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{{DISPLAYTITLE:Rolex Oyster Perpetual 3372}}
{{#seo:
{{#seo:
|title=Rolex Oyster Perpetual "Bubbleback" 3372 "Luxury Model" — BezelBase
|title=Rolex Oyster Perpetual 3372 — documented variants | Rolexopedia
|description=The 3372 is the Bubbleback Rolex put at the top of the catalogue. Rolex's own sales material called it the "Luxury Model" — plain text, plain meaning. It…
|description=Reference 3372 auction records document steel, two-tone and gold cases, several bezel and dial treatments, and both centre and subsidiary seconds.
|keywords=Rolex, 3372, Bubbleback, specifications, reference guide
|image=Ref_3372_hero.webp
|type=article
|type=article
}}
}}


[[File:Ref3372_18k_windvintage.jpg|thumb|right|340px|Rolex 3372 'Luxury Model' in 18K gold — Rolex's flagship Bubbleback.]]
<small>[[Reference:bubbleback|Bubbleback]] → '''3372'''</small>
<small>[[Reference:bubbleback|Bubbleback]] → '''3372'''</small>


The 3372 is the Bubbleback Rolex put at the top of the catalogue. Rolex’s own sales material called it the “Luxury Model” — plain text, plain meaning. It sat above every other Bubbleback in the price list, topped out at 865 Swiss francs in 18K gold, and wore a coin-edge engine-turned bezel that distinguished it from every smooth-bezel Perpetual in the family. It is also the reference that generated the widest documented range of dial configurations of any Bubbleback. California, sector, salmon, cream Roman, two-tone champagne, radium-lumed Arabic, silvered-gilt — all of them appeared on the 3372. This is not a reference with a single identity. It has a catalogue of them.
<div class="rp-lead">
[[File:Ref_3372_hero.webp|thumb|center|640px|alt=Rolex Oyster Perpetual 3372 with salmon dial, catalogued as retailed by Serpico y Laino|Reference 3372, example retailed by Serpico y Laino, Sotheby's 2020.]]
</div>


<span id="core-facts"></span>
Rolex's 1940 advertising called the 3372 the “Luxury Model,” according to Antiquorum's [https://catalog.antiquorum.swiss/en/lots/rolex-lot-108-79 2006 lot catalogue]. Surviving auction descriptions show steel, two-tone and precious-metal cases, several bezel and dial treatments, and both centre and subsidiary seconds. Those records describe individual watches; they do not establish a complete factory specification or production span.
== Core facts ==


{| class="wikitable"
==Core facts==
 
{| class="wikitable rp-facts"
|-
|-
! detail
! detail
Line 20: Line 24:
|-
|-
| reference
| reference
| 3372
| 3372; the Vintage Rolex Field Manual lists suffix variants /0, /2, /3, /7 and /8
|-
|-
| family
| family
| Bubbleback (collector name; never official Rolex usage)
| Oyster Perpetual; grouped with Bubblebacks by collectors
|-
|-
| catalogue positioning
| catalogue name
| “Luxury Model” — Rolex’s own designation for the flagship Bubbleback
| “Luxury Model,” a period advertising name reported by Antiquorum
|-
|-
| production
| production dates
| approximately 1938 into the late 1940s, with late-serialized examples appearing as late as 1959 (likely inventory/late retail, not active production)
| Auction catalogues assign dates from circa 1938 to circa 1959; these estimates do not establish the factory run
|-
|-
| case diameter
| case material
| 32mm (tonneau)
| Stainless steel, steel and gold, and solid gold examples are documented
|-
|-
| case thickness
| case size
| 14.2mm
| Auction descriptions give 32 to 33 mm for individual examples
|-
|-
| lug-to-lug
| case and bezel
| 39.5mm
| Three-body cases and several bezel descriptions are recorded; the Field Manual lists a smooth polished bezel for 3372/0
|-
| case construction
| three-piece
|-
| bezel
| engine-turned (coin-edge / fluted) — the defining visual feature
|-
| crystal
| acrylic
|-
| crown
| screw-down brevet
|-
|-
| movement
| movement
| Cal. 630 (9¾’’’) automatic, center sweep seconds
| The Field Manual lists Cal. 630; auction catalogues also use 9¾-ligne and N 1411 descriptions
|-
|-
| original retail (18K)
| seconds display
| 865 CHF — most expensive Bubbleback in the catalogue
| Centre seconds and subsidiary seconds are both documented
|-
|-
| italian nickname
| dial examples
| ''ovetto'' (“little egg”) per native Italian usage
| Silvered, pink, multi-tone and California-style dials appear in auction records; condition and originality vary
|}
|}


