Reference:5514

Submariner -> 5514

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.

Rolex Submariner Ref. 5514

Core facts

detail	value
reference	5514
family	Submariner (no date, COMEX-issue)
distribution	COMEX-exclusive, no retail
base	modified 5513 case with helium escape valve at 9 o'clock
production	circa 1972 to 1978 (dedicated 5514 reference); preceded by 5513-COMEX-HEV prototypes from 1970–1971
total program output	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	Phillips MilSub-discovery article gives ~250 produced / ~50 known for the dedicated 5517-only batch — distinct from the broader MilSub program total
movement	caliber 1520, 26 jewels — same as standard 5513
crystal	acrylic
crown	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

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.

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.

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.

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.

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.

• 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).
• 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).

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.

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.

Dial map

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.

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.

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.

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.

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.

Case, bezel, crystal, and crown

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.

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.

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.

• 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.
• 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.

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.

• 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.
• 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.
• 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.

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.

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:

• Mid-case serial must match the serial engraved inside the caseback lid on special-order pieces. Mismatch is fatal.
• 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.

Historical market and auction record

Rolex Submariner Ref. 5514

COMEX dive watch, diver numbered

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

Sources

• The Comex ref. 5514 — Corrado Mattarelli (specialist dealer, named research)
• Inside Mike Wood's "For Exhibition Only": A Private Rolex Collection On Limited Display — Tim Vaux (Hodinkee)
• New-to-Market Comex 5514 Rolex Submariner (Hairspring)
• Vintage Rolex Submariner 5513 COMEX Prototype (editorial)
• A Quick Dive Into the Rolex-COMEX Relationship (Coronet Magazine)
• A Review of the 5513 COMEX (WatchProSite)
• Pre-COMEX dial — the definitive answer — Ed Delgado (WatchProSite)
• Non-Serif & Serif Dials — A Review — Beaumont Miller II (5513mattedial.com)
• Rolex COMEX 5514 reference page (DRSD)
• Rolex 5514 Submariner COMEX 377 with Henry Hudson Letter — Phillips NY Watch Auction SIX lot 153 (Phillips, 2022)
• Rolex 5514 Submariner COMEX 446 Cuerpo Infanteria — Phillips Geneva May 2015 lot 145 (Phillips, 2015)
• Ref. 5513 Submariner 660 'COMEX H.E.V. Prototype No. 24' 1970 — Antiquorum Geneva lot 144-323 (Antiquorum, 2006)
• Rolex Ref. 5514/5513 COMEX Submariner HEV 1972 prototype — Antiquorum NY lot 223-373 (Antiquorum, 2009)
• Rolex 5514 Submariner COMEX Big Numbers 878 — Antiquorum Monaco 2025 lot 383-172 (Antiquorum, 2025)
• COMEX Submariner Ref. 5514 COMEX 233 Colin Beard provenance — Bonhams 30667/69 (Bonhams, 2024)
• COMEX Submariner Ref. 5514 COMEX 717 c.1976 — Bonhams 30667/21 (Bonhams, 2024)
• COMEX Submariner Ref. 5514 COMEX 723 c.1975 — Bonhams 23511/43 (Bonhams, 2016)
• COMEX 763 Ref. 5514 with Diver Log Books 1976 — Bonhams 16228/302 (Bonhams, 2008)
• Rolex Submariner COMEX Ref. 5514 formerly Maurice Bessard — Sotheby's HK Important Watches 2021 (Sotheby's, 2021)
• Reference 5514 Submariner Non-Logo Comex c.1976 — Sotheby's Important Watches 2023 (Sotheby's, 2023)
• 1972 Rolex COMEX Submariner Ref. 5514 Non-Serif Dial (Craft and Tailored)
• 1972 Rolex Comex Submariner 5514 with Serif Dial (HQ Milton)
• 1977 Rolex Submariner 5514 COMEX with Henry Hudson Letter (HQ Milton)
• Rolex Submariner Ref 5514 COMEX 1976 — Watches of Distinction (Watches of Distinction)
• The Vintage Rolex Field Manual — Colin A. White, Morning Tundra

Related references

The 5514 was built as a dedicated COMEX product, the only Submariner reference Rolex made specifically for institutional issue. It sits inside the 5xxx Submariner family alongside the 5512, 5513, and 5517, and shares its caliber 1520 movement and 40mm acrylic case with those siblings.