Help identify/price Vintage Rolex Oyster/Explorer Model 5501?

[DJoyce]

Hello. This is my first post to this forum.

Almost 6 years ago, my father passed away and I inherited a Rolex that he purchased in 1999. He bought it off an estate sale from the son of a man that had recently passed away in B.C., who apparently was the original owner.

It was appraised in 1999 by a reputable jeweller, and this is how he described it in the appraisal:
"One Rolex Oyster Perpetual wristwatch Explorer design #5501/OE Registration #846###. Stainless steel case, 18K yellow gold fluted bezel, black Arabic dial with 18K yellow gold indices, mechanical jeweled movement with date, acrylic hardlux crystal. Watch is fitted with stainless steel Rolex oyster bracelet design #78350 with fifteen links including end pieces" and he gave it a value of $4710.00 for insurance purposes. He also noted that the watch was circa 1965.

One thing to note is that the appraisal says that the watch has a date, which is not the case. Otherwise, everything else matches. I brought it to a local Rolex distributor and they took the bracelet off so that I could confirm that the serial number matches (it does), so they think that the appraiser above made a slight error in mentioning the date.

I want to sell the watch, and I wanted to be 100% sure that everything was on the up and up. The watch was serviced in 1999 at the same time it was appraised by Rolex and was sold to my father in a Rolex Service Division box and came with a one year warranty certificate (now expired, of course) verifying the model and serial number, and is wrapped up in a nice cotton Rolex cloth. I have every reason based on all this evidence that the watch is a legitimate and authentic Rolex (which I was paranoid about because I want to sell it). I did ask for a current appraisal, however the local Rolex distributor does not appraise vintage watches, and apparently neither does Rolex--the Rolex head office here suggested having it appraised by Sotheby's.

Anyway, I couldn't find much information on this model; the few pieces of info. that I could find on the net (including this forum) suggest that the watch is a very rare Canadian version, made when Rolex was first testing out the Explorer design and not 100% sure about how it would sell. Apparently, they made some changes and so this model wasn't manufactured in large numbers? I've also seen similar watches described as a "dress explorer".

I would appreciate any information you could give me on the watch, such as provenance, current market value (approx.), and suggestions regarding selling the watch. I do want to make sure it is sold in a safe and reputable manner, but I'm not sure if selling it via an auction house is the best way to go (or if it's even possible?) via ebay or local online listing or eventually listing it on this forum. I want to sell because a) I need to pay for grad school and student loans may not cover it, and b) my Dad never actually wore the watch and so there is no sentimental value (and if he were around, he'd have wanted to help me with my education).

Attached are some pictures of the watch (hopefully I did it right). Thanks in advance for any help and for reading this longwinded post :)

Thanks in advance for

[DJoyce]

Just saw a post on this very forum with an identical watch (except for the bracelet): http://www.rolexforums.com/showthrea...highlight=5501

I've seen other posts online referring to the same watch but with no pictures (old photobucket stuff, etc.) but this is the only actual photo I've seen of this watch.

Would appreciate any feedback, advice, etc....

ETA: Also, not sure how accurate the charts are, but it appears according to the serial number that this watch would have been made around 1953?

[DJoyce]

Anybody?

[adam78]

The watch itself appears to be genuine, with original dial and bezel. As you discovered, it is one of the so-called "dress Explorers" produced in the late '50s-early '60s for the Canadian market. The bracelet is a much later Oyster bracelet, not correct for the vintage (or appearance) of the watch, which is two-tone.

As to value, I have no idea, but not as much as a sports model Explorer of the same vintage (likely less than half of the appraised value, in USD).

There is an Ontario-based dealer (watchestobuy.com) who has sold many of these dress Explorers. You might contact him for assistance.

[DJoyce]

Thanks for the info, Adam!

[DJoyce]

Well, I've contacted a few pro's for their valuation. The more I look at it, though, the more I like it. Hmm. Depending on what offers/valuation I get, I might just keep it. I'm not a yellow gold fan but since it's very subtle and it's mostly SS, I don't mind the little accents of yellow gold.

Reading all your posts on the forums kinda makes me appreciate it more. I definitely won't sell it if I don't get a decent offer, especially if it's for less than my Dad paid for it in '99, though I do worry about a) finding someone reputable to service it, since Rolex won't and b) being able to take care of it and afford having it serviced every 5-7 years.

[adam78]

I'm sure that in a city the size of Toronto there should be a few good independent watchmakers who could tackle it. I would put it on a nice brown leather or croco strap instead of that bracelet (you could always sell that one separately and keep the watch; it might pay for the cost of the service!).

[DJoyce]

Ooh, great idea Adam. I especially like the idea of brown crocodile. Interesting.

[adam78]

Some ideas for straps with gold bezels...

[DJoyce]

Wow, some of those look sharp! I love the ostrich one, but I don't think it will work with a black dial.

Interestingly, I just found a very similar watch auction listing but with a less-rare gold dial, valued at $3400-5100USD: http://catalog.antiquorum.com/catalo...&auctionid=213

The only difference, aside from the gold/yellow dial, is the lack of arabic numerals at 3/6/9.

[DJoyce]

Well, I've thought about it and I think I'm definitely going to (eventually) sell this watch, if I can get a nice price. It just isn't my style and is too $$$ for me; I'd rather have a nice mid/low-price watch (thinking about a Hamilton Jazzmaster Viewmatic or Tissot Visodate 1957) and use the extra $ to go towards school/debt. One day when I make decent money (haha as a librarian, I doubt it) then I can afford a nicer watch, but for now I can't justify it.

If anyone out there has any pricing ideas, please let me know. It was appraised at $4700 above, and I think Dad got it for around $3K because the guy was desperate to sell it. I've seen similar watches in the same condition valued at $3500-5500, but I think this one is more rare because of the black dial and two-toned colours?

Also, how do people go about selling fine/expensive watches? Is it best to use a dealer, risk selling on eBay, or local or online private sale? How does one arrange payment so they don't get screwed but buyer doesn't get scared off either?

Thanks in advance!

[harry in montreal]

i think that 3k is high for that watch, however the bracelet is a good one. your insurance value is very high, and i would expect it to sell for more like 2500. you would have to realy hold it for the right buyer in order to get more. harry

[DJoyce]

Well, I listed it on eBay. Hopefully I've done the auction in a way that will protect me from scammers :-S

[DJoyce]

Originally Posted by harry in montreal

i think that 3k is high for that watch, however the bracelet is a good one. your insurance value is very high, and i would expect it to sell for more like 2500. you would have to realy hold it for the right buyer in order to get more. harry

Hi Harry. I'm definitely not in any rush, but I'm hoping to get what my Dad paid for it at least. I have listed it with a very high Buy It Now only so I can weed out the scammers but I'm of course open to decent bids under the listed BIN amount.

[DJoyce]

I ended up lowering the price by $1000 because I don't want to scare bidders off with a very high price.

[harry in montreal]

It's a real nice watch. You should get some good money for it. Harry

[DJoyce]

Thanks Harry!

[Michael M.]

Good Luck

[DJoyce]

Thanks MichaelM! :)