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{{DISPLAYTITLE:Rolex 5514 Submariner}}
{{DISPLAYTITLE:Rolex 5514 Submariner}}
{{#seo:
{{#seo:
|title=Rolex 5514 Submariner — Production, Dial Variants, Serial Ranges | BezelBase
|title=Rolex Submariner 5514 — Production, Dials & Serial Ranges | Rolexopedia
|description=The 5514 is the COMEX Submariner — Rolex's saturation-diving Submariner with helium escape valve, supplied to Compagnie Maritime d'Expertises 1972-1978. Production count contested. Phillips USD 252,000 record for COMEX 377 with Henry Hudson letter.
|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, COMEX, helium escape valve, HEV, saturation diving, Henry Hudson
|keywords=Rolex, 5514, Submariner, COMEX, helium escape valve, HEV, saturation diving, Henry Hudson
|image=Ref 5514 hero.webp
|image=Ref 5514 hero.webp
|image_alt=Rolex Submariner Ref. 5514
|image_alt=Rolex Submariner Ref. 5514
|type=article
|type=Article
|og_type=article
|og_type=article
|published_time=2026-04-14T16:13:03Z
|published_time=2026-04-14T16:13:03Z
|modified_time=2026-04-29T06:35:00Z
|modified_time=2026-08-04T00:13:06Z
|robots=index,follow,max-image-preview:large
|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: a 5513-derived case fitted with a helium escape valve (HEV) and supplied to Compagnie Maritime d'Expertises, the Marseille saturation-diving outfit that supplied divers to the offshore oil and gas industry. The dedicated 5514 reference exists from circa 1972, codifying the Submariner-HEV-COMEX product after a 1970–71 prototype run on modified 5513 cases. Production ran roughly 1972 to 1978. Total program output is genuinely contested across the auction record — the often-repeated "approximately 154 pieces" figure is challenged by Corrado Mattarelli, who documents at least three production batches with distinct caseback engraving sizes and argues the true number is materially higher.
<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|250px|alt=Rolex Submariner Ref. 5514|Rolex Submariner Ref. 5514]]
{| class="wikitable rp-facts"
 
! Detail !! Description
== Core facts ==
 
{| class="wikitable"
|-
! detail
! value
|-
|-
| reference
| Reference || 5514
| 5514
|-
|-
| family
| Family || Submariner, no date
| Submariner (no date, COMEX-issue)
|-
|-
| distribution
| Distribution || Made for COMEX; outside the normal retail range
| COMEX-exclusive, no retail
|-
|-
| base
| Production || 1972–1978 in Antiquorum’s 2006 chronology; see qualifications below
| modified 5513 case with helium escape valve at 9 o'clock
|-
|-
| production
| Movement || Automatic caliber 1520; auction examples list 26 jewels
| circa 1972 to 1978 (dedicated 5514 reference); preceded by 5513-COMEX-HEV prototypes from 1970–1971
|-
|-
| total program output
| Case || Steel, crown guards, approximately 40mm
| genuinely contested. ~154 (Sotheby's editorial, Coronet, Chrono24 magazine, multiple dealer pages); "at least three batches, materially more than 154" (Corrado Mattarelli, who documents three engraving sizes); 800–1,000 (dealer estimates without provenance)
|-
|-
| 5517 reference subset
| Crystal || Acrylic
| Phillips MilSub-discovery article gives ~250 produced / ~50 known for the dedicated 5517-only batch — distinct from the broader MilSub program total
|-
|-
| movement
| Dial depth marking || 660ft = 200m
| caliber 1520, 26 jewels — same as standard 5513
|-
|-
| crystal
| Helium escape valve || At 9 o’clock
| acrylic
|-
|-
| crown
| Caseback || 5513 inner stamps and separate external COMEX issue numbers appear on documented examples
| 7mm screw-down
|-
| HEV
| Rolex-designed external valve at 9 o'clock; spring-loaded, opens to vent during ascent when internal case pressure exceeds external pressure
|-
| inner caseback
| stamped 5513 — the 5514 designation appears between the lugs and on the outer caseback only
|-
| outer caseback engraving
| early/mid: "Rolex COMEX" straight-line lettering with small or medium issue number; later (c.1975 onward): wrap-around "Rolex COMEX" with deeply engraved "Big Numbers" issue
|-
| ARA variant
| 16 examples engraved "ARA" issued to Argentine Navy divers training at COMEX Marseille, 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 is a 5513 case modified with a helium escape valve, produced outside the retail ladder for a single institutional client. It sits adjacent to the 5517 MilSub — the other non-retail branch of the 5513 era — but the two went to different worlds. The 5514 went to commercial divers working the offshore oil and gas industry at depths well beyond ordinary sport or military diving; the 5517 went to the Royal Navy SBS and British Army SAS for combat diving operations.
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]


