Entrepreneur Luca Cordero di Montezemolo spotted wearing a Rolex

Luca Cordero di Montezemolo, the Italian industrialist best known for his long tenure as president of Ferrari and his stewardship of brands including Fiat and Alitalia, has been photographed wearing a vintage Rolex Submariner reference 5513 on a leather strap — a pairing that speaks more to old-world elegance than to the dive-ready utility the watch was built to deliver.

The Rolex Submariner ref. 5513 entered production in 1962 and remained in the catalogue until 1989, making it one of the longest-lived references Rolex has ever produced. Powered by the calibre 1520 (and later the 1530), the 5513 was a non-COSC movement, which distinguished it from the otherwise near-identical ref. 5512, whose twin-register dial carried the 'Superlative Chronometer Officially Certified' designation. The 5513's 40 mm Oyster case in 316L stainless steel houses a unidirectional rotating bezel with a 60-minute graduated insert — early examples in aluminium, later ones transitioning through various configurations — and water resistance to 200 metres. Over its 27-year production run, the reference passed through a remarkable number of evolutionary stages: gilt dials, matte dials, 'meters first' depth ratings, square-crown guards, fat-font bezels, and the introduction of the Triplock crown. Each variation is now catalogued and debated exhaustively by collectors.

For serious vintage Rolex collectors, the 5513 is foundational material. Its longevity means that examples exist across a wide spectrum of desirability and price, from honest daily-wear pieces to rare early gilt 'exclamation mark' dial examples that command serious money at auction. The reference appears regularly at Christie's, Phillips, and Sotheby's, with condition, originality of dial and hands, and case sharpness driving value more than almost any other factor.

Montezemolo's association with precision engineering and Italian industrial design makes the choice of a vintage Rolex — worn on leather rather than the original Oyster bracelet — feel entirely consistent. It is the watch of a man who understands mechanical objects, worn with the ease of someone who has never needed to perform his taste.

On the grey market, the Rolex Submariner 5513 trades across a wide range depending on configuration and condition. Honest mid-production examples with original dials typically fetch between $8,000 and $18,000, while early gilt-dial specimens in exceptional condition have crossed $40,000. No current retail price applies — the reference has been discontinued for over three decades.