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{{DISPLAYTITLE:Rolex 5514 Submariner}}
{{#seo:
{{#seo:
|title=Rolex 5514 — BezelBase
|title=Rolex Submariner 5514 — Production, Dials & Serial Ranges | Rolexopedia
|description=The 5514 is the COMEX Submariner — the professional deep-sea diving company branch, not the military branch and not a retail watch. COMEX (Compagnie…
|description=Rolex Submariner 5514: the COMEX-issued no-date model with a helium escape valve. Production dating, dial and caseback variations, ARA examples and auction records.
|keywords=Rolex, 5514, Submariner, specifications, reference guide
|keywords=Rolex, 5514, Submariner, COMEX, helium escape valve, HEV, saturation diving, Henry Hudson
|type=article
|image=Ref 5514 hero.webp
|image_alt=Rolex Submariner Ref. 5514
|type=Article
|og_type=article
|published_time=2026-04-14T16:13:03Z
|modified_time=2026-08-04T00:13:06Z
|robots=index,follow,max-image-preview:large
}}
}}


<small>[[Reference:submariner|Submariner]] → '''5514'''</small>
<small>[[Reference:submariner|Submariner]] › '''5514'''</small>


The 5514 is the COMEX Submariner, the professional deep-sea diving branch. It was never a military issue and never a retail watch. COMEX (Compagnie Maritime d'Expertises) was a French commercial diving firm based in Marseille that pioneered saturation diving, set depth records, and supplied divers to the offshore oil industry from the 1960s onward. Starting in 1970, Rolex supplied the 5514 exclusively to COMEX, engraving the caseback with COMEX markings and individual diver numbers, and the watches were issued as working tools to divers operating in some of the most demanding underwater conditions in the world. No 5514 was ever sold through a retail dealer.
<div class="rp-lead">
[[File:Ref 5514 hero.webp|thumb|center|640px|alt=Rolex Submariner Ref. 5514|Rolex Submariner Ref. 5514]]
</div>
 
The 5514 is a no-date Submariner made for COMEX, the French commercial-diving company. It uses a 5513-derived steel case with a helium escape valve at 9 o’clock. Antiquorum gives the reference a 1972–1978 run, although individual catalogue dates differ. Watches survive with COMEX-signed dials, dials without the COMEX logo and Argentine Navy markings. [https://catalog.antiquorum.swiss/en/lots/rolex-lot-144-323 Antiquorum, 12 November 2006, lot 323] [https://www.sothebys.com/en/buy/auction/2023/important-watches-2/reference-5514-submariner-non-logo-comex-a Sotheby’s, 7 December 2023, lot 110] [https://www.christies.com/lot/lot-5841790 Christie’s, ARA 5514, lot 298]


<span id="core-facts"></span>
<span id="core-facts"></span>
==Core facts==


[[File:Ref 5514 hero.webp|thumb|right|300px|Rolex Submariner Ref. 5514]]
{| class="wikitable rp-facts"
 
! Detail !! Description
== Core facts ==
 
{| class="wikitable"
|-
|-
! detail
| Reference || 5514
! value
|-
|-
| reference
| Family || Submariner, no date
| 5514
|-
|-
| family
| Distribution || Made for COMEX; outside the normal retail range
| Submariner (no date, COMEX-issue)
|-
|-
| distribution
| Production || 1972–1978 in Antiquorum’s 2006 chronology; see qualifications below
| COMEX-exclusive, no retail
|-
|-
| base
| Movement || Automatic caliber 1520; auction examples list 26 jewels
| modified 5513 case with helium escape valve (HEV)
|-
|-
| movement
| Case || Steel, crown guards, approximately 40mm
| caliber 1520
|-
|-
| crystal
| Crystal || Acrylic
| acrylic
|-
|-
| caseback
| Dial depth marking || 660ft = 200m
| engraved with COMEX markings and diver ID numbers
|-
|-
| dial variants
| Helium escape valve || At 9 o’clock
| standard matte, cream/white
|-
|-
| Rolex-COMEX relationship
| Caseback || 5513 inner stamps and separate external COMEX issue numbers appear on documented examples
| began 1970
|-
| ARA variant
| 16 examples issued to Argentine Navy divers, 1977
|}
|}
Specifications and distribution follow the catalogued examples below. [https://catalog.antiquorum.swiss/en/lots/rolex-lot-223-373 Antiquorum, 9 December 2009, lot 373] [https://www.bonhams.com/auction/30667/lot/21/ Bonhams, 19 June 2025, lot 21]


<span id="where-it-sits-in-the-line"></span>
<span id="where-it-sits-in-the-line"></span>
== Where it sits in the line ==
== Where it sits in the line ==


The 5514 sits off the side of the commercial 5513 path, outside the normal retail ladder. It is a purpose-modified 5513 with a helium escape valve (HEV) added for saturation diving, produced exclusively for a single institutional client.
Rolex supplied HEV-equipped 5513s before the dedicated 5514. Antiquorum’s 2006 sale included a 5513 with COMEX number 24, case 2,833,552, which it dates to autumn 1970. The reference number matters: that watch is evidence for the earlier 5513 programme. [https://catalog.antiquorum.swiss/en/lots/rolex-lot-144-323 Antiquorum, 12 November 2006, lot 323]


Keep the 5514 distinct from the 5517 MilSub. Both are non-retail professional branches of the 5513 era, but the 5517 is military (Royal Navy) while the 5514 is civilian-professional. COMEX divers were commercial operators working the offshore oil and gas industry at depths far beyond ordinary sport or military diving, and the 5514 was their working instrument.
The 5514 kept the Submariner’s thinner case format. The Sea-Dweller used a thicker case and was also sold to the public. Phillips describes the 5514 as an exclusive COMEX supply. [https://www.phillips.com/detail/rolex/NY080222/153 Phillips, New York SIX, lot 153]
 
The 5514 also sits in a specific relationship to the Sea-Dweller line. The HEV on the 5514 is Rolex's first factory-fitted solution to the saturation-diving problem that would define the Sea-Dweller. COMEX went on to be a central partner in Sea-Dweller development, and the 5514 is the point in the story where the need was established and the fix was first grafted onto a no-date Submariner case.


