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‘60s Rolex Submariner That Cost $90 Fetches $250,000 at Auction

Now would be a good time to go through your drawers and storage units again. The family of a man who once owned a Rolex bought for $90 sold it for $250,000 at a recent auction.
Rare Rolex Submariner 5512 sells for $250,000 4 photos
Photo: Gardiner Houlgate
Rare Rolex Submariner 5512 sells for $250,000Rare Rolex Submariner 5512 sells for $250,000Rare Rolex Submariner 5512 sells for $250,000
This particular model of Rolex is a very rare one these days, which makes it a sort of holy grail of vintage watches. Rolex made the Submariner 5512 in limited numbers back in the ‘60s and only a few examples remain to this day, which explains the high amount a Hong Kong-based collector was willing to pay for it.

A miner from Mansfield, Nottinghamshire, England bought the watch in the late ‘60s as a present for his 40th birthday. According to Esquire, he only paid about $90 for it and made sure to keep the original box and all the documentation attesting its originality. This added to the final price offered for it at the October sale held by Gardiner Houlgate.

This particular Submariner has a 3-6-9 distinct explorer dial that was only used for a very limited number of pieces. In addition to that, whenever someone returned a Submariner with this dial for servicing, Rolex would replace the dial with a new one. This one still has the original.

The original owner passed away in 1995 and the watch became a family heirloom. Until now, when it’s become a collector’s piece – and the auction house says the sweet deal they got for it makes parting with it much bearable.

“The late owner’s family are naturally delighted as this was a very sentimental piece,” David Hare, director and auctioneer at the Wiltshire auction house, says. “They told us this type of thing never happens to them!”

Hare says that the auction house has sold nine such Rolexes along the years, but they’re still thrilled whenever they come across one because, as noted above, they’re incredibly rare. “It never ceases to amaze me that, after 60 years, we’re still able to discover such rare pieces. This sale proves it’s worth checking through your drawers to see what’s there.”

Words to live by.
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About the author: Elena Gorgan
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Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends.
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