Our first live auctions of the fall 2023 season are here! The PHILLIPS Hong Kong Watch Auction: XVIII, takes place on May 24 and 25, 2024, at our West Kowloon headquarters, and the New York Watch Auction: X, takes place at on June 8 and 9, at our Park Avenue headquarters. The auctions include hundreds of the world's finest watches – and naturally, there are a number of extraordinary pieces from Rolex, including the circa 1954 Explorer-dial Submariner 'Big Crown' ref. 6200 (Hong Kong, lot 908) and the 1963 Explorer-dial Submariner ref. 5513 (New York, lot 122) featured below.
– By Logan Baker
The Rolex Submariner is arguably the most recognizable high-end mechanical wristwatch in the world. Even if you remove those qualifiers (high-end, mechanical), I’d argue that the Submariner is among the very few timepieces pictured by most individuals when the word “watch” is mentioned.
It has defined the dive watch category since the genre was born. Rolex has produced millions upon millions of Submariner examples in the 70-odd years it has been around. It’s the watch that, in my view, is most representative of what makes Rolex, Rolex. (Yes, even more so than the Datejust or the Day-Date.)
It’s the archetypal sport watch – and, as such, its appearance has remained largely unchanged since its early 1950s introduction. Think – a black dial featuring a combination of circular, rectangular, and triangular hour markers filled with lume; a black external bezel with a 60-minute scale; an Oyster bracelet.
The formula has remained largely unchanged for more than seven decades now.
However, one of the most remarkable and important aesthetic deviations in Submariner history happened relatively early in its history. Yes, in 1954, the same year the Submariner made its international debut at the annual Basel fair, Rolex revealed both the conventional Submariner design we all know and love (featuring regular round hour markers at one, two, four, five, seven, eight, 10, and 11 o’clock; rectangular batons at three, six, and nine o’clock; and an upside-down triangle at 12 o’clock), as well as a variation that placed puffy radium Arabic numerals at the three, six, and nine o’clock positions (and rectangles in place of the round markers), borrowing the layout of the Explorer model that Rolex had introduced one year earlier, in 1953.
And thus, one of the most compelling rabbit holes in all of Rolex enthusiasm – the “Explorer”-dial Submariner – was born.
Rolex would go on to use the “Explorer”-style dial on a number of Submariner references in the 1950s and early 1960s, including within the “Big Crown” generation (ref. 6200, ref. 6538, and ref. 5510) and the beginning of the “crown guard” era (ref. 5512, ref. 5513).
It's never been proven why Rolex made the “Explorer” dial Submariners in the model’s first two decades of existence, although the most likely explanation is simply that Rolex treated the Explorer dials as a surrogate when running low on the correct dials in the Submariner production line.
Although it’s not clear why the “Explorer” dial variants exist, what we do know is that they are as incredibly attractive as they are extremely rare. In fact, Phillips has only sold 15 Explorer-dial Submariner examples to date, across all potential references.
That said, I have good news. Another two examples are coming up for sale this season: a circa 1954 Explorer-dial Rolex Submariner 'Big Crown' ref. 6200 in the Hong Kong Watch Auction: XVIII (lot 908), and a 1963 Rolex Submariner ref. 5513 with Explorer dial in the New York Watch Auction: X (lot 122).
Before those sales kick off, we’ve prepared a detailed guide featuring everything you need to know about collecting one of the most appealing Submariner variants ever made.
The Rolex Submariner 'Big Crown' Ref. 6200 With 'Explorer' Dial
Manufactured in 1953 and officially released at the 1954 Basel Fair, the Rolex ref. 6204 is widely recognized as the first official Submariner model made available to the public, quickly followed by the ref. 6204. Both the ref. 6204 and ref. 6205 featured 100 meters of water resistance and utilized a smaller-sized crown with no crown guards.
An alternative version of the story suggests that Rolex had been researching a more robust and thicker model, the ref. 6200, capable of withstanding water depth up to 200 meters. Originally intended as a heavy-duty tool watch for professional users, Rolex may have wanted to perfect the timepiece before its release, explaining why the ref. 6200 has a lower reference number than the ref. 6204.