<span id="where-it-sits-in-the-line"></span>
==Where it sits in the line==
== Where it sits in the line ==


By 1938 the Bubbleback was five years old and Rolex had learned what the format could do. The first-generation 1858 and 3458 had proven the Perpetual rotor. The 1936 transition to the two-piece case (refs 3131 and 3132) had cleaned up the architecture. Cal. 620 had given way to the sweep-seconds Cal. 630. What the line lacked was a flagship — a Bubbleback positioned unambiguously above the smooth-bezel working references, carrying the visual signal of luxury that a coin-edge bezel and an 18K gold case could provide.
The Vintage Rolex Field Manual groups the 3372 with the Bubblebacks and lists Cal. 630. It records several suffix configurations, including a steel /0, pink-gold /2, and /3 entries for both a hooded-lug steel case and a steel-and-rose-gold model with subsidiary seconds. The table is a collector reference, not a Rolex parts catalogue, and its rows should not be read as proof that every suffix maps to one metal or case style.


That role fell to the 3372. It mounted a three-piece case (a deliberate return from the two-piece architecture of the working Perpetuals), the contemporary Cal. 630 with its center sweep seconds, and an engine-turned bezel borrowed from the Oyster Viceroy and the gold dress Rolexes. Case diameter is identical to the working Bubblebacks — 32mm, the Bubbleback standard — but the bezel, the metal, and the dial variety announce a different kind of watch. This was the Rolex worn with a dinner jacket.
“Bubbleback” is a collector term for early Oyster Perpetuals with a domed caseback. “Luxury Model” is different: Antiquorum says a 1940 advertisement used that name for the 3372. Neither label supplies a production total or makes the 3372 the only luxury Oyster Perpetual of its period.


Production ran from approximately 1938 into the late 1940s, with late-serialized examples appearing as late as 1959 (likely inventory/late retail, not active production). That longevity is part of why the dial variety is so extensive: across roughly a decade Rolex moved through radium-era dial work, wartime material constraints, the post-war dial-design renaissance, and the emergence of the California dial as a Rolex-patented format. The 3372 carried all of it.
==Production and dating==


<span id="the-luxury-model-designation"></span>
The available dates belong to individual auction lots. Sotheby's [https://www.sothebys.com/en/buy/auction/2026/important-watches-4-2/oyster-perpetual-bubbleback-reference-3372-a-pink?locale=en 2026 listing] describes a pink-gold and steel 3372 as circa 1938; Phillips [https://www.phillips.com/detail/rolex/CH080215/206 dated its two-tone Mappin & Webb example] to 1945; Sotheby's [https://www.sothebys.com/en/buy/auction/2021/fine-watches-8/reference-3372-oyster-perpetual-bubbleback-a dated a steel example] to circa 1946; and Antiquorum [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-oyster-perpetual-bubble-back-lot-367-75 catalogued a steel example] as circa 1959. That spread is too wide to turn into a firm start and end date. A sale-house estimate is not a factory record, and the late estimate does not by itself show whether the watch was assembled, held in stock or sold in 1959.
== The “Luxury Model” designation ==


Rolex did not generally use marketing nicknames in the Bubbleback era. Most references were identified by number. “Luxury Model” is one of the few cases where the catalogue itself gave a reference a descriptive name — a kind of label that would not survive into the modern era, when “luxury” migrated to marketing copy rather than catalogue nomenclature. In the 1940s Rolex was still using it literally.
Serial-number charts are collector reconstructions, not Rolex production ledgers. Compare the number on a specific case with documented examples and any dated paperwork; do not use one chart row to declare a 3372 production year. The [[Reference:Serial-numbers|serial-number guide]] explains the limits of those charts.