The HEV introduction sequence reads as a three-step lineage rather than a single first. The 1665 Sea-Dweller carries the first HEV on a Rolex sport watch — patent filed 6 November 1967, granted 15 June 1970, with Sea-Dweller production debut in 1967. The first HEV-equipped Submariner-cased watches are the 5513 COMEX prototypes from 1970–1971 (Antiquorum lot 144-323 documents 5513 COMEX No. 24 from autumn 1970). The dedicated 5514 reference codifies the Submariner-HEV-COMEX product from circa 1972 onward. Capture this as a sequence rather than a single attribution: HEV-first reference is the 1665 Sea-Dweller; HEV-first Submariner-cased watch is a 5513 COMEX prototype; HEV-first dedicated reference number on a Submariner case is the 5514.
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]


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


Production of the dedicated 5514 reference ran 1972 to 1978 across major-house lots and specialist dealers (Mattarelli, Coronet, Sotheby's lot text, Chrono24 magazine, Phillips, Antiquorum). TheWatchBuyersGroup gives an early-1967 origin date — the only source that makes that claim. The 1967 reading conflates 5513 prototype experimentation with 5514 reference issuance; capture as a sourced contradiction but follow the 1972 launch as the corpus consensus.
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]


The "approximately 154 examples" figure repeats across editorial and dealer text but lacks a primary citation. Mattarelli's specialist research challenges it directly, documenting at least three production batches with distinct caseback engraving sizes and noting that early batches were delivered without COMEX-signed dials. The 800–1,000 dealer estimates (Chrono24, Collectors Square) carry no provenance and should be discounted; the genuine spread sits between Mattarelli's reading and the consensus 154. Capture all three with attribution.
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>
<span id="comex-issue-number-bands"></span>
=== COMEX issue-number bands ===
=== COMEX issue-number bands ===


Documented issue numbers across major-house lots cluster as follows. Issue assignment lagged production — the COMEX 723 example (Bonhams 23511/43) carries a 1975 case but a COMEX log entry from 1977/78.
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]


* '''Prototype / earliest batch (1970–1972):''' unnumbered or low double-digits. 5513-COMEX-HEV prototype No. 24 (autumn 1970, case 2,833,552). Approximately 20-piece prototype batch in 1972 (Antiquorum NY 2009 lot 223-373, case 3,804,841, no COMEX logo on dial).
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.
* '''200–400 range (mid-1970s):''' COMEX 233 (Bonhams 30667/69, Colin Beard provenance, c.1971 + later service); COMEX 377 (Phillips NY080222/153, 1975, Henry Hudson letter); COMEX 446 (Phillips CH080215/145, 1974, "Cuerpo Infanteria" — Argentine Navy / COMEX joint variant).
* '''700 range (mid-to-late 1970s):''' COMEX 717 (Bonhams 30667/21, c.1976); COMEX 723 (Bonhams 23511/43, 1975 case, 1977/78 issue); COMEX 763 (Bonhams 16228/302, 1976, COMEX Middle East Safety Department log books).
* '''800 range (late 1970s):''' COMEX 850 (Sotheby's HK 2021, Maurice Bessard provenance, 1977); COMEX 878 (Antiquorum Monaco 2025 lot 383-172, 1977, "Big Numbers" caseback).


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


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 República Argentina''. The visual distinction 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. No individual diver number appears in the COMEX format; any number that does appear follows Argentine Navy rather than COMEX convention. The count of 16 is well established in collector and dealer literature but has not been verified against Argentine Navy procurement records, so it should be read as collector consensus rather than confirmed factory figure. Provenance of all 16 is actively tracked among specialists.
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 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]
 
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 runs caliber 1520, the long-run non-chronometer caliber that powers the standard 5513 through most of its run. The 5514's distinction over the standard 5513 is structural — the HEV at 9 o'clock — rather than mechanical. The 1520 carries 26 jewels at the late-run spec. Service replacement to caliber 1570 is documented on a small subset of survivors.
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|alt=5514 COMEX dial detail|5514 COMEX dial detail]]
[[File:5514_Comex_Dial.webp|thumb|234x234px|alt=5514 COMEX dial detail|5514 COMEX dial detail]]


