The 7 Most Expensive Rolex Submariner Watches (Prices & Features)

Originally introduced in 1953 as a professional dive watch, the Submariner has evolved into a cultural icon and a high-performing investment asset. Over the past two decades, select Submariner references have achieved six- and seven-figure valuations, not just for their function, but for their rarity, provenance, and historical importance.

Unlike modern references that are mass-produced and widely available, the most expensive Rolex Submariner watches ever sold were built in limited numbers, often with subtle production quirks, military specifications, or celebrity connections.

These are not just watches—they are market-validated artifacts, with documented auction results and verified appreciation over time.

A standard Submariner reference 124060 retails for around $9,100. In contrast, vintage pieces like the Big Crown 6538, known from early James Bond films, have fetched over $1 million at auction—a return profile that rivals contemporary art and rare automobiles.

This article profiles the highest-value Submariner sales ever recorded. Each section breaks down the exact reference, auction price, production context, dial configuration, and collector appeal.

Rolex Submariner 6538 ($1,068,500)

The Rolex Submariner reference 6538 stands at the top of the Submariner investment hierarchy, not only for its mechanical pedigree but also for its place in cinematic and cultural history. Nicknamed the “Big Crown”, the 6538 gained iconic status after appearing on Sean Connery’s wrist in early James Bond films, including Dr. No and Goldfinger.

But beyond Hollywood glamour, the 6538 is a grail-level timepiece for vintage collectors due to its scarcity, early production period, and period-specific technical features.

This particular reference reached an unprecedented price of $1,068,500 at Phillips’ Geneva Watch Auction XVI in 2022. It wasn’t just the reference that drew such a premium—it was the configuration. The watch featured a radium-lumed gilt gloss dial in excellent condition, an unpolished stainless-steel case with crisp bevels, and most importantly, original documentation including the chronometer certificate, box, and service history.

Here’s a detailed breakdown of the model’s specifications:

What makes the 6538 so valuable goes far beyond specs. It’s a convergence of scarcity, visual distinction, and historical resonance. The oversized “Big Crown” design was short-lived, making surviving examples incredibly hard to source—especially in unpolished condition. The radium lume is another value driver, as it is no longer produced and was phased out by the early 1960s.

A pristine radium dial that has aged evenly without degradation is almost unheard of today.

Then there’s the Bond legacy. While the Submariner’s technical lineage commands respect, its pop culture status has elevated this particular reference to global recognition. That cross-market appeal means demand comes not only from horological collectors but also from film historians, design aficionados, and high-end investors seeking cultural assets.

The result? A Submariner that consistently outperforms inflation, blue-chip watch indices, and even some segments of fine art. The million-dollar mark wasn’t a fluke—it was the market recognizing this reference as a cornerstone of Rolex investment history.

Rolex Submariner 1680 ($769,170)

The Rolex Submariner 1680 holds a unique place in Submariner history as the first reference to feature a date complication and, more notably, the bold red “Submariner” print on the dial—hence the nickname “Red Sub.”

Produced from the late 1960s through the late 1970s, it marked a significant shift in both design and market strategy, as Rolex began to merge tool-watch functionality with everyday luxury appeal.

While most 1680s trade between $10,000 and $30,000 depending on condition and dial type, a rare variation—featuring an early “Mark I” dial with meters-first depth rating and in near-mint condition—sold for $769,170 at auction, setting a benchmark for this reference. The model’s exceptional provenance and preserved original features pushed it into elite territory.

What elevates the 1680’s top variants to six-figure status is a combination of dial rarity, transitional design elements, and the emergence of Rolex’s branding strategy. The red “Submariner” print, which appeared only on early models, was quickly replaced by white text in later years, making intact red dials significantly more valuable.

Among collectors, Mark I dials—with their meters-first depth rating and open 6s—are among the rarest and most visually appealing.

The $769K result was achieved for a complete set: untouched case, period-correct bracelet, matching lume across hands and markers, and full box and papers. The dial had aged evenly to a tropical brown tone, a coveted trait in vintage Rolex collecting that adds further premium.

Additionally, the original owner had purchased the watch during military service in Southeast Asia, adding a historical and emotional layer to the provenance.

Unlike some ultra-rare references, the 1680 has both broad collector recognition and a healthy volume of market data. This makes it highly liquid in vintage trading circles, especially when condition, originality, and provenance align.