The 865 CHF 18K price anchors the claim. A 3372 in gold was the single most expensive Bubbleback Rolex offered. Stainless-steel 3372s were cheaper but still sat above the equivalent smooth-bezel Perpetuals. The engine-turned bezel, the metal allowance required for it, and the dial options all contributed to the pricing.
==Case, bezel, crystal and crown==


Wind Vintage’s coverage of the 3372 in 18K gold frames it as the first Rolex to combine three attributes in one watch: an engine-turned (coin-edge) bezel, a three-piece Oyster case, and Perpetual designation on the dial. Engine-turned bezels existed earlier on manual-wind Oysters, most visibly the Oyster Viceroy ref 3359. Three-piece Oyster cases existed across the first-generation Bubbleback line. Perpetuals existed. On the 3372 the three converge.
Auction catalogues describe tonneau-shaped cases around 32 mm across. Antiquorum's [https://catalog.antiquorum.swiss/en/lots/rolex-lot-108-79 2006 lot] calls its steel and yellow-gold example a three-body case and gives a 13.7 mm thickness. Phillips measured its two-tone watch at 33 mm. These are measurements and construction descriptions for those watches, not a universal dimension set.


<span id="case-and-construction"></span>
Bezel descriptions conflict with the old claim that every 3372 has an engine-turned rim. Phillips calls its [https://www.phillips.com/detail/rolex/CH080215/206 2015 two-tone example] “reeded”; Antiquorum describes another as having a graduated bezel. The Field Manual lists a smooth polished bezel for the /0 variant. Treat bezel form as a variant to document on the watch in hand, not as a quick reference test.
== Case and construction ==


[[File:Ref3372_ss_rg_1940.jpg|thumb|right|300px|3372 in stainless steel with rose gold bezel, 1940.]]
<gallery mode="packed" heights="180">
File:Ref3372_ss_rg_1940.webp|alt=Two-tone stainless-steel and gold Rolex 3372|Two-tone 3372, auction photograph
File:Ref3372_craftandtailored_1947.webp|alt=Rolex 3372 case and bezel detail|Case and bezel detail, dealer listing
</gallery>


A 32mm tonneau, 14.2mm thick, 39.5mm lug-to-lug. Small by modern standards but substantial for the era — a 32mm round watch of 1940 was a full-sized gentleman’s watch, and the tonneau shape wore larger than its nominal diameter. The caseback carries the Bubbleback dome required to house the Cal. 630 rotor; the bezel sits proud of the mid-case; the crown is a screw-down brevet type.
The sources reviewed here do not establish a single crystal or crown specification across the reference. Have those parts assessed on the individual watch.


Construction is three-piece: bezel, mid-case, caseback. A deliberate departure from the two-piece format that became standard on working Bubblebacks from 1936 (refs 3131 and 3132). The three-piece architecture reflects the “Luxury Model” positioning — more complex, more machined, more expensive.
==Movement notes==


Case materials cover the full Rolex range of the period:
The Field Manual assigns Cal. 630 to the listed 3372 variants. Antiquorum explicitly names Cal. 630 in its [https://catalog.antiquorum.swiss/en/lots/rolex-lot-23-436 2001 catalogue entry]. Other catalogues give only an automatic movement or a 9¾-ligne size, so retain those descriptions as written rather than inferring a caliber from dimensions alone.


* '''Stainless steel''' (3372/0)
Both seconds layouts appear in the records, but the movement attribution is not settled for every example. Antiquorum names Cal. 630 on its [https://catalog.antiquorum.swiss/en/lots/rolex-lot-23-436 2001 centre-seconds watch]. Christies describes [https://www.christies.com/lot/rolex-oyster-perpetual-chronometre-bubble-back-ref-5091692/?intObjectID=5091692&lid=1 case 474309] with a 9¾-ligne, 17-jewel movement and small seconds, without naming a caliber. The Field Manual lists Cal. 630 for the 3372/3 row that it describes with subsidiary seconds. That entry conflicts with the usual centre-seconds description of Cal. 630; it does not establish a Cal. 630 small-seconds variant. Antiquorum also calls a [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-osyter-perpetual-chronometre-retailed-by-cuervo-y-sobrinos-habana-cuba-lot-328-347 Cuervo y Sobrinos-retail-attributed 3372] centre-seconds and gives the movement as N 1411, 9¾ lignes. Do not assign a caliber from case reference or movement size alone. Jewel counts describe the catalogue example, not every watch carrying the reference.
* '''Stainless steel with 18K rose gold two-tone''' (3372/3) — Rolesor-style, gold bezel and sometimes gold crown
* '''14K pink/rose gold''' — common on Serpico y Laino Caracas-retailed examples
* '''18K yellow gold''' (3372/7 or 3372/8) — the catalogue flagship at 865 CHF
* '''18K rose gold''' (3372/2)


The Vintage Rolex Field Manual’s suffix system applies. As with other Bubblebacks, the suffix encodes case construction rather than metal color — a /7 could be yellow or rose gold, and the distinction must be read from hallmarks and dial text rather than the reference code alone.
[[File:Ref3372_ss_rg_dial.webp|thumb|right|240px|alt=Dial detail of a two-tone Rolex 3372|Dial detail from a two-tone 3372 listing.]]


