Values & guides
A dealer's look at how the Submariner holds value, what separates the references, and what the secondary market pays today.
The Submariner is the reference point every other steel sports diver gets measured against. Demand is deep, supply at retail is tight, and the model has decades of price history behind it. That combination is what makes it one of the most liquid watches you can own. Below is how the value actually behaves across the references and conditions we handle.
Few watches convert back to cash as easily. The design has barely changed in silhouette since the 1950s, so a Submariner never looks dated, and buyers always exist at every price tier. Rolex controls supply through authorized dealers, waitlists on the steel models run long, and that scarcity feeds straight into the secondary market. The result is a floor under prices that softer, trend-driven watches simply do not have. A Submariner is not immune to market swings, but it corrects gently and recovers faster than most.
Generation matters more than anything else when you price these. The 116610LN is the ceramic-bezel, 40mm date model that ran from 2010 to 2020, steel case, black dial, black Cerachrom bezel, on the Oyster bracelet with the Glidelock clasp. It replaced the aluminum-bezel 16610 and is now the sweet spot for buyers who want the classic 40mm proportions with a modern, scratch-resistant bezel.
The 124060 is the current no-date generation, launched in 2020 at 41mm. The extra millimeter, the wider bracelet, and the newer 3230 movement pushed the whole line forward. Because it is the model in production, it carries the strongest premium over retail on the used market.
The two-tone 'Bluesy' sits in its own lane. The 116613LB pairs steel and yellow gold with a blue dial and blue ceramic bezel, a 40mm ceramic-era piece. Its predecessor, the 16613, is the late-1990s version with the same steel-and-gold recipe but an aluminum insert and a blue sunburst dial. Both are two-tone, but the ceramic model commands materially more, and the older 16613 is where value hunters look for the two-tone look at a lower entry.
Three factors do most of the work. First, generation and bezel type: ceramic (Cerachrom) references trade above aluminum-insert predecessors, and the current 124060 sits at the top. Second, metal: a steel 116610LN and a steel-and-gold 116613LB can look similar on paper, but gold content and market taste split them apart, and two-tone has been narrower in demand than full steel in recent years. Third, date versus no-date: the no-date purists' Submariner has its own following, and the clean dial appeals to buyers who dislike the Cyclops.
Within a single reference, the variables are condition, year, and completeness. A 2018 116610LN in like-new condition should carry a premium over a 2016 example that has been worn, even though they are mechanically identical. Later production years of a discontinued reference tend to attract a small bump because the movement and finishing were at their most refined and the watch simply has more life left in the warranty and service cycle.
Full set matters. Original box, card, and any accessories can add a meaningful percentage, and the effect is largest on the older and the two-tone pieces where completeness is rarer. On the polishing question, an unpolished case with sharp lugs and crisp bevels is worth chasing, especially on the aluminum-bezel 16613 where original finishing is getting harder to find. Service history helps liquidity; a recently serviced watch sells faster and defends its asking price better. Check the bezel action, the clasp for stretch, and the lume on older pieces before you commit.
The frenzy of 2021 and 2022 has cooled, and that is healthy. Prices came off their peaks and have settled into a steadier, more rational band. Steel ceramic references remain the most liquid and the easiest to move at fair money. Two-tone has been the value opportunity of this cycle: the market discounts it relative to steel, which means a 116613LB or a vintage 16613 buys a lot of watch, real gold included, for the outlay. The current no-date 124060 holds the firmest premium because it is what dealers can actually keep in a case. Waitlist pressure at retail continues to support used pricing across the range.
Our current example is priced at $8,850, which lands squarely in the accessible band for this model and puts a genuine Submariner within reach without stretching into current-production premiums. For a buyer who wants maximum liquidity, a steel ceramic 116610LN is the safe, blue-chip pick. For a buyer chasing value per dollar, the two-tone pieces reward you now and should firm up as the market normalizes. For long-term hold, condition and completeness will always outrun a slightly better price on a tired watch. Buy the best example you can, keep the paperwork, and the Submariner tends to take care of the rest.
Current availability and dealer-direct pricing are at My Watch Dealer.
See current inventory & pricing at My Watch Dealer →