Singapore Rolex Submariner Market Trends: 1H 2023 Update
I’m sure many of us are familiar with the latest Morgan Stanley Report, which indicates that Rolex and Patek prices have continued to decline due to an elevated supply of watches. (Source: Bloomberg, July 25, 2023)
1H 2023 Market Update on Submariner Models:
As we approach the end of the first half of 2023, it’s time to provide an update on the Secondary Market Prices of Rolex Submariner models from the beginning of the year to date to verify the findings of the report.
Submariner Date and No Date in Black Bezel (Models 126610LN & 124060):
Both the Submariner Date and No Date models with black bezels have demonstrated remarkable stability throughout the year. The Submariner Date experienced a minimal average drop of just $50, which accounts for a mere 0.026% decrease in price. Surprisingly, the Submariner No Date did not drop in price at all. Interestingly, both models saw a slight price increase in April and May, only to return to their starting prices by mid-year.
Two-Tone Submariner Models – Blue and Black Bezel (Models 126613LB & 126613LN):
Among the two-tone Submariner models, the blue bezel variant (126613LB) witnessed a more substantial dip in price, falling by an average of $500. On the other hand, the black bezel variant (126613LN) experienced a milder decline of $300 compared to its price at the start of the year. Worth noting is the black bezel’s price increase in April 2023, while the blue bezel continued its decline. Currently, both variants can be acquired brand new close to their retail prices.
Starbucks MK1 & MK2 Bezels (Model 126610LV):
The MK1 bezel experienced a slight price increase in March 2023, only to follow a continuous downward trend, resulting in a $1000 drop (4.27%) compared to its January 2023 value. The MK2 Bezel, released in April 2023 at Watches & Wonders as a commemoration of the Submariner’s 70th Anniversary, initially held an S$800 premium over its MK1 counterpart. However, the difference has now reduced to about S$400, and both MK1 and MK2 have seen similar drops of S$1000 (4.2%).
Submariner Full Yellow Gold in Blue Bezel (Model 126618LB):
The Submariner Full Yellow Gold in Blue Bezel experienced the most substantial decline in price, with a drop of S$2250. Although the percentage decrease is comparable to other models at 4.05%, the higher starting price led to a larger monetary drop. As a result, this model is now available brand new below its retail price.
Overall Analysis:
The Submariner lineup, on average, saw a 4% drop in prices compared to January 2023 figures, except for the Rolex Submariner Date and No Date models, which remained remarkably stable. Some models have fallen below retail prices, making them attractive options for potential buyers. It is important to note that while the Submariner findings align with the report, indicating a decline in the market for watches with very high premiums, this trend may not apply to all Rolex watches, as evidenced by the Submariner Dates & No Dates.
For more detailed price graphs for each model, check out our price trend section.
Stay tuned for future updates where we will cover the rest of the GMT and Daytona lineup.