<span id="production-outline"></span>
<span id="production-outline"></span>
== Production outline ==
== Production outline ==


The 5514 was produced exclusively for COMEX, with no parallel retail distribution. The Rolex-COMEX relationship that produced it began in 1970, and watches were issued to COMEX divers as working tools, individually engraved at Rolex on the caseback.
Antiquorum’s 1972–1978 chronology is a useful outline, but it is not a factory production register. Its 2025 catalogue extends the run into the early 1980s without identifying a final-year example. Bonhams describes COMEX 233 as circa 1971 and later, with an IV.71 inner caseback and a different number engraved inside. The exact endpoints remain uncertain. [https://catalog.antiquorum.swiss/en/lots/rolex-lot-144-323 Antiquorum, 12 November 2006, lot 323] [https://catalog.antiquorum.swiss/en/lots/rolex-ref-5514-submariner-comex-big-numbers-lot-383-172 Antiquorum, 12 December 2025, lot 172] [https://www.bonhams.com/auction/30667/lot/69/ Bonhams, 19 June 2025, lot 69]
 
Sotheby’s 2021 catalogue gives roughly 150 watches. Its estimate is not backed by a factory record in the entry. [https://www.sothebys.com/en/buy/auction/2021/important-watches/rolex-submariner-comex-reference-5514-formerly-the Sotheby’s, 23 April 2021, lot 2140]
 
<span id="comex-issue-number-bands"></span>
=== COMEX issue-number bands ===


<span id="comex-issue-examples"></span>
COMEX issue numbers and Rolex case serials are separate identifiers. Their dates can also differ. Bonhams dates COMEX 723 to circa 1975 but records issue to its former owner in 1977/78. [https://www.bonhams.com/auction/23511/lot/43/ Bonhams, 22 June 2016, lot 43]
=== COMEX-issue examples ===


Standard 5514 examples carry factory-engraved COMEX casebacks with individual diver identification numbers. A documented 1976 5514 shows the standard configuration cleanly: straight engraved Rolex COMEX caseback dated 1972, original COMEX diver owner, stated box, and Rolex service papers. That level of documentation is the benchmark against which all 5514 provenance is measured.
The auction table includes issue numbers 233, 377, 446, 717, 723, 763, 850 and 878. Those examples do not establish consecutive production batches or a date chart for every issue number.


<span id="ara-argentine-navy-variant"></span>
<span id="ara-argentine-navy-variant"></span>
=== ARA (Argentine Navy) variant ===
=== ARA (Argentine Navy) variant ===


The ARA variant is one of the most significant sub-branches in the entire Submariner line. In 1977, 16 examples of the 5514 were issued to Argentine Naval divers training at the COMEX facility in Marseille. ARA stands for Armada de la Republica Argentina. The watches were supplied as working tools for the Argentine Navy's professional diving program, run through COMEX.
Christie’s catalogued case 4,155,900 with “A.R.A” on the dial, for ''Armada de la República Argentina''. Its back retained ROLEX COMEX 451 and the military number 68509-Ci. [https://www.christies.com/lot/lot-5841790 Christie’s, ARA 5514, lot 298]


The visual distinction from a standard COMEX 5514 is on the caseback. ARA examples carry "ARA" in the same position and block-letter format as "COMEX" on standard examples, replacing the COMEX text rather than supplementing it. There is no individual diver number in the COMEX format; if a number appears, it follows Argentine Navy rather than COMEX numbering convention.
The same catalogue reports that 16 Argentine divers trained at COMEX in Marseille from 17 to 30 October 1977. It presents the commissioning of watches for them as an inference. The number of ARA watches made or surviving remains unverified. [https://www.christies.com/lot/lot-5841790 Christie’s, ARA 5514, lot 298]


The count of 16 ARA examples is documented in collector and dealer literature but has not been verified against Argentine Navy procurement records. Treat it as well-established collector consensus rather than confirmed factory figure. Provenance of all 16 is actively tracked in collector circles; an "ARA" 5514 surfacing without a documented chain of custody to one of the known 16 should be treated with extreme caution. There is no legitimate route to additional supply, and the scarcity combined with extreme value makes this one of the highest-risk authentication scenarios in the vintage Submariner market.
Phillips’ separate example, case 4,155,901, has a non-logo dial and both COMEX 446 and military number 68504-Ci on the back. It belongs to the Geneva Watch Auction TWO, lot 145. [https://www.phillips.com/detail/rolex/90836 Phillips, Geneva TWO, lot 145]


<span id="movement-notes"></span>
<span id="movement-notes"></span>
== Movement notes ==
== Movement notes ==


The 5514 uses caliber 1520, the expected movement given the production period and the 5513 base. The 1520 is the long-run non-chronometer caliber that powers the 5513 through most of its production. What distinguishes the 5514 is structural — the HEV in the case — rather than mechanical.
The documented examples use caliber 1520. Bonhams lists 26 jewels for COMEX 717 and 723, as does Sotheby’s for Maurice Bessard’s COMEX 850. These are no-date movements. [https://www.bonhams.com/auction/30667/lot/21/ Bonhams, 19 June 2025, lot 21] [https://www.bonhams.com/auction/23511/lot/43/ Bonhams, 22 June 2016, lot 43] [https://www.sothebys.com/en/buy/auction/2021/important-watches/rolex-submariner-comex-reference-5514-formerly-the Sotheby’s, 23 April 2021, lot 2140]
 
See [[Reference:Movements|Movements]] for the 1520’s construction and its relationship to other 15xx calibers.


