Rolex Cosmograph Daytona ref. 116503

The Origins

Inarguably one of the most iconic watches in all of watchmaking, the Rolex Daytona needs no introduction. Offered as the Cosmograph since 1963 and officially christened the Daytona by Rolex in 1965, the Rolex Daytona underwent baptism by fire whereby its lack of commercial success in the 1960s later drove demand towards those earlier references amongst collectors in the 1980s who saw the value that they represented. Since then, the Daytona has consistently topped the ranks as one of Rolex’s most sought-after offerings across their entire catalogue, and today it remains as once of the hardest Rolexes to buy straight from an Authorised Dealer. Plenty of collectors will know the difficulties in getting a Daytona straight from an AD and how the Daytona was the earliest Rolex to have its own waiting list, and it was one of the first Rolexes to command a premium on the open market as a result of that waiting list.

Filled with an array of different construction materials, movements, dial colours, gem settings, case sizes and so on over the years, the Daytona has encompassed just about every design language possible since its inception, and the reference we are exploring today is perhaps one of the most muted of those references, while still speaking to the luxury and glamour that the Daytona has come to represent, the two-tone ref. 116503. 

Launched in 2016 and discontinued in 2023, the Daytona ref. 116503 replaced the ref. 116523, just like the ref. 116500 replaced its stainless steel counterpart ref. 116520, with the ref. 116503 featuring a similar update to its stainless steel sibling: a new bezel. 

While the stainless steel ref. 116500 introduced a ceramic bezel to the collection, the ref. 116503 only introduced a redesigned 18k yellow gold bezel to the two-tone Daytona line-up, with a fatter font, triangular markings and a new graduation scale from 100 to 60, modernising its aesthetic in a subtle manner. 

The Case and Dial

In a rather surprising twist of fate for those who haven’t tried one on in the metal, the Daytona ref. 116503 is a surprisingly under-the-radar timepiece , given the level of reverence its name commands from the watch-collecting community and its two-tone construction. Made of stainless steel and 18k yellow gold, it features a 40mm diameter, as Rolex claims, that wears surprisingly neat on the wrist no matter the dial option you opt for. Of course, the black dial does wear slightly smaller than the white, but the real reason is that the ref. 116503’s case, like other Daytonas from the same generation, is actually 38.5mm. As a result, the ref. 116503 is the most universally appealing size that Rolex could have made it. Why they claim it is 40mm is anyone’s guess.

Offered on an Oyster bracelet, the ref. 116503 boasts polished center links made of 18k yellow gold throughout its bracelet along with polished lug hoods and crown guards, which help to give the Daytona a dressier look on the wrist and bringing a level of elegance to its design that befits the inclusion of precious metal in its construction.

Beyond its construction, the ref. 116503 boasts either a white or black dial, as mentioned. The black dial features golden inscriptions and black subdial registers with subtle golden trim, whereas the white dial features black inscriptions with solid golden subdials, making the subdials stand out more on the white dial variant. With luminous indices applied at each hour marker and the trio of chronograph subdials controlled via screw-down pushers at 2 and 4 o’clock on the case, the Daytona’s dial is purely function-orientated.

The Movement

Powered by Rolex’s first in-house chronograph movement, with only 201 parts, the cal. 4130 is ruthlessly efficient as Rolex stripped back its movement so as to result in a 20% decrease in number of parts when compared to the Daytona’s previous movement, the cal. 4030. This makes for a movement with longer service intervals and fewer parts to break, meaning greater reliability across the board. 

Additionally, with more space freed up due to its relatively small number of parts, the cal. 4130 can accommodate a larger mainspring than typical chronographs, and so the cal. 4130 boasts a 72-hour power reserve, which is quite impressive given the cal. 4030 before it only had 50 hours, which was impressive too at the time. All in all, even for a 20+ year old movement, the cal. 4130 is incredible even by today’s standards and fitting for the Daytona’s legendary legacy. While the cal. 4130 is no longer in use in the newest Daytona references; you can rest assured that the ref. 116503’s movement is up to scratch.

Celeb Love

As one of the most desirable watches in the world, the Rolex Daytona has been a mainstay on the wrist of celebrities across the decades. with its two-tone 18k yellow gold and stainless steel construction, the ref. 116503 has been the perfect half-way house between luxurious wristwear and capable tool watch for celebrities such as Jordan Pickford, Patrick Mahomes, Jalen Hurts, Ellen DeGeneres and many more.

Market Performance

In keeping with the majority of Daytona variants, the ref. 116503 has enjoyed some rather favourable market performance over the years thanks to the intense desirability the collection commands. With long waiting lists and thus heavy premiums on the secondary market across the Daytona collection, it serves as no surprise that the ref. 116503 commands a market value of roughly $24000 for both its white and black dial variants. This translates to a price premium of around 27% over the MSRP of $19100 for both variants. 

However, it is interesting to note that the black dial Daytona ref. 116503 does trade for a few hundred dollars more than its white dial counterpart, which contradicts the majority of Daytona variants whereby white dials are more sought after than other color options. This can simply be explained by black being a better match for the 18k yellow gold in the ref. 116503’s construction than white. Finally, it is also important to note that while the ref. 116503 has been discontinued it contains such a strong resemblance to its successor, the ref. 126503, that collectors have not flocked to pick up the ref. 116503 on the basis that its design is no longer available, as often happens with discontinued watches. This explains why the ref. 116503’s market value has held steady since its discontinuation in April.

Check out the live performance of Rolex Cosmograph Daytona ref. 116503 on The Wristcheck Index