The world of watches has changed significantly over the past two to three years. Prices for pre-owned and vintage watches have decreased rapidly. In 2024, we’re still seeing prices decline for some of the most popular brands and models. Which brings us to the question: Do Rolex Watches hold their value in 2025? Watches of the Swiss Brand, in particular, have taken quite a hit. But that’s not the whole story. Proper vintage Rolex models from the 1950s, 1960s, and 1970s have retained their value. Their prices remain fairly stable compared to newer Rolex models. That’s why we’ve created a list of three classic Rolex references that retain their value and may even become more valuable over time.
Rolex Explorer II Ref. 1655
The first pick on our list is the first-generation Rolex Explorer II Ref. 1655. Introduced in 1971, the Explorer II was designed for speleologists and cave explorers. Its remarkable design marked a departure from the original Explorer, adding the functionality of a 24-hour bezel with an extra hand to indicate the time on a 24-hour scale. This feature was particularly useful for explorers who might lose track of day and night while underground in dark caves for extended periods. Conveniently, this hand also functions as a GMT indicator to display a second time zone.
This 40mm watch with a GMT bezel features a quirky dial that can be challenging to read. It has a 60-minute scale with thicker markers every five minutes, oversized markers at 6, 9, and 12 o’clock, and a date window at 3 o’clock. Outside the minute track, there’s an extra track marking the odd-numbered hours of the 24-hour scale. Rolex incorporated this scale for the large orange hand, which indicates a second time zone on the 24-hour scale.
The Explorer II Ref. 1655 was in production until 1988 and is one of those instantly recognizable Rolex classics beloved by collectors. That’s why its prices have remained fairly steady over the past two to three years. Prices range from 20,000 to 25,000 EUR and can go up to 45,000–50,000 EUR for one with its original box and papers. Considering that some of Rolex’s icons from the past are priced much higher, I expect the value of this brilliant Explorer II Ref. 1655 to increase over time.
Rolex Submariner Ref. 5512
Our next pick is the legendary Rolex Submariner Ref. 5512, which was introduced in 1959 and established the Submariner design we recognize today. The case size increased from 37mm to 40mm, and it was the first Submariner to feature crown guards. Until its discontinuation in 1980, Rolex produced various versions with different dials and cases. The most notable differences in the dials include the shift from early glossy gilt to matte black.
In 1962, Rolex also introduced the Submariner Ref. 5513, which is essentially the same watch as the Ref. 5512. The key difference is that the Ref. 5512 used a chronometer-certified movement, while the Ref. 5513 did not. As a result, the Ref. 5512 had four lines of text on the lower half of the dial from 1962 onwards, as Rolex added “Superlative Chronometer / Officially Certified” to the dial. Rolex produced far fewer examples of the Ref. 5512 than the later Ref. 5513, making it more collectible.
The versions with gilt dials, produced from 1959 to 1967, are especially sought after. Asking prices for a gilt-dial Ref. 5512 start at roughly 20,000 EUR and can climb to 100,000 EUR for one in good condition. The later versions with matte black dials, available from 1967 onwards, typically start at 15,000 EUR and can reach up to 35,000 EUR for one in good condition, especially if accompanied by the original box and papers. As a classic Submariner reference with relatively low production numbers, we expect its value to remain steady and potentially increase over time.
Rolex Explorer Ref. 1016
The third and final watch on our list is the iconic Rolex Explorer Ref. 1016, produced from 1960 to 1989. With a production run spanning almost three decades, there are plenty of different versions featuring varied dials and movements. What makes this Rolex Explorer so special? It has always been a humble classic among the brand’s heavy hitters like the Submariner and the GMT-Master. With its 36mm case and iconic 3-6-9 dial layout, it has become a true classic, tied to the story of Mount Everest’s conquest in 1953.
As with the Submariner Ref. 5512, the Explorer Ref. 1016 also transitioned from gilt dials, produced until 1967, to matte black dials, which were used until 1989. Additionally, the watch was powered by the Caliber 1560 until the mid-1960s, after which it was replaced by the more accurate Caliber 1570 with a higher operational frequency. The Caliber 1570 remained in use until the Ref. 1016 was discontinued.
Choosing the right Explorer Ref. 1016 comes down to budget and dial preference. Collectors have identified numerous dial variants, so some research is required before finding the perfect match. Prices for the Explorer Ref. 1016 have remained steady over the years, with asking prices starting at roughly 10,000 EUR and going up to 35,000 EUR for examples in great condition with their original box and papers. Regardless of your budget, the Explorer Ref. 1016 offers a true Rolex icon.
Do Rolex Watches Hold their Value? A Final Word
One thing to understand is that there are no quick wins. Making money with watches requires patience. If you buy a Rolex with the intention of making a profit, it might take several years to see any significant return. The watch market is not a conventional investment market, so take your time. In the meantime, enjoy wearing your Rolex and discovering what makes it so special.
