There were many fabulous watches that sold for great prices at the New York auctions in December.

But one watch stood out and blew past even the most optimistic expectations. A small crown submariner from 1957 that was sold by Sotheby’s.

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Rolex made many so called ‘small crown‘ submariner like the 6204, 6205 and 6636-1 and 5508. This family of small crowns are among the earliest diving watches made by Rolex, all these models were launched during the time span of 1954-1959 (the 5508 was made also into the very early 1960s). They are extremely rare and sought after today.

Most of them stand in the shadows of the larger big crown brother. But slowly prices have been moving up for the small crowns – especially all original examples.

Earlier this month December Sotheby’s had a rare 6536-1 first series with no hashmark bezel in unpolished condition sell for an astounding USD 225’000. That is a new world record price for any small crown watch. Not only that, but it was 11x higher than the low estimate of $20’000. Up until now the strongest prices small crowns have achieved are selling for the CHF/ USD 100- 150’000 range. Like this example, a 6536-1that recently sold by Christies. 

What exactly happened? Why was the price so high of this watch – more than double a previous record? The answer is: condition and originality.

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The small crown that sold at Sotheby’s was a very rare and early small crown first series watch. The case number 306 9xx correct and typical of an early 6536-1 with a glossy dial and non-hash bezel many of which were made in 1957.

The 6536-1 submariner was a rare reference to begin with, made only for short time span unlike the 5508 small crown that followed. First series 6536-1 were special in that they had the non hash-mark bezel with red triangle insert (an extremely rare item in itself). The second series has hashmarks for the first 15min seen on most submariners. Other differences mark a first series from later series 6536-1: like the silver depth rating that is more pronounced in first series 6536-1 as well as the script of Rolex and submariner which is more gilt and golden than later series.

(Credit: Sothebys)

Other features that collectors deemed attractive were the gilt original hands which had great patina and the original white small circle seconds hand (see above).

What drove a collector to pay a massive premium however was the strong case which was unpolished as can be seen below.

(Credit: Sothebys)

The movement of the 6536-1 is based on a 130 Rolex movement which can be seen below.

To find a watch in this condition is remarkable. We have to remember that this was a tool watch – one of the earliest diving watches made from Rolex

My only criticism of this watch is that the dial is not perfect glossy (I have seen many glossier examples than this one) and some marks can be seen at 4 o’clock and between 5 – 6 o’clock and 9 o’clock.  Other than that, an outstanding watch that fetched an equally outstanding price.

Closing thoughts

There is a feeling that Submariner from Rolex is gaining strength again at the expense of other sports models that don’t carry the own ‘Rolex movement’.

The submariner by Rolex represents the DNA of the brand like no other model. Rolex together with Blancpain invented and pioneered the wrist watch diving category. Collectors are recognising this again – that the submariner is perhaps the most iconic brand from Rolex with an incredibly deep history.

Small crowns are among the earliest diving watches from Rolex and very wearable with an iconic design. They are finally getting the attention they deserve.

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Please find below additional pictures of other 6536-1 that are superb examples.

Below a 6536-1 only 200 case numbers away from the watch the sold in Sotheby’s and also from 1957 third quarter. Case Number 306 7xx. 

Notice the red triangle no hash bezel as well as the ‘bumblebee’ type color on the outer track and lume plots, the golden gilt nature of the dial which is typical of early series 6536-1.

A closer look at the depth rating on first series below. Notice how silver/ grey the depth rating is. The depth rating would change color slightly with later series.

Below a fine and like NOS condition second series 6536-1 with red triangle but this time hash-mark bezel insert. Notice the slight difference in gilt color.

It appears more silver/ white in color versus the first series that is more golden. 

(Credit: J Singer /Ovetto watches).