Tailored for professional diving, the ref. 6200, often referred to as the "Big Crown," was the first and one of only three Submariner references to earn this nickname. Its oversized 8-millimeter "Brevet " crown enabled cutting-edge water resistance and enhanced usability in professional diving situations where it is easily accessible by gloves underwater. The reference 6200, along with the 6205, were the first models to use the now well- known “Mercedes” style hands - in this instance in their first iteration, with the hour hand sporting a markedly longer design than later versions.
Among the various early vintage Submariners, the most iconic variant is undoubtedly the one featuring the "Explorer"-style 3-6-9 lacquer dial.
Within the 6200 "Explorer” dial series, there are two main dial variations, one with a smaller printed logo, and another with a larger logo. The former does not say "Submariner" at six o'clock, while the latter does. Both versions have the familiar extended Mercedes hands and no-hash bezel from earlier references.
Production numbers of the “Explorer” dial ref. 6200 were extremely limited; their serial numbers are understood to range from 31.9xx to around 32.2xx. It's thought that the total number of ref. 6200 “Explorer” dial Submariners could be around 300, with many more large logos produced than small logos.
Only seven Explorer-dial Rolex Submariner ref. 6200 examples have sold at Phillips over the last decade. The average selling price, adjusted for inflation (to May 2024) and converted to USD, was USD $507,485. However, when we break these seven sold lots down into all the different internal dial variations, things change a bit. The most common Explorer dial ref. 6200 sold by Phillips to date features the large logo with no Submariner wordmark. Four of the seven sold lots fit into this sub-category, averaging USD $580,806 – you can view them here, here, here, and here.
Only one of the sold lots features the small logo – it sold at Phillips Geneva, in May 2015, for CHF 245,000 (approx. USD $292,489 today).
Two of the sold lots combine the large logo format with the printed silver “Submariner” signature above six o’clock – however, one of those two is a possibly unique example that is the only known ref. 6200 Explorer dial Submariner to include the “Officially Certified Chronometer text as well. This possibly unique example was sold at Phillips Geneva, in May 2022, for CHF 403,200 (approx. USD $462,303 today).
Meanwhile, the more conventional example featuring the large logo with six o’clock Submariner signature sold for CHF 400,000 (approx. USD $474,381 today) at Phillips Geneva, in June 2020.
Having a serial number of 32'212, the Explorer-dial ref. 6200 example that’s available in the upcoming Phillips Hong Kong Watch Auction: XVIII (lot 908) also possesses the silver "Submariner" script above 6 o'clock. The previous example that sold at Phillips Geneva in June 2020 bears a case number only 46 digits apart.
This ref. 6200 ticks all the boxes for passionate collectors. With its generous 37.5mm diameter, it boasts an impressive case with thick bevels and exquisite proportions. The watch retains its original Brevet crown, and the dial has formed an attractive layer of patina on top of the lacquer.
Significantly, lot 908 is fresh to the auction market; the watch was actually gifted to the current consignor from its original owner.
The Rolex Submariner Ref. 6538 with 'Explorer' Dial
The Rolex Submariner ref. 6538 is forever immortalized on the big screen, having accompanied Sean Connery's James Bond in multiple films.
First launched in 1955, the ref. 6538 is incredibly desirable today due to its versatility, robust proportions and attractive appearance. The model was in production for four short years and is characterized by its black lacquer "Swiss"-signed dial, lack of crown guards, and 8mm crown, placing it in the category of a "Big Crown Submariner, just like the ref. 6200.
It's extremely rare to find a Submariner ref. 6538 with an Explorer dial – and if you do, it should be paired with a meters-first 200/660 depth rating printed in red. In fact, less than 10 examples of the ref. 6538 Submariner with Explorer dial and red depth rating are known to exist, with two dial variations known (one set with the addition of the "Officially Certified Chronometer" text, the other batch without it.
Additionally, there was a run of ref. 6538 Explorer dial variants made for the United Kingdom's Ministry of Defence. These watches, the ref. A/6538, also featured Explorer dials with red depth ratings, but they differed from the standard-production ref. 6538 via the addition of fixed spring-bars, a bezel made of German silver, and the presence of mil-spec engravings.
Although no Explorer-dial ref. 6538 examples have appeared at Phillips to date, this configuration is notable for achieving the highest auction result for any Rolex Submariner ever, when a fresh-to-market example sold for USD $1,068,500 (approx. USD $1,334,196 today), at an auction house in New York, in June 2018. It marked the first time a Rolex Submariner had ever broke the million-dollar mark at auction.