Also documented on the 3372/3 is a hooded-lug variant with rigid lug structures enclosing the spring-bar area, borrowed from the ref 3065 design language. Hooded 3372s are scarce and can be confused with modified 2940s or 3065s. Authentication requires a caseback engraving reading “3372” and a factory-consistent lug-to-case transition.
==Dial examples==


<span id="the-engine-turned-bezel"></span>
Auction records document a wide range, but they do not support a definitive factory dial map. Phillips [https://www.phillips.com/detail/rolex/CH080215/206 described] a four-segment two-tone dial on a steel and pink-gold 3372 retailed by Mappin & Webb. Sotheby's [https://www.sothebys.com/en/buy/auction/2026/important-watches-4-2/oyster-perpetual-bubbleback-reference-3372-a-pink?locale=en catalogued] pink Roman numerals on a two-tone example and a [https://www.sothebys.com/en/buy/auction/2021/fine-watches-8/reference-3372-oyster-perpetual-bubbleback-a silvered dial] on a steel watch. Antiquorum described a [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-bubbleback-lot-377-154 black California-style dial] on a later lot, while its [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-bubble-back-lot-310-90 2017 salmon-dial example] was flagged as reprinted. Those records establish that such watches have appeared under the 3372 name; they do not establish which designs left Rolex with the case.
== The engine-turned bezel ==


[[File:Ref3372_craftandtailored_1947.jpg|thumb|right|300px|A 1947 3372 showing the engine-turned coin-edge bezel, the reference's defining visual feature.]]
Christie's [https://www.christies.com/lot/lot-874552 catalogued a gold 3372] with a Chinese-style enamel dial and explicitly called the dial non-original. That is a useful reminder that an unusual dial may be a later alteration, even when the case and movement are described as 3372. The original status of any dial needs evidence from the specific watch, such as clear photographs, service records or period provenance.


This is the 3372’s single most important visual element. On a gold example, the fluted or coin-edged rim catches light along a hundred narrow ridges; on steel, the effect is more subdued but still distinctive. The bezel is fixed — not rotating — with decorative milling, and sits slightly raised above the mid-case.
Do not treat retailer names as a dial family or proof of delivery. Phillips described its [https://www.phillips.com/detail/rolex/CH080215/206 2015 two-tone watch] as retailed by Mappin & Webb. Sotheby's described its [https://www.sothebys.com/en/buy/auction/2020/watches-online/rolex-ref-3372-bubbleback-retailed-by-serpico-y 2020 steel watch] as retailed by Serpico y Laino. Those attributions belong to those catalogue entries; they do not establish a premium, a factory co-signing policy, or the originality of another 3372 dial.


“Engine-turned,” “coin-edge,” and “fluted” all appear in period and modern descriptions, and the terms are not interchangeable. Engine-turned strictly means machined with a rose engine lathe. Coin-edge is narrow vertical milling like a coin rim. Fluted is the wider, angled facets of modern Datejust bezels. What sits on the 3372 is best described as a coin-edge variant of the engine-turned tradition. Whichever term a collector reaches for, it is the primary reason the watch reads as a luxury variant rather than a working Perpetual.
==Bracelet and strap==


<span id="the-cal.-630-movement"></span>
Auction records show bracelets and straps fitted to particular examples: an expanding Oyster bracelet on Antiquorum's [https://catalog.antiquorum.swiss/en/lots/rolex-lot-108-79 2006 two-tone watch], a matching two-tone bracelet on Phillips's [https://www.phillips.com/detail/rolex/CH080215/206 Mappin & Webb example], and a beads-of-rice bracelet on Sotheby's [https://www.sothebys.com/en/buy/auction/2026/important-watches-4-2/oyster-perpetual-bubbleback-reference-3372-a-pink?locale=en circa-1938 two-tone example]. A catalogue description does not prove that the bracelet was delivered with the watch. Check bracelet and clasp marks separately; they date the bracelet, not the case.
== The Cal. 630 movement ==


