Ten of the Most Underrated Rolex Models Explained

As by far the most recognizable watch brand in the world, Rolex produces a huge number of highly sought-after watches that often resell well over list price. But there are also some (relatively) unhyped gems in Rolex’s current and past lineups. This is our guide to the top ten underrated Rolex models, but we won’t just tell you “the Yacht-Master is underrated,” for instance. We’ll give you specific reference numbers so you can easily shop for the most undervalued variants.

Rolex Explorer Ref. 14270

We’ve consistently ranked the Explorer ref. 14270 (1989-2001) among the best readily available “cheap” Rolexes you can buy. Ref. 1016, the model before it, is often regarded as the quintessential Explorer reference, and prices for those are well into five figures. But the 14270 doesn’t seem to enjoy the same clout–yet, anyway.

In its final three years, the Explorer 14270 used Super-Luminova rather than tritium lume. So if you want your watch to develop “patina,” stick with the older tritium models (which will have a “T<25” next to “SWISS” at the bottom). And if you want your lume to remain crispy white and functional, go with a later one.

For those who prefer drilled lugholes, you’ll need to find a model from about 1994 or earlier, as the 14270 was one of the first Rolex references to go lughole-free. Expect to pay about $6,000 for a decent example.

Rolex Day-Date Ref. 118205

When the first six-digit Day-Date references appeared in 2000, the movement wasn’t changed, but it was a major upgrade in terms of bracelet feel and weight. The 1182xx generation, which lasted from 2000-2018, was the last time Day-Dates were offered with domed gold bezels and/or Oyster bracelets. I think the ones with gold domed bezels (118205 in rose gold, 118208 in yellow gold, and 118209 in white gold) are underrated. You can’t go wrong with any of those choices, but I think Day-Dates look fantastic in rose gold.

The 118205 (along with its fluted-bezel equivalent, 118235) was actually the first rose gold Rolex to appear in their catalog in decades. Rose gold wasn’t always as popular as it is now. While the current fluted rose gold Day-Date 36 (ref. 126235) tends to sell for about $40,000 pre-owned, you should be able to find a 118205 for about $25,000.

The Most Underrated Rolex Daytona: Ref. 16518

Nowadays, a previous-generation stainless steel Rolex Daytona (ref. 116500LN) costs roughly $27,000 secondhand. For that money, you can get a solid yellow gold neo-vintage Daytona on a leather strap. Ref. 16518 (along with its white gold equivalent, ref. 16519) was made from 1988-1999 and is powered by the legendary Zenith El Primero automatic chronograph movement.

All Daytonas on straps come with deployant clasps. While 5-digit Daytona models on bracelets have already gotten plenty of hype, the leather strap versions remain relatively underrated.

Rolex Yacht-Master 40 Ref. 116655

The Yacht-Master 40 ref. 116655 (along with its 37mm equivalent, 268655) was the first watch to feature the Rolex Oysterflex bracelet in 2015. Although the Yacht-Master is an inherently “loud” watch, the black strap and black ceramic bezel insert tone it done about as much as it’s possible to tone down a solid gold Rolex sports watch. In person, the Everose gold case and accents contrast beautifully with the matte black dial.

Ref. 116655 is just like the current 126655 except for the movement, and although the older movement has a shorter power reserve (48 hours instead of 70), some feel it’s more reliable (and less prone to amplitude issues) than the newer ones. You can find 116655’s for about $25,000, making them the most affordable 40mm watches on Oysterflex. While the Rolex Yacht-Master lineup could be considered underrated in general, this reference in particular stands out.

Rolex Explorer II Ref. 16570 Black

The most underrated Rolex Explorer II in my opinion (by far) is the 16570 with a black dial. Perhaps because it was made for so long (1989-2011), collectors tend to take the 16570 for granted, and when it does get attention from enthusiasts it tends to be the white (“Polar”) version most of the time.

But the black dial just works. After all, the original Explorer II (ref. 1655) was only made in black. Nice black 16570’s can easily be found for under $8,000, making them an excellent choice for an entry-level Rolex sports watch. Many collectors prefer their classic 40mm case size to the newer 42mm ones.