For investors, the 1680 offers a rare mix of icon status and upward price velocity—making the best examples competitive with even rarer military or celebrity-linked Submariners.

Rolex ‘Four Liner’ Submariner 6538 ($684,518)

Within the already elite world of early Submariners, the Rolex Submariner 6538 “Four Liner” stands out for one defining feature—four lines of text on the lower half of the dial. This subtle typographic distinction carries significant weight among collectors, as it marks one of the earliest instances of Rolex highlighting its chronometer certification on a Submariner dial.

While the standard 6538 is already revered for its “Big Crown” and Bond association, the Four Liner variant commands an even higher premium due to its relative rarity and transitional significance in Rolex’s branding evolution.

In 2018, a superb example of the 6538 Four Liner sold for $684,518 at a Geneva auction—an extraordinary sum driven by near-perfect condition and dial quality.

What makes this variant so exceptional is its dial configuration, which reads:

200m = 660ft
SUBMARINER
OFFICIALLY CERTIFIED
CHRONOMETER

These additional lines signify not only Rolex’s COSC certification but also its effort to begin marketing the Submariner as both a tool watch and a precision timekeeper. Very few 6538s were produced with this dial layout, making it an ultra-rare sub-reference within an already limited production model.

The $684K price tag was backed by several premium factors: untouched gilt printing, perfect radium plots, original hands, and an unpolished case with full lug geometry. The provenance also contributed—originally sold through a Swiss retailer and held in a single-owner collection for over 40 years, the watch was previously unseen on the open market before hitting the auction floor.

For collectors and investors, the Four Liner 6538 checks every box: low supply, high demand, early Rolex engineering, and a direct connection to the Submariner’s evolution from tool to luxury asset.

While less known to mainstream buyers than the “Bond” Submariner, among serious vintage connoisseurs, the Four Liner represents one of the highest-value Submariner grails outside of celebrity ownership.

Rolex Military Submariner Reference 5517 ($500,000)

The Rolex Submariner 5517, better known as the “MilSub”, occupies a class of its own in the Submariner lineage. Issued exclusively to the British Royal Navy in the 1970s, the 5517 was never sold to the public and was produced in strictly limited quantities—making surviving examples exceptionally scarce.

Designed for extreme operational use, the MilSub includes unique military specifications that differentiate it both mechanically and visually from its civilian counterparts.

In 2021, an original and unmodified 5517 with full military provenance fetched $500,000 at a London auction. This result confirmed its status not just as a tool watch with pedigree, but as a true investment-grade Submariner with enduring collector demand.

Unlike commercial Submariners, the 5517 includes fixed lug bars, sword-shaped hands, and a fully graduated bezel with minute markers—elements required by the UK Ministry of Defence for legibility and reliability under combat conditions.

Each case back was engraved with a military broad arrow and issue number, often linking the watch directly to the naval diver it was assigned to.

The $500K valuation for this MilSub was driven by three key attributes: the case remained unpolished, the tritium lume had aged consistently without damage, and the serial number confirmed it was one of the rare dual-reference 5513/5517 hybrid models—an even rarer subclass within the already tight 5517 market.

For collectors, the appeal of the MilSub is twofold: extreme rarity (fewer than 200 verified pieces are believed to exist) and pure authenticity. These watches were tools of war, not showroom pieces, and most have been lost, heavily modified, or destroyed.

Unrestored examples with intact MOD configurations are nearly impossible to find today.

As a result, the 5517 continues to appreciate at a steep curve.

Over the past 15 years, well-preserved examples have risen from $60,000 into the half-million-dollar range, with no signs of slowing. For investors seeking tangible assets with military provenance, the Rolex 5517 remains one of the most historically grounded and supply-constrained Submariner references ever made.

Rolex Submariner 5513 James Bond ($300,000)

Among all vintage Submariners, few carry cinematic weight quite like the Rolex Submariner 5513 worn by Roger Moore in the James Bond film Live and Let Die (1973). While the reference 6538 is more commonly associated with Sean Connery’s Bond, it’s the 5513 that became legend in Moore’s era—modified with a fictional buzz saw and magnet in the film.

The specific prop watch used during production was auctioned in 2015 for $365,000, but original production-correct civilian 5513s with early matte dials and strong provenance have consistently commanded prices in the $250,000–$300,000 range.

