The total market value of all Rolex Submariner watches ever made is nearly $50 billion, according to an analysis of the Swiss watchmaker’s first production data release.
Nearly 4 million Submariner and Sea Dweller dive watches were produced between 1953 and 2020, according to a company-approved book called Submariner: The Watch that Unlocked the Deep.
Subdial, a U.K.-based secondhand trading platform, estimates that at current prices, the watches are worth about $46 billion. That figure is closer to $50 billion if you include Submariners made after 2020.
The figures underscore the enduring value of some Rolex watches. Many models trade above retail prices on the secondary market even though Rolex produces more than 1 million watches each year, according to analyst estimates.
The Submariner, which has been in production for more than 70 years, was originally designed for deep-sea divers, though it’s now more commonly seen on the wrists of Wall Street or City of London traders. Current versions retain the look and feel of the original model, made in 1953.
“When I close my eyes and think of Rolex, the first watch that comes to mind is the Submariner,” says Eric Wind, a Florida-based vintage watch dealer who previously worked for Christie’s.
Rarer Submariners can hold their value better than higher-production models.
The total value of a version nicknamed “The Hulk” by collectors, with its green dial and bezel, briefly surpassed that of a standard model during a pre-owned luxury watch boom in 2022, even though Rolex produced only half as many from 2010 to 2020, according to data from Subdial.
It’s worth noting that the estimated market value of all Rolex dive watches ever made assumes that nearly 4 million of them still exist. Many have likely been lost or discarded, or are no longer functional or repairable.
Still, “it’s hard to imagine what $46 billion of the Submariner is worth,” said Christy Davis, Subdial’s co-founder, adding that Rolex has created a “money-making model” without diminishing the watch’s appeal.
Overall, Rolex dominates the secondary market for pre-owned luxury watches, which is expected to grow to $35 billion annually by 2030, according to Deloitte.
Of the watches in the Bloomberg Subdial Watch Index, which tracks prices for the 50 most frequently traded models by value, 45 are Rolexes. The index fell 0.6% in October as declines in Rolex and Audemars Piguet offset gains in Patek Philippe.
By brand, Richemont’s Cartier fell the most, down 1.8% for the month. Swatch Group AG’s Omega gained the most, up 0.6%.
Rolex has a stake in the pre-owned market, having recently started selling pre-owned models through its certified pre-owned program.
Even so, only 1% of all its watches produced are available for sale at any given time, according to Subdial and other major sellers.
While models like the Daytona chronograph have gotten more attention with recent price increases, for collectors and dealers like Wind, the Submariner still stands out.
“That’s the watch that a lot of people are choosing to buy with their first bonus check,” Wind said.