<span id="dial-map"></span>
<span id="dial-map"></span>
== Dial map ==
== Dial map ==
[[File:5514 Comex Dial.png|thumb|234x234px|Dial detail]]
<span id="comex-dial"></span>
=== COMEX dial ===


The standard 5514 dial carries COMEX branding in addition to the Rolex and Submariner text. The layout follows the 5513 format of the production period. Mid-to-late 1970s examples carry matte dials consistent with the 5513 Maxi or pre-Maxi era.
[[File:5514_Comex_Dial.webp|thumb|234x234px|alt=5514 COMEX dial detail|5514 COMEX dial detail]]
 
Dial appearance needs to be read alongside the watch’s service history. A dial without the COMEX logo can be an early configuration or a later replacement, depending on the example.


<span id="cream-and-white-dial-variants"></span>
<span id="prototype-stealth-non-logo"></span>
=== Cream and white dial variants ===
=== Prototype "stealth" non-logo (1972) ===


Some 5514 examples carry cream or white dials rather than the standard matte black. These lighter-dial variants are a distinct configuration within the 5514 family and reflect the practical-professional character of the COMEX issue. Function came before cosmetic consistency.
Antiquorum’s Patrice Chemin watch, catalogued in 2009 as a 1972 5514/5513, has no COMEX dial logo. The house describes a testing batch of approximately 20 watches with COMEX engraved on the back but no issue number. [https://catalog.antiquorum.swiss/en/lots/rolex-lot-223-373 Antiquorum, 9 December 2009, lot 373]


<span id="ara-dial"></span>
The catalogue title also calls the dial “Maxi.” That label should stay attached to the lot description until its dial type and installation date can be established more precisely. [https://catalog.antiquorum.swiss/en/lots/rolex-lot-223-373 Antiquorum, 9 December 2009, lot 373]
=== ARA dial ===


The 16 ARA-issue examples carry Argentine Navy markings on the dial in addition to the COMEX specification. They are distinct from both the standard COMEX dial and the standard 5513 dial, and they represent the rarest dial variant in the 5514 family.
<span id="serif-and-non-serif-comex-signed"></span>
=== Serif and non-serif COMEX-signed (1972 to mid-1970s) ===


<span id="case-bezel-crystal-and-crown-notes"></span>
One dealer listing describes a non-serif COMEX dial on case 380xxxx, dated 1972. A separate specialist listing shows a serif example, also dated 1972, with a 4.0-million case number. The listing dates are approximate; a serial boundary between the two forms remains unverified. [https://www.craftandtailored.com/products/1972-rolex-comex-submariner-ref-5514 Non-serif 5514 listing] [https://hqmilton.com/products/1972-rolex-comex-submariner-5514-with-serif-dial Serif 5514 listing]
== Case, bezel, crystal, and crown ==
 
<span id="late-period-comex-matte"></span>
=== Late-period COMEX matte (mid-to-late 1970s) ===
 
COMEX 878, case 5,230,258, is a matte COMEX-dial example catalogued as 1977 by Antiquorum. It has the large external issue-number engraving usually called “Big Numbers.” [https://catalog.antiquorum.swiss/en/lots/rolex-ref-5514-submariner-comex-big-numbers-lot-383-172 Antiquorum, 12 December 2025, lot 172]


<span id="helium-escape-valve-technical-context"></span>
<span id="service-replacement-non-logo"></span>
=== Helium escape valve — technical context ===
=== Service-replacement non-logo ===


The HEV is the defining structural feature. COMEX divers operated in saturation diving environments where they lived for days or weeks in hyperbaric chambers and submersibles pressurized with trimix — a helium, nitrogen, and oxygen blend — along with related specialized gas mixtures suited to extreme depths. At saturation pressures, helium molecules are small enough to permeate gaskets and seals and slowly accumulate inside the watch case. Without a release mechanism, the pressure differential during decompression can build up enough force to blow the crystal clean off the case.
Sotheby’s identifies the non-logo dial on Douglas Matheson’s watch, case 4,089,906, as a replacement fitted during Rolex service. The lot included a Henry Hudson letter, 2008 service documents and correspondence from Matheson about its use during the HMS ''Edinburgh'' salvage. [https://www.sothebys.com/en/buy/auction/2023/important-watches-2/reference-5514-submariner-non-logo-comex-a Sotheby’s, 7 December 2023, lot 110]


The HEV on the 5514 is a Rolex-designed external valve positioned at nine o'clock on the case side. This is Rolex's own solution to the saturation problem, not a Doxa or ETA design. The valve is spring-loaded to remain sealed under ambient pressure and opens to vent when internal case pressure exceeds external ambient pressure during ascent. A 5514 with a non-functioning HEV would be genuinely dangerous in actual deep-saturation use, which is why COMEX specified the 5514 rather than the standard 5513.
<span id="case-bezel-crystal-and-crown"></span>
== Case, bezel, crystal, and crown ==