Three documented dial progressions across the production run, supported by Mattarelli, Hairspring, and HQ Milton specimens. Maxi dial typology is associated with later 5513 production and the 1680, not with the 5514. Underline dials likewise belong to early-1970s 5513 / 5512 production, not 5514.
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="prototype-stealth-non-logo"></span>
<span id="prototype-stealth-non-logo"></span>
=== Prototype "stealth" non-logo (1972) ===
=== Prototype "stealth" non-logo (1972) ===


Earliest 5514s carry a non-logo matte dial with painted indexes — sometimes with a serif "ROLEX" wordmark — without any COMEX logo at all. Antiquorum NY 2009 lot 223-373 documents the configuration on case 3,804,841: a 1972 prototype-batch example with no COMEX logo, sold for USD 72,000 against a 40,000–60,000 estimate. The prototype batch is approximately 20 pieces.
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]
 
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]


<span id="serif-and-non-serif-comex-signed"></span>
<span id="serif-and-non-serif-comex-signed"></span>
=== Serif and non-serif COMEX-signed (1972 to mid-1970s) ===
=== Serif and non-serif COMEX-signed (1972 to mid-1970s) ===


After the prototype run the COMEX block-stamp logo appears on the dial alongside the standard "Submariner / 660ft = 200m" depth marking. The cleanest reference for the serif-vs-non-serif transition. Non-serif dials enter production late 1969 / early 1970 and run forward; serif dials run through mid-2.0M serials to roughly 1973 and overlap with the early non-serif on the 5514. Specialist documentation records a 1972 non-serif on case 380xxxx with matching 9315/380 bracelet; A specialist 1972 serif example is documented.
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]


<span id="late-period-comex-matte"></span>
<span id="late-period-comex-matte"></span>
=== Late-period COMEX matte (mid-to-late 1970s) ===
=== Late-period COMEX matte (mid-to-late 1970s) ===


Matte non-serif COMEX-signed dials populate the late run. The Antiquorum 2025 Big Numbers lot (COMEX 878, 1977) and the Sotheby's HK 2021 Maurice Bessard lot (COMEX 850, 1977) anchor the configuration. Tropical conversion appears on a small subset; the COMEX matte ground does not shift to brown as readily as the gilt of the 6538 era — the substrate is a different material.
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="service-replacement-non-logo"></span>
<span id="service-replacement-non-logo"></span>
=== Service-replacement non-logo ===
=== Service-replacement non-logo ===


Rolex serviced COMEX watches every six months under the original program agreement. Service-replacement dials surface as non-logo or white-gold-surround configurations on watches with documented COMEX issue numbers — Sotheby's Important Watches 2023 documents an example on case 4,089,906 (c.1976) with a service-replaced non-logo dial. These are period-correct service work, not fakes, but they are not the original-delivery configuration.
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]


<span id="case-bezel-crystal-and-crown"></span>
<span id="case-bezel-crystal-and-crown"></span>
Line 138: Line 122:
=== Helium escape valve ===
=== Helium escape valve ===


The HEV is the defining structural feature. COMEX divers operated in saturation environments, living for days or weeks in hyperbaric chambers and submersibles pressurised with trimix (a helium / nitrogen / oxygen blend) and related specialised 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.
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]
 
The 5514 HEV is a Rolex-designed external valve at 9 o'clock — Rolex's own answer to the saturation problem rather than a Doxa or ETA design. The valve is spring-loaded to stay sealed under ambient pressure and opens to vent when internal case pressure exceeds external pressure during ascent. A 5514 with a non-functioning HEV would be dangerous in actual deep-saturation use, which is why COMEX specified the 5514 rather than the retail 5513.


The rest of the case follows the 5513 specification: 40mm crown-guard case, acrylic crystal, friction-rotating dive bezel. The HEV is an addition to the 5513 architecture rather than a redesign of it.
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]


<span id="caseback-engraving-evolution"></span>
<span id="caseback-engraving-evolution"></span>
=== Caseback engraving evolution ===
=== Caseback engraving evolution ===


Two documented engraving styles per Mattarelli, confirmed by lot photos. Both are factory engravings executed by Rolex, not by COMEX in the field.
[[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]]


* '''Early / mid (1972 to circa 1975):''' "Rolex COMEX" written in straight lines across the caseback with a small or medium issue number stacked beneath. "straight lines across the case back" on the early specimens.
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]
* '''Later (circa 1975 onward):''' "Rolex Comex" wrapped around the caseback edge with a large, deeply engraved issue number — the "Big Numbers" caseback. Antiquorum 2025 lot 383-172 (COMEX 878, 1977) is the canonical example.


