Nearly 4 million Submariner and Sea Dweller diving watches were produced between 1953 and 2020, according to a company-authorized book entitled Submariner: The Watch that Unlocked the Deep.

Subdial, a UK-based second-hand trading platform, estimates that at current prices those watches are worth about $46 billion. That figure rises closer to $50 billion if Submariners made after 2020 are included.

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. 

The Submariner, produced for more than 70 years, was designed for deep-sea divers, though it’s now more often seen on wrists of Wall Street or City of London traders. The current version traces its appearance back to the original model created in 1953. 

“When I close my eyes and think of Rolex, the watch that appears in my mind’s eye is the Submariner,” said Eric Wind, a Florida-based vintage watch dealer who previously worked for auction house Christie’s. 

Rarer Submariners can retain value better than higher-production models. The total value of a version collectors dubbed “The Hulk,” with a green dial and bezel, briefly overtook the comparable standard model during the market frenzy for pre-owned luxury watches in 2022, even though Rolex made only half as many from 2010 through 2020, the Subdial data show.

To be sure, the market value estimate for all the Rolex dive watches ever produced presumes that the nearly 4 million timepieces are still in existence. Many certainly have been lost or discarded, or are no longer working or repairable. 

Still, “the mind boggles to think what $46 billion of Submariners means,” Subdial co-founder Christy Davis said, 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, according to Deloitte.  

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 vested interest in the second-hand market, as it recently started selling used models through its certified pre-owned program. 

Still, just 1% of all its watches made are for sale at any given time, according to Subdial and other major sellers. Even as models such as the Daytona chronograph have captured more attention with recent price increases, for collectors and dealers like Wind, the Submariner stands out. 

“It’s the watch so many people choose to buy with their first bonus check,” Wind said.