The rest of the case follows the 5513 specification: 40mm crown-guard case, acrylic crystal, and rotating dive bezel. The HEV is an addition to the 5513 case architecture, not a redesign.
<span id="helium-escape-valve"></span>
=== Helium escape valve ===


<span id="caseback-engraving-authentication-detail"></span>
During saturation work, helium in a pressurised habitat can enter the watch case. As chamber pressure falls during decompression, the trapped gas may escape too slowly and force the crystal off. An automatic escape valve releases that excess pressure. Rolex explains this operating principle in its Sea-Dweller user guide. [https://media.rolex.com/rolexcom/new-watches/2024/media/user-guides/sea-dweller/rolex_sea-dweller_en.pdf Rolex, Sea-Dweller user guide, pp. 6–7]
=== Caseback engraving — authentication detail ===


Correct 5514 casebacks are engraved by Rolex at the factory, not by COMEX in the field. The format is the word COMEX in block letters followed by an individual diver number — for example, "COMEX 7" or "COMEX 47." The number is not sequential production numbering. It corresponds to the diver's position on COMEX's diving team roster.
The 5514 has its valve at 9 o’clock, a screw-down crown protected by crown guards, and a bidirectional timing bezel. The valve addresses decompression; the dial retains the Submariner’s 200m rating. [https://catalog.antiquorum.swiss/en/lots/rolex-lot-223-373 Antiquorum, 9 December 2009, lot 373] [https://www.bonhams.com/auction/30667/lot/21/ Bonhams, 19 June 2025, lot 21]


The engraving appears on the outside of the caseback, typically below the standard Rolex reference number engraving. It is deep, clean, and executed to Rolex precision standards — never scratched, punched, or added in the field. The depth and consistency of the letter strokes are a primary authentication checkpoint.
<span id="caseback-engraving-evolution"></span>
=== Caseback engraving evolution ===


Collector and academic research has cross-referenced many COMEX diver names against their watch numbers. A 5514 whose diver number can be matched to known COMEX personnel records carries a significant premium over an undocumented example. The ability to name the diver turns the watch into a historical artifact.
[[File:Ref 5514 dial-detail.webp|thumb|right|250px|alt=Case flank and bezel with COMEX caseback engraving visible in reflection|Case flank and bezel, COMEX caseback engraving visible in reflection]]


Rolex Forum collectors identify a specific documentation type associated with COMEX provenance: Henry Huet (HH) letters. These are letters from Henry Huet, a key figure in COMEX's diving operations, that accompany specific watches and serve as provenance documentation connecting the watch to its COMEX service history. An HH letter is one of the strongest available provenance documents for a 5514.
Phillips describes two external COMEX layouts and three issue-number sizes. COMEX 377, dated circa 1975, has straight-line lettering and a medium-sized number. Antiquorum’s circa-1977 COMEX 878 has a large number. These examples do not establish a precise changeover year. [https://www.phillips.com/detail/rolex/NY080222/153 Phillips, New York SIX, lot 153] [https://catalog.antiquorum.swiss/en/lots/rolex-ref-5514-submariner-comex-big-numbers-lot-383-172 Antiquorum, 12 December 2025, lot 172]


A shallow, inconsistent, poorly spaced, or badly positioned engraving is a major fraud signal. Given the prices these watches command, aftermarket engraving modification is a known fraud vector. The engraving should look like Rolex made it, because Rolex did. Hand-scratched or punch-style text belongs on a suspect watch.
Inner lids stamped 5513 occur on both the Phillips 377 and 446 examples. Their case serials are also repeated inside. Record the inner reference stamp, internal serial engraving and external issue number separately. [https://www.phillips.com/detail/rolex/NY080222/153 Phillips, New York SIX, lot 153] [https://www.phillips.com/detail/rolex/90836 Phillips, Geneva TWO, lot 145]


<span id="bracelets-end-links-clasps-and-packaging-notes"></span>
<span id="bracelets-end-links-clasps-and-packaging"></span>
== Bracelets, end links, clasps, and packaging notes ==
== Bracelets, end links, clasps, and packaging notes ==


COMEX-issued 5514 examples were delivered either on rubber (neoprene) dive straps or on standard Oyster-compatible metal bracelets, depending on individual diver preference and operational context at the time of issue. The rubber strap was the operational standard for actual diving — neoprene over neoprene suits, secure and minimal — while bracelets were common for surface and shore wear. No single delivery configuration can be asserted as the definitive factory-issue standard. Both rubber strap and Oyster bracelet configurations are period-legitimate, and either is correct on an otherwise-documented 5514.
Catalogued pairings include:


As a modified 5513, bracelet fitment follows the 5513 pattern for the period. The 93150 solid-link Oyster with 580 end links is the expected late-production configuration for bracelet examples. COMEX procurement governed delivery rather than Rolex retail policy, which is why the range of strap configurations is wider than on a comparable retail reference.
* 9315 with 385 end links on Phillips’ COMEX 377 and 446. [https://www.phillips.com/detail/rolex/NY080222/153 Phillips, New York SIX, lot 153] [https://www.phillips.com/detail/rolex/90836 Phillips, Geneva TWO, lot 145]
* 9315 with 380 end links on the non-serif example described above. [https://www.craftandtailored.com/products/1972-rolex-comex-submariner-ref-5514 Non-serif 5514 listing]
* 93150 with 593 end links on Antiquorum’s COMEX 878. [https://catalog.antiquorum.swiss/en/lots/rolex-ref-5514-submariner-comex-big-numbers-lot-383-172 Antiquorum, 12 December 2025, lot 172]
* A later 93150 bracelet with a K3 clasp on Bonhams’ COMEX 723. Bonhams also identifies a later bezel insert. [https://www.bonhams.com/auction/23511/lot/43/ Bonhams, 22 June 2016, lot 43]


