Rolex Yacht-Master 168623

Rolex Yacht-Master ref. 168623 with a mother-of-pearl dial, diamond and sapphire indexes, and yellow-gold bezel — Phillips, lot 1008.

The 168623 is Rolex's 35 mm steel-and-yellow-gold Yacht-Master.

Core facts

Item	Catalogued specification
Reference	168623
Model	Oyster Perpetual Yacht-Master
Case diameter	35 mm in Rolex's 2011 and 2012 U.S. catalogues
Case and bezel	Stainless steel case; 18 ct yellow-gold rotatable timing bezel
Crystal	Synthetic sapphire
Movement	31-jewel chronometer; Cal. 2235 is named in exact-reference watch records
Bracelets	Oysterlock refs. 78753 and 78743 listed by Rolex

Where it sits in the line

Rolex's 2012 catalogue lists it beside the steel-and-platinum 168622 and all-gold 168628.

Production outline

The Vintage Rolex Field Manual dates the start to 1999; a 2008 Rolex Forums post says 2000, and a 2013 forum discussion cites Mondani's 2005 date. Rolex's U.S. catalogues list the reference in 2011 and 2012.

Movement notes

Rolex's 2011 and 2012 catalogues identify a 31-jewel chronometer. Phillips names Cal. 2235 for case K280'434; Bucherer and Dorotheum also list the 2235 for ref. 168623.

Rolex's 1999 technical manual covers Cal. 2235. A 2004 Horological Times article gives the caliber's diameter as 20 mm, its height as 5.95 mm, and its reserve as about 50 hours.

Dial map

Rolex catalogues list mother-of-pearl, black mother-of-pearl, and white mother-of-pearl dials with gem-set indexes. The two gem layouts pair eight round diamonds and a triangular marker with either two baguette sapphires or two baguette rubies. Phillips's circa-2001 watch has the sapphire version. Bucherer lists a white index dial; Gardiner Houlgate and Dorotheum list grey dials.

Case and bezel

Phillips describes the bezel on case K280'434 as bidirectional. Rolex specifies a 35 mm diameter; Gardiner Houlgate gives 37 mm for its example.

Bracelets and accessories

Rolex lists bracelet refs. 78743 and 78753 for the 168623. Phillips records 78753 on case K280'434.

Rolex's 2012 catalogue gives two counts for each bracelet: its model table lists 13 links for 78743 and 14 for 78753; its bracelet table lists 12 and 13, respectively.

The Phillips lot also included a Rolex presentation box, literature, and guarantee papers.

Rolex Yacht-Master ref. 168623 shown with papers and Yacht-Master literature — Phillips, lot 1008: case K280'434 with its papers and literature.

Auction and CPO records

Date assigned to watch	Record	Details
2000	Bucherer Rolex Certified Pre-Owned listing	Ref. 168623, white index dial, Cal. 2235.
Circa 2001	Phillips, Hong Kong Watch Auction: NINE, lot 1008	Case K280'434; Cal. 2235; 35 mm; bracelet 78753; mother-of-pearl dial with diamond and sapphire indexes. The guarantee is dated 8 August 2002. Sold for HK$43,750.
Circa 2005	Gardiner Houlgate, 21 September 2022, lot 26	Serial D601xxxx; grey dial; Oyster bracelet; box and booklet; catalogued at 37 mm.
Circa 2006	Dorotheum, 23 May 2025, lot 494	Case D476282; grey dial; 35 mm; Cal. 2235; accompanied by warranty and service documents.

Case K280'434, catalogued circa 2001. Phillips, lot 1008.
The same watch shown with its papers and Yacht-Master literature. Phillips, lot 1008.

Sources