The collector value in the 5513 comes from two angles: widespread recognition from its Bond film exposure and the aesthetic purity of its minimalist, non-date layout. Unlike the later 1680 or modern references, the 5513 presents a clean, balanced dial with no date window—something increasingly sought after by vintage purists.

The $300,000+ price tag applies to specific 5513s with early serial numbers, unpolished cases, matching tritium lume plots, and unaltered matte “meters first” dials. Watches associated with movie props or owned by production crew—such as Moore’s actual film-used model—carry even greater premiums due to documented provenance.

What separates the 5513 from more common Submariner references is its cultural visibility. From MI6 missions to auction houses, it has a recognizability factor few other vintage Rolex models enjoy.

And because the 5513 was produced for over two decades, buyers often mistake it as a generic reference—until they encounter a perfect early 1970s specimen in original condition with screen-matched details.

For investors, the 5513 represents a rare convergence of pop culture cachet, mechanical simplicity, and long-term collector demand. It’s not the rarest Submariner, but in top-tier condition with the right narrative, it continues to prove that provenance can elevate even standard-production Rolexes into six-figure territory.

Rolex Submariner 5512 Steve McQueen ($234,000)

The Rolex Submariner 5512 already carries weight as one of the earliest crown-guarded Submariner models, but its value rises significantly when linked to a cultural icon like Steve McQueen. While McQueen more famously wore a Rolex Explorer II in real life, auction records show he also owned and wore a Submariner 5512 in the 1960s and 1970s—specifically a matte-dial example that has since been referred to in collector circles as the “Steve McQueen Submariner.”

A 5512 with documented McQueen provenance was sold in 2009 for $234,000, far exceeding the typical price range of this reference. Even production-correct civilian examples in pristine condition now regularly exceed $50,000, but those with ironclad provenance attached to McQueen or similar public figures occupy a higher tier altogether.

What sets the McQueen-linked 5512 apart is its narrative value. While Rolex never officially released a Steve McQueen edition, collectors have authenticated examples tied to him through photo documentation and estate sales.

In the case of the $234K watch, the piece was gifted by McQueen to his stuntman and close friend Loren Janes, and was engraved with a dedication—creating a provenance trail that was as compelling as the watch itself.

Beyond celebrity association, the 5512 is historically important because it introduced crown guards to the Submariner line and represented Rolex’s push into COSC-certified dive watches. Unlike the non-chronometer 5513, the 5512 was chronometer-rated, adding functional and collectible value.

For investors, the 5512 presents an opportunity to capture a transitional moment in Rolex’s evolution—bridging the no-guard simplicity of the 6538 with the more modern architecture of late 20th-century Submariners.

When coupled with celebrity provenance, the reference becomes not just a mechanical artifact but a cultural asset with cross-market appeal.

Rolex Submariner 16610 “Panama Canal” ($215,900)

At first glance, the Rolex Submariner 16610 might not seem like an obvious contender among the most expensive Submariner watches ever sold. Introduced in 1988 and produced until 2010, it was a modern, mass-produced reference known for durability and reliability.

However, limited editions tied to official military or government commissions—such as the “Panama Canal” Submariner—break the mold.

One such example, a Rolex Submariner 16610 engraved and issued to commemorate service with the U.S. Special Forces Panama Canal Zone, sold at auction for $215,900 in 2022. This made it one of the highest-priced 16610s ever recorded, placing it firmly among the most expensive Rolex Submariners due to its provenance and commemorative rarity.

This particular 16610 was custom-engraved on the caseback with the U.S. Navy emblem and the phrase “Panama Canal Zone”, identifying it as a commemorative piece issued to an elite service member upon completion of a classified mission.

These watches were never sold commercially and were awarded in extremely limited numbers—possibly fewer than 20 pieces, according to military watch collectors.

The high sale price was fueled by the watch’s complete documentation, including a letter of authentication from the issuing unit, photos of the recipient wearing the watch, and original box and warranty. The case was unpolished, and the lume remained untouched—a rarity for tool watches exposed to real-world operational use.

Unlike older vintage references, the value of the “Panama Canal” Submariner lies in military exclusivity and provenance, not mechanical innovation. It represents a growing niche in the Rolex market—where modern references with direct links to government, military, or intelligence agencies are becoming coveted assets due to their authenticity, narrative weight, and ultra-low production numbers.

For investors and collectors alike, the 16610 “Panama Canal” underscores a key lesson: rarity and story can elevate even modern references into high-value territory, provided they come with the right credentials.

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