<span id="special-branches"></span>
These are fitted components recorded at sale. Original delivery needs its own evidence. A clasp code dates the clasp, and a later bracelet does not by itself establish a Rolex service replacement.
== Special branches ==
[[File:Ref 5514 hero 2.webp|thumb|right|250px|Rolex Submariner Ref. 5514]]
[[File:Ref 5514 full.jpg|thumb|right|250px|COMEX dive watch, diver numbered]]


<span id="ara-argentine-navy"></span>
<span id="authentication"></span>
=== ARA Argentine Navy ===
== Authentication ==


The 16 ARA-engraved examples issued in 1977 are the ultimate special branch within the 5514. They combine COMEX diving specification, Argentine Navy military provenance, and a confirmed total of just 16 pieces. The caseback carries "ARA" in Rolex block-letter format in place of the standard "COMEX" text. Provenance of all 16 is tracked, and any ARA 5514 surfacing without a documented ownership chain should be treated with extreme caution. There is no legitimate source of additional supply.
Start with the identifiers and documents for the individual watch. Photograph the reference and serial between the lugs, the inner lid markings, the external issue number and the valve. Compare those with dated service records and any diver’s paperwork.
The [[Reference:Serial-numbers|serial-number guide]] lists several 5514 case numbers with catalogue dates, including 3,804,841, 4,089,919, 4,155,901 and 5,230,258. Those are case-level observations; they do not create a COMEX issue-number chart or prove original delivery.


<span id="comex-diver-provenance"></span>
The mixed markings on Colin Beard’s COMEX 233 show why this needs care: Bonhams records case 4,391,293, an IV.71 lid and an internal engraving of 773, then dates the watch as circa 1971 and later. The entry does not explain every component’s history. Its mixed markings need to be assessed with that provenance. [https://www.bonhams.com/auction/30667/lot/69/ Bonhams, 19 June 2025, lot 69]
=== COMEX diver provenance ===


Even standard COMEX-issue 5514 examples gain significant value from documented diver provenance. A 5514 with a known original diver owner, matching COMEX caseback engraving, and service history is a different proposition from an undocumented example. The engraving can be verified against COMEX personnel records in some cases.
A documented service dial, as on Matheson’s watch, should be identified as such. Dial text or a caseback layout alone cannot settle originality. [https://www.sothebys.com/en/buy/auction/2023/important-watches-2/reference-5514-submariner-non-logo-comex-a Sotheby’s, 7 December 2023, lot 110]


<span id="historical-market-and-auction-record"></span>
<span id="historical-market-and-auction-record"></span>
== Historical market and auction record ==
<span id="Historical_market_and_auction_record"></span>
== Auction record ==
 
[[File:Ref_5514_full.webp|thumb|right|250px|alt=COMEX dive watch, diver numbered|COMEX dive watch, diver numbered]]
 
Results are reproduced as reported by the auction houses. Bonhams’ results include premium; estimates are labelled separately.


The 5514 market runs on provenance rather than volume. There was never high-volume commercial production, so there is no high-volume commercial market. Every 5514 is a COMEX-issue watch, and every transaction depends on the quality of the documentation, the condition of the COMEX caseback engraving, and the originality of the case and dial.
{| class="wikitable sortable"
! Sale !! COMEX no. / reference !! Case serial !! Catalogue description !! Result or estimate
|-
| [https://www.phillips.com/detail/rolex/NY080222/153 Phillips, New York SIX, lot 153] (2022) || 377 / 5514 || 4,089,919 || Circa 1975; Henry Hudson letter and 2002 service guarantee || USD 252,000 result
|-
| [https://catalog.antiquorum.swiss/en/lots/rolex-lot-144-323 Antiquorum, 12 November 2006, lot 323] || 24 / 5513 HEV || 2,833,552 || 1970 precursor, not reference 5514 || CHF 76,700 result
|-
| [https://catalog.antiquorum.swiss/en/lots/rolex-lot-223-373 Antiquorum, 9 December 2009, lot 373] || Unnumbered / 5514–5513 || 3,804,841 (inferred from the catalogue comparison) || 1972; Patrice Chemin, non-logo dial || USD 72,000 result
|-
| [https://www.phillips.com/detail/rolex/90836 Phillips, Geneva TWO, lot 145] (2015) || 446 / 5514 || 4,155,901 || 1974; non-logo dial, military number 68504-Ci || CHF 52,500 result
|-
| [https://www.bonhams.com/auction/16228/lot/302/ Bonhams, 17 December 2008, lot 302] || 763 / 5514 || 5,230,248 || 1976; diver’s logs and photographs || GBP 50,000–70,000 estimate
|-
| [https://www.bonhams.com/auction/23511/lot/43/ Bonhams, 22 June 2016, lot 43] || 723 / 5514 || 415**** || Circa 1975; issue 1977/78; later bracelet and insert || GBP 72,100, including premium
|-
| [https://www.bonhams.com/auction/30667/lot/21/ Bonhams, 19 June 2025, lot 21] || 717 / 5514 || 4,155,907 || Circa 1976; 93150, O8 clasp, 2012 service guarantee || GBP 63,900, including premium
|-
| [https://www.bonhams.com/auction/30667/lot/69/ Bonhams, 19 June 2025, lot 69] || 233 / 5514 || 4,391,293 || Circa 1971 and later; Colin Beard provenance. Saleroom notice corrects the logbook date to 1974. || GBP 25,600, including premium
|-
| [https://catalog.antiquorum.swiss/en/lots/rolex-ref-5514-submariner-comex-big-numbers-lot-383-172 Antiquorum, 12 December 2025, lot 172] || 878 / 5514 || 5,230,258 || 1977; Big Numbers, 93150/593, 1997 and 2009 documents || EUR 91,840 result
|-
| [https://www.sothebys.com/en/buy/auction/2021/important-watches/rolex-submariner-comex-reference-5514-formerly-the Sotheby’s, 23 April 2021, lot 2140] || 850 / 5514 || 4,462,758 || Circa 1977; Maurice Bessard identity card and service receipt || HKD 500,000–800,000 estimate
|-
| [https://www.sothebys.com/en/buy/auction/2023/important-watches-2/reference-5514-submariner-non-logo-comex-a Sotheby’s, 7 December 2023, lot 110] || 5514 || 4,089,906 || Circa 1976; Douglas Matheson, non-logo service dial || USD 50,000–100,000 estimate
|}