Underrated Vintage Rolex: Rolex Zephyr Ref. 6582, 1008

As a vintage Rolex fan, I had to include at least one somewhat obscure older model in this list. There were actually quite a few unusual textured gold Rolex bezels offered on 34mm models from the 1950s-1970s, and one of my personal favorites is the Rolex Zephyr. The “Zephyr” was a Rolex model sold only in North America, offered in either two-tone or solid gold.

In addition to the Zephyr’s striking crosshair dial, its sloped engine-turned gold bezel has distinctive notches at each hour. There are also marks on the bezel for each minute, allowing the dial to be clean and minute-marker-free. The original Zephyr model, ref. 6582, debuted in the late 1950s. Its successor, ref. 1008, looks basically identical but has an improved movement. Both can be found for roughly $4,500 in two-tone. Solid gold models are about twice that, or even more if they have a gold bracelet.

Rolex Cellini Prince Ref. 5440, 5441, 5442, 5443

Rolex currently only puts exhibition casebacks on the Le Mans Daytona, platinum Daytona, and 1908 Perpetual. The only other watches they ever put sapphire casebacks on were some of the most underrated Rolex dress watches: the Cellini Prince lineup from 2005-2015, offered in all three shades of 18k gold.

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Ref. 5440 is yellow gold with a hobnail dial, 5441 is white gold with a concentric dial pattern, 5442 is rose gold with a sunbeam motif, and 5443 is white gold with a two-tone dial featuring a different larger sunbeam motif. In every instance, the finishing pattern of the movement matches the dial, which is a nice touch. The prices of all the Cellini Princes have finally been creeping up lately, but at about $13,000, I think they’re still a relatively good deal in the Rolex market.

Rolex Oyster Perpetual 41 Ref. 124300 Bright Black

Although it sounds like an oxymoron, Rolex’s “Bright Black” dial color is aptly named. The color is black, yet the sunburst finishing makes it…bright. Bright Black Oyster Perpetuals were only made for five years (2020-2025), and I think they’ve flown under the radar because all the colorful Oyster Perpetual dials got so much hype. But in time I expect collectors to appreciate how cool these Bright Black dials are.

For now, the Bright Black Oyster Perpetuals remain relatively underrated, and you should be able to find the largest size (41mm) for around $8,000–not much more than the list price+tax of the current Oyster Perpetual 41, which is now offered in lacquered black instead.

Most Underrated Rolex Dive Watch: Sea-Dweller Ref. 16600

In my opinion, the most underrated Rolex dive watch, and perhaps the most underrated Rolex of all, is the Sea-Dweller ref. 16600. The Sea-Dweller is essentially a beefed-up version of the Rolex Submariner Date, more than quadrupling its water resistance but otherwise keeping the same aesthetic.

Made from 1989-2009, the 16600 is the Sea-Dweller equivalent of the Rolex 16610 Submariner Date, and for whatever reason, both references sell for roughly $8,500. I think it’s odd that the Sea-Dweller fetches no premium at all over its far more common sister Submariner model, but perhaps people prefer the thinness of the Sub.

The whopping 1,220m of water resistance on the Sea-Dweller 16600 adds 2.2mm to the Rolex Submariner’s thickness, for a total of about 14.7mm. It’s a pretty hefty watch, but not unwieldy–it’s still thinner than most Omega dive watches and Breitling Superocean models.

Most Underrated Rolex Milgauss: Ref. 116400 White

The Rolex Milgauss ref. 116400 was one of the watches Rolex discontinued in 2023, and it already seems like a relic of a bygone era. Thanks to modern advanced materials (namely, silicon hairsprings), Faraday cages are no longer needed to achieve incredible levels of magnetic resistance. And the green-tinted sapphire crystals of the 116400 GV versions, in retrospect, seem like a rather odd thing that Rolex probably wouldn’t make today. Although the GV’s get a decent amount of attention from collectors, the 116400’s with regular crystals seem underrated to me.

The regular 116400 was offered with either a black or white dial, and you should be able to find either version for about $9,000. They both look good, but white is the clear winner to me. The tangerine lume, along with the matching tangerine minute track and orange lightning seconds hand, somehow works–but I don’t see Rolex revisiting this aesthetic anytime soon.

Ultimately, luxury watch shopping should be about buying what you like and not necessarily maximizing value or investment potential, but it’s still fun to “discover” cool watches that the market underappreciates.