The Vintage Rolex Field Manual is specific: the 3372 uses Cal. 630, not the earlier Cal. 620. That distinction matters because the 630 introduces center sweep seconds — a hand sweeping from the central pinion rather than a sub-seconds register at 6 o’clock. On a Bubbleback, center sweep reads more modern and suits the 3372’s dress-watch positioning. Sub-seconds configurations exist across the broader Bubbleback line, but a factory-delivered 3372 typically carries center sweep.
==Auction record==


Cal. 630 descends from Cal. 620 — same 9¾-ligne dimension, same 26.4mm movement blank, same Aegler-built origins — but adds the indirect center seconds train. Cal. 630 movements in the 3372 appear in 17-, 18-, and 19-jewel variants, reflecting movement generations across the long production run. The 19-jewel chronometer-grade version appears in the Sotheby’s 2020 Serpico y Laino lot. A 1938 3372 and a 1949 3372 likely carry meaningfully different internals under the same caliber designation.
Selected catalogue descriptions are listed below. Dates and condition statements are the auction houses' assessments. Results are included only where the linked catalogue reports them.


Running characteristics are standard for the Bubbleback family: 18,000 bph, straight-line Swiss lever escapement, monometallic Super Balance, self-compensating Breguet overcoil on higher grades and flat hairspring on standard grades. Rhodium-plated, unidirectional rotor, non-hacking. Power reserve 35–41 hours. Cal. 630 also appeared in the 3132, later 3065s, and occasional late 2940s, but the 3372 carried it longer than most peers.
{| class="wikitable"
|-
! Venue and date
! Lot / case
! Catalogue description
! Result
|-
| [https://catalog.antiquorum.swiss/en/lots/rolex-lot-23-436 Antiquorum, New York, 2001]
| 436
| Stainless steel; Cal. 630, 19 jewels; centre seconds; 32 mm; circa mid-1940s
| USD 1,725
|-
| [https://catalog.antiquorum.swiss/en/lots/rolex-lot-108-79 Antiquorum, Geneva, 2006]
| 79 / 379868
| Steel and 18K yellow gold; three-body case; 9¾-ligne movement, 19 jewels; centre seconds; 32 mm; 1945
| CHF 10,620
|-
| [https://www.phillips.com/detail/rolex/CH080215/206 Phillips, Geneva, 2015]
| 206 / 301684
| Steel and pink gold; four-segment dial; Mappin & Webb retail attribution; 33 mm; 1945
| CHF 16,250
|-
| [https://www.sothebys.com/en/buy/auction/2021/fine-watches-8/reference-3372-oyster-perpetual-bubbleback-a Sotheby's, 2021]
| 166 / 495117
| Stainless steel; silvered dial; automatic movement; 32 mm; circa 1946
| Result not shown on catalogue page
|-
| [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-oyster-perpetual-bubble-back-lot-367-75 Antiquorum, Hong Kong, 2024]
| 75 / 424291
| Stainless steel; silver dial; 32 mm; catalogue estimate circa 1959
| HKD 27,500
|-
| [https://www.christies.com/lot/rolex-oyster-perpetual-chronometre-bubble-back-ref-5091692/?intObjectID=5091692&lid=1 Christie's catalogue]
| case 474309
| 14K gold; 9¾-ligne, 17-jewel automatic; small seconds; circa 1943
| Estimate only; result not shown
|}


<span id="the-dial-variants"></span>
This is a selected evidence set, not a census. Auction results from different years and currencies are not a current valuation guide.
== The dial variants ==


[[File:Ref3372_ss_rg_dial.jpg|thumb|right|300px|3372 dial detail.]]
==Related references==


This is where the 3372 earns its reputation. Dial variety here is the widest of any Bubbleback, and each configuration produces a watch that reads as a genuinely different Rolex. A 3372 collector talks about dials the way a 1016 collector talks about Types and Marks — except the 3372’s dial taxonomy lacks an Andrew Hantel figure to codify it, so variants circulate as observed configurations rather than a formal classification system.
* [[Reference:bubbleback|Bubbleback family guide]]
* [[Reference:3132|Reference 3132]], also listed with Cal. 630 in the Field Manual
* [[Reference:Movements|Movement guide]]
* [[Reference:Serial-numbers|Serial-number guide]]


