A RARE Rolex watch that was bought for just £59 in 1966 could fetch as much as £120,000 when it goes up for auction at Gardiner Houlgate auctioneers in Corsham next month.

The Rolex Submariner 5513, which was bought from a jewellery store in Doncaster, is only one of a small number manufactured in the 1960s with an Explorer 3-6-9 dial and the eighth to go under the hammer at the auction house.

Auctioneer David Hare said: “This is a very rare and desirable watch that’s going to attract interest from private collectors and dealers all over the world. What makes this watch particularly desirable is its condition and the fact it has excellent provenance. Because of their value, counterfeiters do attempt to fake these watches.

“It’s a stoke of luck that the owner of this watch never had it serviced. If he had, Rolex may have replaced the 3-6-9 dial and the value of his watch would have dropped from over £100,000 to around £5,000.

“This is the eighth Submariner with an Explorer 3-6-9 dial we’ve sold in recent years – that’s more than any other auction house in the UK.

"We’ve developed quite a reputation for handling these and we’re keen to hear from anyone who has one. It’s very unclear how many still exist. I suspect there are owners out there who don’t realise the significance of the Explorer 3-6-9 dial. If you have a Rolex Submariner from this period, which wasn’t hugely expensive to buy at the time, check the dial.”

Still in pristine condition, the watch, which will be sold on May 23, comes complete with a receipt, guarantee booklet and a 1965 sales catalogue.

“Right now it’s a buoyant market," Mr Hare added. "Brexit has had an immediate impact on prices, increasing the cost of Rolex and other well-known brands. These manufacturers have also raised their retail prices, which has had a knock-on effect on the sales rooms. We’re certainly seeing a lot of interest.”