The strongest documented archive example in the package is a sold 1976 5514 with COMEX caseback, diver number, 1972 engraving date, box, and Rolex service papers. That kind of complete provenance chain is what the 5514 market rewards.
Catalogue descriptions can contain errors. Bonhams’ COMEX 763 entry mentions a date aperture, and Sotheby’s COMEX 850 headline calls the watch a date model; both list caliber 1520. Those phrases conflict with the no-date reference. [https://www.bonhams.com/auction/16228/lot/302/ Bonhams, 17 December 2008, lot 302] [https://www.sothebys.com/en/buy/auction/2021/important-watches/rolex-submariner-comex-reference-5514-formerly-the Sotheby’s, 23 April 2021, lot 2140]


Hodinkee's Mike Wood exhibition report and related editorial coverage provide broad public-facing context for the Rolex-COMEX story that started in 1970. Rolex Forum research documents a $50,000 auction result for a 5514 carrying both COMEX professional and military connections — dual-provenance framing that concentrates two of the most powerful value drivers in vintage Submariner collecting onto a single watch. The ARA variant represents that same dual COMEX-military provenance directly: Argentine Navy divers trained at the COMEX facility in Marseille, making these watches simultaneously military-issued and COMEX-connected.
<span id="related-references"></span>
== Related references ==


If an ARA 5514 were to surface at auction with fully documented Argentine Navy provenance and intact chain of custody, it would likely set a new benchmark for the entire 5514 family.
The [[Reference:comex|COMEX guide]] covers the wider supply programme. The 5514 also belongs to the [[Reference:submariner-5xxx-family|5xxx Submariner family]]. Consult [[Reference:Serial-numbers|Serial numbers]] for the distinction between case dating, issue dates and later component dates.


== Sources ==
== Sources ==
* The Vintage Rolex Field Manual — Morning Tundra
* [https://www.phillips.com/detail/rolex/NY080222/153 Phillips, New York SIX, lot 153]
* [https://www.bobswatches.com/rolex-blog/editorial/jason-statham-rare-vintage-rolex-submariner.html Action Star Jason Statham Just Added This Vintage Submariner to His Rolex Collection] — Jared Paul Stern, Bob's Watches
* [https://www.phillips.com/detail/rolex/90836 Phillips, Geneva TWO, lot 145]
* [https://www.hodinkee.com/articles/inside-mike-woods-for-exhibition-only-a-private-rolex-collection-on-limited-display Inside Mike Wood's 'For Exhibition Only': A Private Rolex Collection On Limited Display] — Tim Vaux, Hodinkee
* [https://catalog.antiquorum.swiss/en/lots/rolex-lot-144-323 Antiquorum, 12 November 2006, lot 323]
* [https://watchesofdistinction.com/product/rolex-submariner-ref-5514-comex-1976-box-and-rolex-service-papers/ Rolex Submariner Ref 5514 COMEX (1976) Box and Rolex Service Papers] — Watches of Distinction, Watches of Distinction
* [https://catalog.antiquorum.swiss/en/lots/rolex-lot-223-373 Antiquorum, 9 December 2009, lot 373]
* [https://catalog.antiquorum.swiss/en/lots/rolex-ref-5514-submariner-comex-big-numbers-lot-383-172 Antiquorum, 12 December 2025, lot 172]
* [https://www.bonhams.com/auction/30667/lot/69/ Bonhams, 19 June 2025, lot 69]
* [https://www.bonhams.com/auction/30667/lot/21/ Bonhams, 19 June 2025, lot 21]
* [https://www.bonhams.com/auction/23511/lot/43/ Bonhams, 22 June 2016, lot 43]
* [https://www.bonhams.com/auction/16228/lot/302/ Bonhams, 17 December 2008, lot 302]
* [https://www.sothebys.com/en/buy/auction/2021/important-watches/rolex-submariner-comex-reference-5514-formerly-the Sotheby’s, 23 April 2021, lot 2140]
* [https://www.sothebys.com/en/buy/auction/2023/important-watches-2/reference-5514-submariner-non-logo-comex-a Sotheby’s, 7 December 2023, lot 110]
* [https://www.craftandtailored.com/products/1972-rolex-comex-submariner-ref-5514 Craft and Tailored, non-serif 5514]
* [https://hqmilton.com/products/1972-rolex-comex-submariner-5514-with-serif-dial HQ Milton, serif 5514]
* [https://www.christies.com/lot/lot-5841790 Christie’s, ARA 5514, lot 298]
* [https://media.rolex.com/rolexcom/new-watches/2024/media/user-guides/sea-dweller/rolex_sea-dweller_en.pdf Rolex, Sea-Dweller user guide, pp. 6–7]