<span id="california-dial-salmon-and-cream"></span>
<gallery mode="packed" heights="180">
=== California dial — salmon and cream ===
File:Ref_3372_hero.webp|alt=Rolex Oyster Perpetual 3372 with salmon dial, catalogued as retailed by Serpico y Laino|Sotheby's 2020 example
File:Ref3372_ss_rg_1940.webp|alt=Two-tone stainless-steel and gold Rolex 3372|Two-tone 3372, auction photograph
File:Ref3372_craftandtailored_1947.webp|alt=Rolex 3372 case and bezel detail|Case and bezel detail
File:Ref3372_ss_rg_dial.webp|alt=Dial detail of a two-tone Rolex 3372|Two-tone dial detail
File:Ref3372_18k_windvintage.webp|alt=Yellow-gold Rolex 3372|Yellow-gold 3372, dealer listing
</gallery>


The California dial — half Roman numerals on the top hemisphere, half Arabic numerals on the bottom, with a railway minutes track — is a Rolex patented format. Rolex filed the patent on May 30, 1941 and received it on June 15, 1942 under the “High Visibility” or “Error-Proof” marketing language. The name “California dial” came later, applied by Los Angeles dial refinisher Kirk Rich and the California-based vintage dealer community in the 1970s and 1980s.
== Sources ==


The 3372 sits in the canonical list of Bubbleback references that wore Rolex-made California dials from the factory, alongside 2910, 2940, 2764, 3065, 3458, 3595, and 4220. Two color variants appear: salmon — a warm pinkish tone, especially characteristic of gold-cased and pink-gold examples — and cream, a lighter ivory ground that reads cooler and more austere. Roman numerals are typically gold-applied on salmon dials and black-printed on cream. Arabic numerals carry radium luminous material.
* ''The Vintage Rolex Field Manual'' — Colin A. White, Morning Tundra
 
* [https://www.sothebys.com/en/buy/auction/2020/watches-online/rolex-ref-3372-bubbleback-retailed-by-serpico-y Sotheby's, "Sotheby's Watches Online Lot 71 — Rolex ref 3372 SS salmon Serpico y Laino c.1945", Sotheby's, 2020]
California-dialed 3372s are among the most sought-after configurations and carry a premium. Original Rolex-made California dials differ from later Kirk Rich refinishes in font weight, printing depth, and lume consistency — but on a watch eighty-plus years old, proving original status requires period provenance, matching dial-to-hand lume patina, and no refinishing tells. Most surviving California-dial 3372s have been touched. The ones that have not command meaningful premiums.
* [https://catalog.antiquorum.swiss/en/lots/rolex-lot-23-436 Antiquorum, "Antiquorum New York lot 436 — Rolex 3372, Cal. 630, 19 jewels and centre seconds", Antiquorum, 2001-11-28]
 
* [https://catalog.antiquorum.swiss/en/lots/rolex-lot-108-79 Antiquorum, "Antiquorum Geneva lot 79 — Rolex 3372, steel and 18K gold, case 379868", Antiquorum, 2006-05-14]
<span id="sector-dial-the-rarest-configuration"></span>
* [https://www.phillips.com/detail/rolex/CH080215/206 Phillips, "Phillips Geneva lot 206 — Rolex 3372 retailed by Mappin & Webb", Phillips, 2015-05-10]
=== Sector dial — the rarest configuration ===
* [https://www.sothebys.com/en/buy/auction/2021/fine-watches-8/reference-3372-oyster-perpetual-bubbleback-a Sotheby’s, "Sotheby’s New York lot 166 — Rolex 3372, case 495117", Sotheby’s, 2021-09-02]
 
* [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-oyster-perpetual-bubble-back-lot-367-75 Antiquorum, "Antiquorum Hong Kong lot 75 — steel Rolex 3372 catalogued circa 1959", Antiquorum, 2024-03-20]
Among all Bubbleback dials, the multi-tone silvered sector dial is consistently identified as one of the rarest. On a 3372, the sector combines a silvered outer chapter — minutes track and hour markers — with a distinct inner sector in a contrasting silver tone, sometimes champagne-toned, sometimes matte. Hour markers are typically applied batons; numerals, when present, are small Arabic quarter-hour markers. The visual effect is Art Deco — geometric, quiet, deeply of the 1930s design vocabulary.
* [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-bubbleback-lot-377-154 Antiquorum, "Antiquorum Geneva lot 154 — steel Rolex 3372 with black California-style dial", Antiquorum, 2025-05-10]
 
