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Business: The total market value of all Rolex Submariner watches made amounts almost to $50 billion, calculated from the first-ever release of production data by the Swiss watchmaker.
Between 1953 and 2020, an estimated nearly 4 million Submariner and Sea Dweller diving watches were produced, according to an official company-authorized book titled Submariner: The Watch that Unlocked the Deep.
According to estimates by the UK-based second-hand trading platform Subdial, at current prices, those watches are worth about $46 billion. In case those Submariners, made after 2020, are added, that figure goes closer to $50 billion.
The figures underscore the value retention of some Rolex watches. Scores of models trade above their retail prices on the secondary market even though Rolex makes more than 1 million timepieces per year, according to analyst estimates.
Designed for divers to explore the deep sea, the Submariner has been worn for over 70 years; today it might be as likely to be seen on Wall Street or at a trader’s wrist in the City of London. The current version dates its look back to the original from 1953.
If I close my eyes and think of Rolex, the watch that comes to mind is the Submariner,” said Eric Wind, a Florida-based vintage watch dealer who used to work for auction house Christie’s.
Rarer Submariners tend to retain their value better than more prolific models. In 2022, amid the mania for pre-owned luxury watches, one version that collectors dubbed “The Hulk,” with a green dial and bezel, briefly outpaced the comparable standard model, though Rolex made half as many of them from 2010 through 2020, according to data from Subdial.
Of course, the market value estimate of all Rolex dive watches ever produced assumes nearly 4 million pieces still exist. Many, no doubt, have gone either lost or tossed in the trash or no longer working or repairable.
Still, “the mind boggles to think what $46 billion of Submariners means,” said Subdial co-founder Christy Davis, adding that Rolex has created a “cash-cow model” without detracting from the allure of the watch.
Rolex overall dominates a secondary market for used luxury timepieces that’s estimated to grow to $35 billion annually by 2030.
Of the watches in the Bloomberg Subdial Watch Index, which tracks prices for the 50 most-traded models by value, 45 are Rolex. The index fell 0.6% in October as Rolex and Audemars Piguet declines offset gains by Patek Philippe.
By brand, Richemont’s Cartier was the biggest decliner, falling 1.8% during the month. Swatch Group AG’s Omega showed the strongest gains, rising 0.6%.
Rolex has a stake in the pre-owned market because it just began selling used models through its certified pre-owned program.
Still, only 1 percent of all of the watches the company makes are available for sale at any given time, said Subdial and other major sellers. As iconic models like the Daytona chronograph continue to generate even more attention with recent price hikes, for collectors and dealers like Wind, it’s the Submariner that stands out.
“It’s the watch so many people choose to buy with their first bonus check,” Wind said.
