing nearly a million watches annually, the rarity of this edition made it a modern Rolex treasure.

Rolex Submariner Presentation Box — Presentation Box with Outer Packaging, Guarantee and Official Chronometer Certification, Card holder, Booklet, Polishing Cloth, and Hang Tag for Rolex Submariner Reference 16610

The Rolex Submariner remains an icon in the watchmaking world, with its various references and models highly sought after by collectors. From military issued pieces to limited edition commemorations, each Rolex watch carries a unique history and provenance. Sotheby's auctions have showcased some of the finest examples of the Rolex Submariner, offering collectors the opportunity to own a piece of horological history.

Source Your Next Rolex Submariner

The Rolex Submariner, where in the historic Rolex Submariner Milsub models or the enfamed Rolex Submariner Big Crown and James Bond models, remains one of the most sought after watches globally. Sotheby's is on hand to support as a trusted partner for selling or purchasing a vintage or modern Rolex Submariner.