* [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-bubble-back-lot-310-90 Antiquorum, "Antiquorum Geneva lot 90 — Rolex 3372, salmon dial, case 481380", Antiquorum, 2017-11-12]
Sector dials on the 3372 pair correctly with blued steel hands. Lume is absent or minimal; this is a daylight dial, not a tool-watch dial designed for nighttime legibility. A sector-dialed 3372 is perhaps the most coherent expression of the reference’s catalogue positioning: flagship case, flagship dial, flagship intent. Collectors describe the sector as “one of the rarest versions for Bubblebacks” full stop — not specifically the rarest 3372 dial, but one of the rarest Bubbleback dials ever made.
* [https://catalog.antiquorum.swiss/en/lots/rolex-ref-3372-osyter-perpetual-chronometre-retailed-by-cuervo-y-sobrinos-habana-cuba-lot-328-347 Antiquorum, "Antiquorum Hong Kong lot 347 — Rolex 3372 retailed by Cuervo y Sobrinos", Antiquorum, 2020-05-10]
 
* [https://www.sothebys.com/en/buy/auction/2026/important-watches-4-2/oyster-perpetual-bubbleback-reference-3372-a-pink?locale=en Sotheby’s, "Sotheby’s Hong Kong lot 2341 — pink-gold and steel Rolex 3372", Sotheby’s, 2026-09-18]
<span id="two-tone-champagne-with-luminous-baton-markers"></span>
* [https://www.christies.com/lot/lot-874552 Christie’s, "Christie’s — Rolex 3372, case 56277, non-original enamel dial", Christie’s]
=== Two-tone champagne with luminous baton markers ===
* [https://www.christies.com/lot/rolex-oyster-perpetual-chronometre-bubble-back-ref-5091692/?intObjectID=5091692&lid=1 Christie’s, "Christie’s — Rolex 3372 case 474309, small-seconds 9¾-ligne movement", Christie’s]
 
The two-tone champagne configuration combines a champagne-tinted silvered dial with luminous baton hour markers and Arabic numerals at the quarter positions (12, 3, 6, 9). The champagne tone is warm, leaning gold without being gilt; the luminous plots read as accent rather than structure. This dial sits between the fully-lumed military-style configurations and the fully-restrained sector dial — a compromise that suits the reference’s dress-tool ambiguity.
 
Examples cluster on rose-gold and 14K pink-gold cases, with radium lume that has aged to cream or tan over seventy-plus years. A handful of champagne two-tone 3372s surface each year at auction; hand configurations vary across surviving examples, an indication that period service work has touched this variant as heavily as any other.
 
<span id="salmon-pink-dial-the-serpico-y-laino-association"></span>
=== Salmon (pink) dial — the Serpico y Laino association ===
 
Distinct from the salmon California dial, this is a full salmon ground with either Arabic numerals, applied batons, or a mix, without the California half-and-half configuration. Salmon 3372s are strongly associated with Venezuelan retailer Serpico y Laino, whose Caracas operation imported Rolex and Patek Philippe into South America from 1925 to 1966. Serpico y Laino-retailed Rolexes typically carry a co-signed dial with “Serpico y Laino” printed below the Rolex line, and these co-signed pieces command a premium — roughly three times the unsigned equivalent is the approximate rule, though the multiplier varies with condition and reference.
 
The Sotheby’s Watches Online 2020 lot 71 — a stainless-steel 3372 with a salmon Serpico y Laino dial, dated c.1945, sold with its original Rolex box — is the canonical reference lot for this configuration. Sotheby’s estimated it at $8,000–12,000, which anchors the reference’s high-end market for Serpico-signed examples in original boxes. A Caracas-delivered 3372 with solid provenance sits at the top of the reference’s value hierarchy alongside California and sector dials.
 
<span id="silvered-with-gilt-baton-hour-markers"></span>
=== Silvered with gilt baton hour markers ===
 
A less storied but common 3372 configuration: a silvered dial — flat silver, not champagne-toned — with gold-gilt applied baton hour markers. No luminous material, no Arabic numerals, no quarter-hour markers. Minutes track around the outer edge. Of all the 3372 dials this is the cleanest and most restrained, and it pairs naturally with yellow-gold cases.
 
A silvered-gilt 3372 reads as a pure dress watch. The gold batons catch light against the silvered ground; the minimal text (just Rolex, Oyster Perpetual, Swiss Made) leaves the surface visually uncluttered. This configuration does not carry the aesthetic weight of the sector or California dials, but it also does not age awkwardly. A silvered-gilt dial from 1945 still looks, in 2026, largely like a silvered-gilt dial from 1945 — and that is a virtue in vintage Rolex.
 