[[Category:Submariner]]
[[Category:Submariner]]
[[Category:Working Draft]]

Latest revision as of 00:55, 29 September 2026


Submariner › 5514

Rolex Submariner Ref. 5514
Rolex Submariner Ref. 5514

The 5514 is a no-date Submariner made for COMEX, the French commercial-diving company. It uses a 5513-derived steel case with a helium escape valve at 9 o’clock. Antiquorum gives the reference a 1972–1978 run, although individual catalogue dates differ. Watches survive with COMEX-signed dials, dials without the COMEX logo and Argentine Navy markings. Antiquorum, 12 November 2006, lot 323 Sotheby’s, 7 December 2023, lot 110 Christie’s, ARA 5514, lot 298

Core facts

Detail Description
Reference 5514
Family Submariner, no date
Distribution Made for COMEX; outside the normal retail range
Production 1972–1978 in Antiquorum’s 2006 chronology; see qualifications below
Movement Automatic caliber 1520; auction examples list 26 jewels
Case Steel, crown guards, approximately 40mm
Crystal Acrylic
Dial depth marking 660ft = 200m
Helium escape valve At 9 o’clock
Caseback 5513 inner stamps and separate external COMEX issue numbers appear on documented examples

Specifications and distribution follow the catalogued examples below. Antiquorum, 9 December 2009, lot 373 Bonhams, 19 June 2025, lot 21

Where it sits in the line

Rolex supplied HEV-equipped 5513s before the dedicated 5514. Antiquorum’s 2006 sale included a 5513 with COMEX number 24, case 2,833,552, which it dates to autumn 1970. The reference number matters: that watch is evidence for the earlier 5513 programme. Antiquorum, 12 November 2006, lot 323

The 5514 kept the Submariner’s thinner case format. The Sea-Dweller used a thicker case and was also sold to the public. Phillips describes the 5514 as an exclusive COMEX supply. Phillips, New York SIX, lot 153

Production outline

Antiquorum’s 1972–1978 chronology is a useful outline, but it is not a factory production register. Its 2025 catalogue extends the run into the early 1980s without identifying a final-year example. Bonhams describes COMEX 233 as circa 1971 and later, with an IV.71 inner caseback and a different number engraved inside. The exact endpoints remain uncertain. Antiquorum, 12 November 2006, lot 323 Antiquorum, 12 December 2025, lot 172 Bonhams, 19 June 2025, lot 69

Sotheby’s 2021 catalogue gives roughly 150 watches. Its estimate is not backed by a factory record in the entry. Sotheby’s, 23 April 2021, lot 2140

COMEX issue-number bands

COMEX issue numbers and Rolex case serials are separate identifiers. Their dates can also differ. Bonhams dates COMEX 723 to circa 1975 but records issue to its former owner in 1977/78. Bonhams, 22 June 2016, lot 43

The auction table includes issue numbers 233, 377, 446, 717, 723, 763, 850 and 878. Those examples do not establish consecutive production batches or a date chart for every issue number.

ARA (Argentine Navy) variant

Christie’s catalogued case 4,155,900 with “A.R.A” on the dial, for Armada de la República Argentina. Its back retained ROLEX COMEX 451 and the military number 68509-Ci. Christie’s, ARA 5514, lot 298

The same catalogue reports that 16 Argentine divers trained at COMEX in Marseille from 17 to 30 October 1977. It presents the commissioning of watches for them as an inference. The number of ARA watches made or surviving remains unverified. Christie’s, ARA 5514, lot 298

Phillips’ separate example, case 4,155,901, has a non-logo dial and both COMEX 446 and military number 68504-Ci on the back. It belongs to the Geneva Watch Auction TWO, lot 145. Phillips, Geneva TWO, lot 145

Movement notes

The documented examples use caliber 1520. Bonhams lists 26 jewels for COMEX 717 and 723, as does Sotheby’s for Maurice Bessard’s COMEX 850. These are no-date movements. Bonhams, 19 June 2025, lot 21 Bonhams, 22 June 2016, lot 43 Sotheby’s, 23 April 2021, lot 2140

See Movements for the 1520’s construction and its relationship to other 15xx calibers.

Dial map

5514 COMEX dial detail
5514 COMEX dial detail

Dial appearance needs to be read alongside the watch’s service history. A dial without the COMEX logo can be an early configuration or a later replacement, depending on the example.

Prototype "stealth" non-logo (1972)

Antiquorum’s Patrice Chemin watch, catalogued in 2009 as a 1972 5514/5513, has no COMEX dial logo. The house describes a testing batch of approximately 20 watches with COMEX engraved on the back but no issue number. Antiquorum, 9 December 2009, lot 373

The catalogue title also calls the dial “Maxi.” That label should stay attached to the lot description until its dial type and installation date can be established more precisely. Antiquorum, 9 December 2009, lot 373

Serif and non-serif COMEX-signed (1972 to mid-1970s)

One dealer listing describes a non-serif COMEX dial on case 380xxxx, dated 1972. A separate specialist listing shows a serif example, also dated 1972, with a 4.0-million case number. The listing dates are approximate; a serial boundary between the two forms remains unverified. Non-serif 5514 listing Serif 5514 listing

Late-period COMEX matte (mid-to-late 1970s)

COMEX 878, case 5,230,258, is a matte COMEX-dial example catalogued as 1977 by Antiquorum. It has the large external issue-number engraving usually called “Big Numbers.” Antiquorum, 12 December 2025, lot 172

