Most watches depreciate the moment you buy them. Rolex is one of the few exceptions — but not all Rolex watches are created equal as investments. The steel Daytona has returned more than the S&P 500 over certain periods. The steel Oyster Perpetual bought in 2019 is worth roughly what you paid for it. The difference between those two outcomes is which reference you chose.
We've been buying and selling pre-owned Rolex since 2000. We've watched references appreciate, stagnate, and correct. Here's what the data actually shows.
Why Some Rolex Watches Hold Value and Others Don't
The watches that appreciate share three characteristics. High collector demand. Restricted supply at authorized dealers. And a position in the lineup that Rolex is unlikely to discontinue or significantly change.
The watches that don't appreciate — or that depreciate — usually lack at least one of those. An Oyster Perpetual is a beautiful watch and a fair value at retail. It's also widely available, not particularly restricted, and competes with its own pre-owned supply. There's no structural reason for it to trade above retail.
The investment case for Rolex is really the investment case for specific references within the sport and precious metal categories. Not the brand broadly.
The Best Rolex References for Investment
Rolex Daytona (Steel)
The strongest investment case in the current lineup. The steel Daytona retails at $16,550. Pre-owned it trades at $27,000 to $36,000 for current references in honest condition. That premium has existed for over a decade and persists because authorized dealers cannot meet demand — waitlists run years at most ADs, and many buyers never get offered one at all.
The references with the best long-term track record: 116520 (pre-ceramic), 116500LN, and the current 126500LN. Exotic dials — Paul Newman references from the 1960s and 70s — have appreciated dramatically but require specialist knowledge to buy safely.
Entry point for a steel Daytona as an investment: buy clean, with papers, from a verifiable source. The premium over watch-only examples is worth paying because the next buyer will ask.
Rolex GMT-Master II Pepsi (126710BLRO)
The Pepsi GMT on Jubilee bracelet has been one of the most consistent performers in the pre-owned market since Rolex reintroduced the red/blue bezel in 2018. It retails around $12,750. Pre-owned it trades at $14,000 to $19,000 for clean examples with papers.
The investment logic is similar to the Daytona: high demand, restricted AD supply, iconic status within the lineup. The Jubilee configuration commands a premium over Oyster on the same reference — buy Jubilee if investment value matters to you.
Rolex Submariner (Steel, Current References)
The Submariner doesn't have the dramatic premium of the Daytona or Pepsi GMT, but it's the most liquid watch in the Rolex ecosystem. A clean 126610LN or 126610LV can be sold quickly at or above retail in most market conditions. That liquidity is itself a form of investment performance.
The green bezel Submariner (126610LV) has shown stronger appreciation than the black. The two-tone references in steel and yellow gold have held value well and trade above retail consistently.
The Submariner is the right investment choice if you want something you'll actually wear. It performs as a watch first and an investment second — unlike the Daytona, which many buyers purchase and never wear.
Rolex Day-Date (Precious Metal)
The Day-Date holds value on the strength of its metal content and its position as Rolex's flagship dress watch. A yellow gold Day-Date 40 bought pre-owned at fair market value has tracked gold prices over time with some additional premium for the Rolex name and craftsmanship.
It's not the explosive appreciation story that steel sport references have been. It's a stable store of value with a floor supported by metal content — a different kind of investment thesis.
Rolex Explorer (Steel)
The Explorer is chronically undervalued on the pre-owned market relative to what it is. Clean, simple, 36mm case, running on the same movement as the Submariner, trading below retail on many examples. For buyers who want a Rolex that appreciates from a low entry point, the Explorer 36 at $6,000 to $7,500 pre-owned is a more patient play.
The case for appreciation: Rolex has never made it cheap, the design is genuinely timeless, and collector interest in the model has been growing steadily. It's not a quick return, but it's not a depreciation story either.
What to Avoid for Investment
Entry-level steel references — Oyster Perpetual, Air-King, Datejust in standard configurations — trade at or below retail and don't appreciate meaningfully. Buy them because you want to wear them, not because you expect to profit.
Two-tone references in declining taste periods — two-tone Datejust from the 1990s and early 2000s can be bought cheaply but the collector base is small. Liquidity is poor.
Over-polished or altered examples — a watch with a refinished dial or heavily polished case has permanently damaged its investment value regardless of reference. Condition is non-negotiable.
Anything bought at peak market — references bought in 2021 and early 2022 at peak pre-owned prices have underperformed. Market timing matters, and buying after extended run-ups increases risk.
The Honest Investment Assessment
Rolex is a better store of value than most consumer goods and a worse investment than most people think. The steel Daytona's appreciation is real but requires holding through market cycles, paying pre-owned premiums, and buying in optimal condition. The transaction costs of buying and selling — dealer margins, authentication costs, time — eat into returns.
The investors who have done best with Rolex bought specific references, bought condition, and held for 5 to 10 years without needing to sell at a specific time. The ones who have done worst bought at market peaks expecting short-term appreciation.
If you're buying a pre-owned Rolex primarily to wear and happen to want something that holds value — the Submariner and GMT-Master II are the right answers. If you're buying purely for investment and won't wear it — the Daytona has the strongest track record, but only if you buy right.
For current market prices by reference, see our Rolex Price Guide 2026. We've been sourcing specific references for clients since 2000. Contact us directly for investment-focused buying. Looking to sell? We buy pre-owned Rolex watches nationwide.