Mattarelli describes three engraving sizes overall (small / medium / large). Two small holes in the caseback fix it during the engraving operation. The inner caseback is stamped 5513, with the matching mid-case serial often engraved inside the lid for special-order traceability. The 5514 designation appears between the lugs and on the outer caseback engraving only.
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"></span>
<span id="bracelets-end-links-clasps-and-packaging"></span>
== Bracelets, end links, clasps, and packaging notes ==
== Bracelets, end links, clasps, and packaging notes ==


Period-correct bracelet fitments evolve across the run rather than splitting between rubber and metal as some dealer copy claims.
Catalogued pairings include:


* '''Early 1972 5514s:''' 9315 folded-link Oyster with 380 end-links and Fliplock clasp. Craft and Tailored 1972 (case 380xxxx with matching 380 end-pieces), Antiquorum prototype-batch lot, and Phillips CH080215/145 (COMEX 446, 1974) all carry the 9315/380/Fliplock configuration.
* 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]
* '''Mid-1970s (1974–1976):''' still 9315 in many cases. Phillips NY080222/153 (1975, COMEX 377) and Bonhams 30667/69 (Colin Beard, COMEX 233) both wear 9315.
* 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]
* '''Late 1970s (1977–1978):''' 93150 solid-link Oyster with 580 end-links transitions in. Antiquorum 383-172 (1977), HQ Milton 1977 specimen, and Bonhams 23511/43 (with later 93150 K3 clasp) all carry 93150.
* 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]


The 78360 folded-link Oyster appears on service swaps and on 5513 production after the 5514 era; a 78360 on a 5514 is not period-correct delivery. COMEX-issued 5514s shipped on rubber NSA-style straps for actual diving in many cases — the rubber configuration was operational standard for saturation work — but the metal bracelet was the Rolex factory-delivery configuration.
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.


<span id="authentication"></span>
<span id="authentication"></span>
== Authentication ==
== Authentication ==


The 5514 sits at the top of the COMEX collector market and is one of the highest-value forgery targets in vintage Rolex. Compiled from Mattarelli, WatchProSite, dealer notes, and Bonhams / Phillips catalog text:
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.
 
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]


* '''Mid-case serial must match the serial engraved inside the caseback lid''' on special-order pieces. Mismatch is fatal.
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]
* '''Inner caseback stamps 5513,''' not 5514. Any inner-caseback 5514 stamp is a forgery flag.
* '''Engraving font, depth, and layout''' must track the period: early straight-line versus late wrap-around. A 1975-or-later case with early straight-line engraving (or vice versa) is a swapped or refurbished caseback.
* '''Standard 5513 cases with later-applied 5514 caseback engravings''' are the canonical fake. Cross-check the case-serial-to-issue-number plausibility against the bands documented above.
* '''Service replacement dials''' (non-logo, white-gold-surround) are common — Rolex serviced COMEX watches every six months under the original program agreement. A non-logo dial on a watch with a documented COMEX issue number is plausible service work, not necessarily a fake, but it is not the original-delivery configuration.
* '''Henry Hudson letters from Rolex Bexley UK''' are an external validator when present and confirm caseback engraving + COMEX issue. They are no longer issued. Forgeries of the letters themselves are a separate concern. Distinct from the Henry Huet (HH) letter sometimes referenced in collector literature — Huet was a senior figure in COMEX's diving operations, and a letter from him accompanying a watch ties it to specific period COMEX service rather than to Rolex authentication.
* '''Bracelet-to-year coherence:''' 9315 on a 1977-issue case is plausible (carryover stock); 93150 on a 1972-issue case is suspicious unless shown to be a documented later swap.
* '''ARA cases without documented chain of custody''' to one of the 16 known examples should be treated with extreme caution. There is no legitimate route to additional supply, and the combination of scarcity and value makes ARA the highest-risk authentication scenario in the vintage Submariner market.


<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 hero 2.webp|thumb|right|250px|alt=Rolex Submariner Ref. 5514|Rolex Submariner Ref. 5514]]
[[File:Ref_5514_full.webp|thumb|right|250px|alt=COMEX dive watch, diver numbered|COMEX dive watch, diver numbered]]
[[File:Ref 5514 full.jpg|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.