The Rolex Submariner Ref. 5510 with 'Explorer' Dial
The Submariner ref. 5510 was the last of the beloved "Big Crown" references.
And like the ref. 6538, a very small run of the ref. 5510 was produced with "Explorer" dials for a military unit.
The Submariner ref. 5510 with Explorer dial was issued to the Royal Australian Navy, differing from the standard ref. 5510 through the use of fixed spring-bars. The few examples I've seen pictures of online also consistently feature the smaller Rolex logo on the dial. They also all appear to have 362,XXX serial numbers. Only a handful of examples have publicly appeared to date.
The Rolex Submariner Ref. 5513 with 'Explorer' Dial
The introduction of the Rolex reference 5512 in 1959 was a significant transition in the history of Submariners, being the first diver's wristwatch to feature the addition of crown guards, the Submariner lineage was made evermore robust and versatile. Aesthetically more or less of the Submariner we know today, the very first crown guards on the famous model were square-shaped of which estimated only very few exist.
Under experimentation and constant iterating of its timepieces, Rolex quickly reshaped these crown guards into “eagle beak”, followed by pointed crown guards from 1959 to 1963 (sometimes abbreviated by collectors as PCG), as found on the present example. The ref. 5513 was introduced in 1962, three years after the ref. 5512, with the primary difference between the two sibling references being the automatic movement inside the ref. 5513 wasn't chronometer certified.
Explorer dials were produced under both the ref. 5512 and the ref. 5513.
Over the production of the references, the 5512 and 5513 went through many more design nuances with chronological significance, these details of subtlety that excite vintage Rolex collectors. In fact, when it comes to the Explorer dial, there are four types of Explorer dial variations divided by their use of either radium or tritium luminescent material:
Dial Variant 1, 1961-1962: Exclamation Mark dial (meaning there's a small luminescent dot underneath the six o'clock hour marker) with chapter ring, absence of “m” for meters, and non-italic FT rating.
Dial Variant 2, 1962-1963: Underline dial, white Swiss inscription at six o'clock, open chapter ring, and meter-first depth rating.
Dial Variant 3, 1963-1964: Underline dial (a line underneath the Rolex wordmark at 12 o'clock), gilt Swiss inscription at six o'clock, open chapter ring, and meter-first depth rating.
Dial Variant 4, 1963-1964: Underline dial (a line underneath the dial's depth rating), gilt SWISS < T-25 at six o'clock, open chapter ring, and meter-first depth rating.
Interestingly, there has long been a rumor among collectors that the Explorer dial versions of the ref. 5512 and ref. 5513 were made exclusively for Commonwealth countries, although this has recently been disproven through the discovery of vintage advertisements featuring the watches in other markets.
Phillips sold six Explorer-dial Rolex Submariner ref. 5512/5513 variants over the last decade. The average selling price, adjusted for inflation (to May 2024) and converted to USD, for those watches was USD $208,242.
Out of those six, when broken down by the dial variants described above, Phillips has sold two of each for Variant 1 (view here and here – average sale price of USD $191,366), Variant 3 (view here and here – average sale price of USD $133,776), and Variant 4 (view here and here – average sale price of USD $299,585).
The example included in the upcoming Phillips New York Watch Auction: X (lot 122) features Dial Variant 4. The dial's lacquered surface remains well-preserved, highly reflective with only minor signs of aging in the form of light spotting.
The watch was sold at auction by the original owner in June 2021, where it was bought by the current consignor. Lot 122 also comes accompanied by its original Rolex guarantee booklet and Rolex service guarantee from December 2014. It carries an estimate of USD $80,000 to 160,000.
You can learn more, place a bid, and view the entire Hong Kong Watch Auction: XVIII catalog here, and the New York Watch Auction: X catalog here.
About Phillips In Association With Bacs & Russo
The team of specialists at PHILLIPS Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.
About Logan Baker
Logan has spent the past decade reporting on every aspect of the watch business. He joined Phillips in Association with Bacs & Russo at the start of 2023 as the department's Senior Editorial Manager. He splits his time between New York and Geneva.
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