The early afternoon light filters through the windows of Via Montenapoleone, reflecting off a black ceramic bezel. A collector raises his wrist; the Submariner 124060 catches a glow that is anything but ostentatious. The ticking of the caliber 3235 is the only sound in a silent waiting room. We are not here for a Rolex story. We are here to decide whether that dial, that case, that bracelet justify an investment that, in 2026, is worth more than a mid-range car.
1953 and 2026
In 1953, Rolex introduced the Submariner ref. 6204 at Baselworld. It cost $150, roughly $1,600 in today’s dollars. Seventy-three years later, the Submariner is the benchmark for dive watches, but its market has radically changed. Rolex’s annual production hovers around one million units, with the Submariner representing a significant share, estimated between 10 and 15 percent. According to Morgan Stanley’s 2024 report, Rolex generated revenues of 9.3 billion Swiss francs, with the Submariner among its best-selling models. As independent analyst John Reardon observed: ‘The Submariner is no longer just a watch: it’s an asset class. Demand outstrips supply by a factor of three to one, and that won’t change anytime soon.’ Today, in 2026, the Submariner is a thermometer for the luxury pre-owned market: when prices drop, it signals contraction; when they rise, euphoria. That is why choosing the right reference is no longer just an aesthetic decision, but a financial one.
Prices and References 2026
In 2026, the official Rolex list price for the Submariner Date ref. 126610LN is €9,550, while the no-date Submariner ref. 124060 costs €8,700. On the secondary market, real prices range between €11,000 and €12,500 for the former, and between €10,000 and €11,500 for the latter. Compared to the 2022 peak, when the 126610LN exceeded €15,000, there is a decline of 20-25 percent, according to Chrono24 data updated to February 2026. Steel references with a green bezel (126610LV) maintain a 15 percent premium over the black version. The recent pre-owned market shows stabilization: sales on certified platforms grew by 12 percent in 2025 compared to the previous year, a sign of still-solid but more rational demand. Vintage references, such as the 5513 or 1680, have seen an annual increase of 8 percent, driven by the scarcity of original examples. The most common trap in 2026? Submariners with overly polished cases or non-original bracelets: the market penalizes these units with discounts of up to 30 percent compared to the average.
On the Wrist in 2026
Wearing the 124060 today means feeling the weight of 40.5 millimeters of Oystersteel that conforms to the wrist with almost surgical precision. The Oyster bracelet with Glidelock safety clasp allows micrometric adjustments that make any adaptation superfluous: you adjust it on a boat, at a restaurant, during a flight. The caliber 3235, with its 70-hour power reserve, eliminates weekend anxiety: you leave it on the nightstand on Friday evening and wear it on Monday morning without rewinding. The Cerachrom ceramic bezel, black as fountain pen ink, rotates with crisp, silent clicks. The dial, devoid of a date, is an exercise in formal purity: only applied indices, Mercedes hands, and a luminous dot at 12 o’clock. In the dark, Chromalight emits a blue glow that lasts until dawn. It is not a stage watch: it is for those who have already stopped proving themselves. It pairs with a linen blazer, a wetsuit, a Zegna suit. Its versatility is its truest luxury.
The Reference to Choose
For those buying in 2026, the most rational choice is the Submariner Date ref. 126610LN with a black dial. The list price of €9,550 is the starting point, but the official waiting list extends to 12-18 months. On the secondary market, a 2023-2024 example with original certificate and box can be found for around €11,500: it offers the best balance of price, warranty, and future resale value. For those seeking a long-term investment, focus on the 124060 without date: production is lower, and demand among purists is growing. The entry price for a pre-owned 124060 is around €10,000. Avoid references with aluminum bezel inserts from the 2010-2012 period, often repainted: it is better to pay €1,000 more for a certified example. This Submariner is for those who do not love trends, but the classics that create them.
And you, are you ready to wait for your name on the waiting list, or do you prefer to let the market decide for you?
The Regis Editorial
Curator of Italian style. Every piece is verified, every fact is checked.