{| class="wikitable sortable"
{| class="wikitable sortable"
! Sale !! COMEX no. / reference !! Case serial !! Catalogue description !! Result or estimate
|-
|-
! Sale !! Lot !! Year !! COMEX no. !! Case serial !! Variant / config !! Hammer
| [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
|-
|-
| Phillips NY Watch Auction SIX || NY080222/153 || 2022 || 377 || 4,089,919 || 1975 matte black, 9315, Henry Hudson letter || USD 252,000
| [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
|-
|-
| Antiquorum Geneva || 144-323 || 2006 || 24 (5513 prototype) || 2,833,552 || 1970 COMEX-logo matte, Fliplock 9315 || CHF 76,700
| [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
|-
|-
| Antiquorum NY || 223-373 || 2009 || (no logo, prototype batch ~20) || 3,804,841 || 1972 non-logo painted indexes || USD 72,000
| [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
|-
|-
| Phillips Geneva || CH080215/145 || 2015 || 446 (Cuerpo Infanteria) || 4,155,901 || 1974 non-logo, Argentine Navy joint || CHF 52,500
| [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
|-
|-
| Bonhams London || 16228/302 || 2008 || 763 || 5,230,248 || 1976 COMEX 660ft=200m, Middle East log books || est. GBP 50,000–70,000
| [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
|-
|-
| Bonhams London || 23511/43 || 2016 || 723 || 415xxxx || c.1975 case / 1977-78 issue, COMEX matte, 93150 K3 || GBP 72,100
| [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
|-
|-
| Bonhams New Bond St || 30667/21 || 2024 || 717 || 4,155,907 || c.1976 COMEX 660ft=200m, 93150 || GBP 63,900
| [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
|-
|-
| Bonhams New Bond St || 30667/69 || 2024 || 233 (Colin Beard) || 4,391,293 || c.1971 + later service, COMEX matte, 9315 || GBP 25,600
| [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
|-
|-
| Antiquorum Monaco || 383-172 || 2025 || 878 ("Big Numbers") || 5,230,258 || 1977 matte, Big-Numbers caseback, 93150/593 || EUR 91,840
| [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
|-
|-
| Sotheby's HK Important Watches || — || 2021 || 850 (Maurice Bessard) || 4,462,758 || 1977 COMEX matte, Oyster + double folding || est. HKD 500,000–800,000
| [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
|-
| Sotheby's Important Watches || — || 2023 || (logo lost in service) || 4,089,906 || c.1976 service-replacement non-logo || est. USD 50,000–100,000
|}
|}


The Phillips New York 2022 result of USD 252,000 for COMEX 377 with Henry Hudson letter is the documented top of the public market. Antiquorum's 2025 Big Numbers lot at EUR 91,840 is the most recent disclosed result. Useful range for a clean documented example sits roughly USD 65,000 to 250,000 depending on Henry Hudson letter status, COMEX-named-diver provenance, and dial-state originality. Even standard COMEX-issue examples with documented diver provenance trade well above undocumented examples — a named original diver, matching caseback engraving, and a service history move the watch from anonymous tool to documented service piece.
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]
 
