The 1953 launch
Rolex launched the Submariner at the 1954 Basel Fair (production started late 1953) as part of a broader push into water-rated tool watches. The original ref. 6204 was a 100m-rated diver with the now-canonical layout: Mercedes hands, large applied indices, rotating bezel, screw-down crown. Within 5 years of launch the Submariner had become the standard against which every other dive watch was measured; competitors like Omega Seamaster, Blancpain Fifty Fathoms, and the Doxa Sub 300 were defined relative to it.
Why it stayed dominant
Three things keep the Submariner on top. First, continuous evolution without abandoning the design: the modern 126610LN looks like a 1959 ref. 5512 with better materials. Second, functional credibility: 300m water resistance, COSC chronometer movement, durable Cerachrom bezel, all tested at industrial scale. Third, and most importantly, secondary-market liquidity: a Submariner is the most-resellable watch ever made; you can sell it tomorrow for 90-100% of what you paid. Few watches give you that exit liquidity.
The cultural footprint
James Bond wore a Submariner from Dr. No (1962) through Licence to Kill (1989), creating decades of cultural association. Steve McQueen, Robert Redford, Ronald Reagan, Anthony Bourdain, all photographed in Submariners. The watch became cultural shorthand for understated success: expensive enough to signal status, common enough to feel approachable, durable enough to wear genuinely rather than as a display piece. No other luxury watch has occupied that combination of qualities.
What it costs
Modern 126610LN (black bezel) retails at CHF 9,400. The 126610LV 'Kermit' (green bezel) is similar. Both carry 2-4 year AD waitlists. Grey market typically 1.2-1.5x retail for a new piece. Pre-owned 5-10 year old Submariners trade at retail or slightly below. Vintage references (5513, 5512, 1680) range CHF 8,000-50,000+ depending on condition and dial variant. The Submariner is the most frequently quoted reference for 'first luxury watch' and that is unlikely to change.