Reference:5514

Submariner › 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

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 documented example carries a non-serif COMEX dial on case 380xxxx, dated 1972; another shows a serif dial, also dated 1972, with a case number in the 4.0-million range. These dates are approximate; a serial boundary between the two forms remains unverified. Craft and Tailored, non-serif 5514 HQ Milton, serif 5514

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

Service-replacement non-logo

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, 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:

• 9315 with 385 end links on Phillips’ COMEX 377 and 446. Phillips, New York SIX, lot 153 Phillips, Geneva TWO, lot 145
• 9315 with 380 end links on the non-serif example. Craft and Tailored, non-serif 5514
• 93150 with 593 end links on Antiquorum’s COMEX 878. 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. Bonhams, 22 June 2016, lot 43

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 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

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

• Phillips, New York SIX, lot 153
• Phillips, Geneva TWO, lot 145
• Antiquorum, 12 November 2006, lot 323
• Antiquorum, 9 December 2009, lot 373
• Antiquorum, 12 December 2025, lot 172
• Bonhams, 19 June 2025, lot 69
• Bonhams, 19 June 2025, lot 21
• Bonhams, 22 June 2016, lot 43
• Bonhams, 17 December 2008, lot 302
• Sotheby’s, 23 April 2021, lot 2140
• Sotheby’s, 7 December 2023, lot 110
• Craft and Tailored, non-serif 5514
• HQ Milton, serif 5514
• Christie’s, ARA 5514, lot 298
• Rolex, Sea-Dweller user guide, pp. 6–7