== Sources ==
 
* [https://corradomattarelli.com/products/rolex-the-comex-ref-5514 The Comex ref. 5514] — Corrado Mattarelli (specialist dealer, named research)
* [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://hairspring.com/blogs/finds/new-to-market-comex-5514-rolex-submariner New-to-Market Comex 5514 Rolex Submariner] (Hairspring)
* [https://www.bobswatches.com/rolex-blog/history-of-time/vintage-rolex-submariner-5513-comex-prototype.html Vintage Rolex Submariner 5513 COMEX Prototype] (editorial)
* [https://www.coronet.org/auction-report/auction-report-a-quick-dive-into-the-rolex-comex-relationship A Quick Dive Into the Rolex-COMEX Relationship] (Coronet Magazine)
* [https://www.watchprosite.com/rolex/a-review-of-the-5513-comex/732.975573.6818168/ A Review of the 5513 COMEX] (WatchProSite)
* [https://www.watchprosite.com/rolex/rolex-pre-comex-dial-the-diffinitive-answer-as-to-the-name-pre-comex-/732.1118868.8485623/ Pre-COMEX dial — the definitive answer] — Ed Delgado (WatchProSite)
* [http://5513mattedial.com/Serifs.html Non-Serif & Serif Dials — A Review] — Beaumont Miller II (5513mattedial.com)
* [https://www.drsd.com/watch-info/comex/comex-5514.html Rolex COMEX 5514 reference page] (DRSD)
* [https://www.phillips.com/detail/rolex/NY080222/153 Rolex 5514 Submariner COMEX 377 with Henry Hudson Letter — Phillips NY Watch Auction SIX lot 153] (Phillips, 2022)
* [https://www.phillips.com/detail/rolex/CH080215/145 Rolex 5514 Submariner COMEX 446 Cuerpo Infanteria — Phillips Geneva May 2015 lot 145] (Phillips, 2015)
* [https://catalog.antiquorum.swiss/en/lots/rolex-lot-144-323 Ref. 5513 Submariner 660 'COMEX H.E.V. Prototype No. 24' 1970 — Antiquorum Geneva lot 144-323] (Antiquorum, 2006)
* [https://catalog.antiquorum.swiss/en/lots/rolex-lot-223-373 Rolex Ref. 5514/5513 COMEX Submariner HEV 1972 prototype — Antiquorum NY lot 223-373] (Antiquorum, 2009)
* [https://catalog.antiquorum.swiss/en/lots/rolex-ref-5514-submariner-comex-big-numbers-lot-383-172 Rolex 5514 Submariner COMEX Big Numbers 878 — Antiquorum Monaco 2025 lot 383-172] (Antiquorum, 2025)
* [https://www.bonhams.com/auction/30667/lot/69/ COMEX Submariner Ref. 5514 COMEX 233 Colin Beard provenance — Bonhams 30667/69] (Bonhams, 2024)
* [https://www.bonhams.com/auction/30667/lot/21/ COMEX Submariner Ref. 5514 COMEX 717 c.1976 — Bonhams 30667/21] (Bonhams, 2024)
* [https://www.bonhams.com/auction/23511/lot/43/ COMEX Submariner Ref. 5514 COMEX 723 c.1975 — Bonhams 23511/43] (Bonhams, 2016)
* [https://www.bonhams.com/auction/16228/lot/302/ COMEX 763 Ref. 5514 with Diver Log Books 1976 — Bonhams 16228/302] (Bonhams, 2008)
* [https://www.sothebys.com/en/buy/auction/2021/important-watches/rolex-submariner-comex-reference-5514-formerly-the Rolex Submariner COMEX Ref. 5514 formerly Maurice Bessard — Sotheby's HK Important Watches 2021] (Sotheby's, 2021)
* [https://www.sothebys.com/en/buy/auction/2023/important-watches-2/reference-5514-submariner-non-logo-comex-a Reference 5514 Submariner Non-Logo Comex c.1976 — Sotheby's Important Watches 2023] (Sotheby's, 2023)
* [https://www.craftandtailored.com/products/1972-rolex-comex-submariner-ref-5514 1972 Rolex COMEX Submariner Ref. 5514 Non-Serif Dial] (Craft and Tailored)
* [https://hqmilton.com/products/1972-rolex-comex-submariner-5514-with-serif-dial 1972 Rolex Comex Submariner 5514 with Serif Dial] (HQ Milton)
* [https://hqmilton.com/products/1977-rolex-submariner-5514-comex-with-henry-hudson-letter 1977 Rolex Submariner 5514 COMEX with Henry Hudson Letter] (HQ Milton)
* [https://watchesofdistinction.com/product/rolex-submariner-ref-5514-comex-1976-box-and-rolex-service-papers/ Rolex Submariner Ref 5514 COMEX 1976 — Watches of Distinction] (Watches of Distinction)
* ''The Vintage Rolex Field Manual'' — Colin A. White, Morning Tundra


<span id="related-references"></span>
<span id="related-references"></span>
== Related references ==
== Related references ==


The 5514 was built as a dedicated [[Reference:comex|COMEX]] product, the only Submariner reference Rolex made specifically for institutional issue. It sits inside the [[Reference:submariner-5xxx-family|5xxx Submariner family]] alongside the 5512, 5513, and 5517, and shares its caliber 1520 movement and 40mm acrylic case with those siblings.
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 ==
* [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]
* [https://catalog.antiquorum.swiss/en/lots/rolex-lot-144-323 Antiquorum, 12 November 2006, lot 323]
* [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

Retrieved from "https://rolexopedia.net/index.php?title=Reference:5514&oldid=11067"