Sotheby’s identifies the non-logo dial on Douglas Matheson’s watch, case 4,089,906, as a replacement fitted during Rolex service. The lot included a Henry Hudson letter, 2008 service documents and correspondence from Matheson about its use during the HMS Edinburgh salvage. Sotheby’s, 7 December 2023, lot 110

Case, bezel, crystal, and crown

Helium escape valve

During saturation work, helium in a pressurised habitat can enter the watch case. As chamber pressure falls during decompression, the trapped gas may escape too slowly and force the crystal off. An automatic escape valve releases that excess pressure. Rolex explains this operating principle in its Sea-Dweller user guide. Rolex, Sea-Dweller user guide, pp. 6–7

The 5514 has its valve at 9 o’clock, a screw-down crown protected by crown guards, and a bidirectional timing bezel. The valve addresses decompression; the dial retains the Submariner’s 200m rating. Antiquorum, 9 December 2009, lot 373 Bonhams, 19 June 2025, lot 21

Caseback engraving evolution

Case flank and bezel with COMEX caseback engraving visible in reflection
Case flank and bezel, COMEX caseback engraving visible in reflection

Phillips describes two external COMEX layouts and three issue-number sizes. COMEX 377, dated circa 1975, has straight-line lettering and a medium-sized number. Antiquorum’s circa-1977 COMEX 878 has a large number. These examples do not establish a precise changeover year. Phillips, New York SIX, lot 153 Antiquorum, 12 December 2025, lot 172

Inner lids stamped 5513 occur on both the Phillips 377 and 446 examples. Their case serials are also repeated inside. Record the inner reference stamp, internal serial engraving and external issue number separately. Phillips, New York SIX, lot 153 Phillips, Geneva TWO, lot 145

Bracelets, end links, clasps, and packaging notes

Catalogued pairings include:

These are fitted components recorded at sale. Original delivery needs its own evidence. A clasp code dates the clasp, and a later bracelet does not by itself establish a Rolex service replacement.

Authentication

Start with the identifiers and documents for the individual watch. Photograph the reference and serial between the lugs, the inner lid markings, the external issue number and the valve. Compare those with dated service records and any diver’s paperwork. The serial-number guide lists several 5514 case numbers with catalogue dates, including 3,804,841, 4,089,919, 4,155,901 and 5,230,258. Those are case-level observations; they do not create a COMEX issue-number chart or prove original delivery.

The mixed markings on Colin Beard’s COMEX 233 show why this needs care: Bonhams records case 4,391,293, an IV.71 lid and an internal engraving of 773, then dates the watch as circa 1971 and later. The entry does not explain every component’s history. Its mixed markings need to be assessed with that provenance. Bonhams, 19 June 2025, lot 69

A documented service dial, as on Matheson’s watch, should be identified as such. Dial text or a caseback layout alone cannot settle originality. Sotheby’s, 7 December 2023, lot 110

Auction record

COMEX dive watch, diver numbered
COMEX dive watch, diver numbered

Results are reproduced as reported by the auction houses. Bonhams’ results include premium; estimates are labelled separately.

Sale COMEX no. / reference Case serial Catalogue description Result or estimate
Phillips, New York SIX, lot 153 (2022) 377 / 5514 4,089,919 Circa 1975; Henry Hudson letter and 2002 service guarantee USD 252,000 result
Antiquorum, 12 November 2006, lot 323 24 / 5513 HEV 2,833,552 1970 precursor, not reference 5514 CHF 76,700 result
Antiquorum, 9 December 2009, lot 373 Unnumbered / 5514–5513 3,804,841 (inferred from the catalogue comparison) 1972; Patrice Chemin, non-logo dial USD 72,000 result
Phillips, Geneva TWO, lot 145 (2015) 446 / 5514 4,155,901 1974; non-logo dial, military number 68504-Ci CHF 52,500 result
Bonhams, 17 December 2008, lot 302 763 / 5514 5,230,248 1976; diver’s logs and photographs GBP 50,000–70,000 estimate
Bonhams, 22 June 2016, lot 43 723 / 5514 415**** Circa 1975; issue 1977/78; later bracelet and insert GBP 72,100, including premium
Bonhams, 19 June 2025, lot 21 717 / 5514 4,155,907 Circa 1976; 93150, O8 clasp, 2012 service guarantee GBP 63,900, including premium
Bonhams, 19 June 2025, lot 69 233 / 5514 4,391,293 Circa 1971 and later; Colin Beard provenance. Saleroom notice corrects the logbook date to 1974. GBP 25,600, including premium
Antiquorum, 12 December 2025, lot 172 878 / 5514 5,230,258 1977; Big Numbers, 93150/593, 1997 and 2009 documents EUR 91,840 result
Sotheby’s, 23 April 2021, lot 2140 850 / 5514 4,462,758 Circa 1977; Maurice Bessard identity card and service receipt HKD 500,000–800,000 estimate
Sotheby’s, 7 December 2023, lot 110 5514 4,089,906 Circa 1976; Douglas Matheson, non-logo service dial USD 50,000–100,000 estimate

Catalogue descriptions can contain errors. Bonhams’ COMEX 763 entry mentions a date aperture, and Sotheby’s COMEX 850 headline calls the watch a date model; both list caliber 1520. Those phrases conflict with the no-date reference. Bonhams, 17 December 2008, lot 302 Sotheby’s, 23 April 2021, lot 2140

Related references

The COMEX guide covers the wider supply programme. The 5514 also belongs to the 5xxx Submariner family. Consult Serial numbers for the distinction between case dating, issue dates and later component dates.

Sources

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