The benchmark pre-owned watch: rationed new, liquid used, and above list in steel.
Steel from $10,050 US list · 2026Steel trades above listIntroduced 1953
A pre-owned steel Rolex Submariner sells above its list price in 2026. The no-date 124060 lists at $10,050 in the US and trades from about $11,500, up to around $14,500 as a full set; the 126610LN Submariner Date trades at roughly $13,000–14,500 as a full set and $15,500–16,500 unworn. Previous-generation references sell below current ones, and two-tone and gold Submariners at or below their list prices.
Figures reviewed September 2026
The Submariner is the reference point for the whole pre-owned watch market. Dealers quote it, indexes track it and buyers compare everything else against it. That visibility cuts both ways: a Submariner can be priced within a narrow band and sold in days, and there is very little room to ask more than the band.
Steel is the part of the family that trades above retail, because steel is what authorized dealers ration. The current no-date 124060 and the 126610LN Submariner Date both change hands above list. The green-bezel versions — the current 126610LV and the discontinued 116610LV, known as the Hulk — carry premiums of their own.
The previous generations sell below today's models, by more the older and less complete they are. Two-tone Rolesor and gold Submariners are a different market again: less rationed, priced far higher at retail, and trading at or below list, so the gap is larger in dollars.
Condition is priced sharply because buyers have so many examples to choose from. A scratched or faded bezel insert, a stretched bracelet or a heavily polished case moves a Submariner from the top of its band to the bottom.
| Reference | What it is | US retail, 2026 | Pre-owned, 2026 |
|---|---|---|---|
| 124060 | No date, 41mm, black ceramic bezel, current | $10,050 | From about $11,500; full sets to about $14,500 |
| 126610LN | Date, 41mm, black ceramic bezel, current | About $11,350 | $13,000–14,500 full set; $15,500–16,500 unworn |
| 126610LV | Date, 41mm, green ceramic bezel, current | Slightly above the 126610LN | Above the 126610LN |
| 114060, 116610LN, 116610LV | Previous generation, 40mm | Discontinued | Below current references, except the Hulk; condition and set decide |
| 126613, 126618 | Two-tone Rolesor and 18k gold | Well above steel | At or below list |
Indicative US figures for honest condition, reviewed September 2026. Unworn means a recent full set that has not been worn.
Specific to the Submariner. The Rolex page covers what moves the maker's pieces in general.
The gap between a full set and a watch alone is wider on the Submariner than on most Rolex models, because it is the most counterfeited and most often assembled reference. The warranty card is the piece that carries the weight.
A cracked ceramic insert or a faded aluminum one on an older reference is priced in at replacement cost or more. On earlier generations, bracelet stretch is the first thing a buyer checks.
Sharp, flat lug surfaces with the original chamfers are what collectors pay for. A case polished round cannot be restored, and the discount is permanent.
Most buyers asking for a Submariner mean the current 41mm references, and those trade highest. Older references are priced on condition and originality, with the Hulk the notable exception.
Indicative ranges for honest condition, never an appraisal or a quotation. The house buys, sells and values nothing; a specialist who can see the piece is the only one who can price it.
Lovenhall WatchThis page reads the market. The instrument reads what you are holding — recognised from a photograph, with a range for its kind.