<span id="non-luminous-cream-with-gold-roman-numerals"></span>
=== Non-luminous cream with gold Roman numerals ===
 
A cream-ground dial with gold-printed Roman numerals at every hour position. The cream warmth shifts the watch toward older dress-watch typography — 1920s Rolex dress language more than mid-century modern. Minutes track the outer edge in a thin railway pattern; the Rolex and Oyster Perpetual lines are printed in the same gold tone as the numerals, giving the dial a single-color text treatment that reads unusually clean.
 
The cream Roman is a daylight dial — non-luminous, classical, entirely uninterested in field legibility. Of all 3372 configurations this sits closest to a traditional Calatrava-style dress watch. Examples appear across yellow-gold, rose-gold, and occasionally steel cases.
 
<span id="radium-lumed-arabic-with-aged-patina"></span>
=== Radium-lumed Arabic with aged patina ===
 
At the other end of the dial spectrum sits the fully-lumed configuration: radium-painted Arabic numerals at every hour position, radium-lumed baton indices or lume plots, and matching radium-lumed hands. On a 1940s-production 3372 this was the closest thing to a tool-watch dial the reference offered — full night legibility, every hour marked, hands that glow in the dark.
 
Seventy-plus years later these dials read very differently. Radium has oxidized to a warm cream, tan, or light brown tone, depending on exposure history; dial grounds — originally glossy or matte black — may have aged into tropical brown territory. On an unrestored survivor the result is what collectors call aged patina: coherent multi-decade weathering that cannot be replicated. Radium-lumed 3372s with original hands and matching dial patina are scarce and carry premiums that reward uniformly-aged survival.
 
<span id="the-dial-families-in-aggregate"></span>
=== The dial families in aggregate ===
 
The seven variants sort into roughly three categories. Formal dress dials — silvered-gilt, cream Roman, and sector — are daylight watches, non-luminous or minimally lumed. The two-tone champagne and salmon configurations occupy a middle register, combining decorative grounds with modest luminous accents or retailer co-signing. Fully-lumed radium Arabic and California dials push toward legibility and night use, with the California bringing a Rolex-patented typography.
 
No single “correct” 3372 dial exists. The reference was sold across twelve years and multiple markets; refinishing and service swaps over eight decades have produced a population where distinguishing original-delivery from period-correct-service from later-refinish is a genuine challenge on any individual example. Dial diversity is factory history. Dial uncertainty on any specific example is collecting reality.
 
<span id="hands"></span>
== Hands ==
 
Hand configurations follow the dial. Radium-lumed dials pair with radium-lumed hands, typically sword or pencil hour and straight or arrow minute. Sector dials take blued steel — blued Breguet or simple blued batons, no lume. California dials call for hands matching the numeral tone, often gilt with small radium plots. Silvered and cream dials carry gilt or gold hands without lume.
 
A common intermediate configuration — gold gilt seconds hand with blued steel hour and minute hands — appears on several surviving examples and may reflect period service replacements or a factory-era aesthetic choice; fitment logic is thinly documented. For authentication, hand and dial patina should match. Mismatched patina flags replacement of the dial, the hands, or both.
 
<span id="serpico-y-laino-and-the-retailer-premium"></span>
== Serpico y Laino and the retailer premium ==
 
Serpico y Laino — the Caracas-based exclusive Rolex and Patek Philippe importer for Venezuela from 1925 to 1966 — had permission from Rolex to co-sign dials with a “Serpico y Laino” retailer mark below the Rolex line. Serpico-signed Rolexes span a wide reference list across the Bubbleback and early sport-watch eras (3132, 3359, 3372, 3458, 6062, 6105, 6204, 6304, 6542, 6567, 6605, 6634, 1803, 2526 among others), and the signature is consistently recognized as a meaningful value marker.
 
On the 3372, co-signing appears across multiple dial configurations — salmon, California, and others. Dealer and auction sources place the premium at roughly three times the equivalent unsigned example, wider than Serpico co-signing commands on more common references and reflecting the combination of 3372 scarcity, Venezuelan market character, and the narrative appeal of a Caracas-delivered Rolex from the 1940s. Authentication requires standard vintage-Rolex forensics: period-correct typography, lume and dial aging consistent with the mid-1940s, and — where possible — original provenance through Venezuelan collecting lines. Refinished dials with added Serpico signatures exist. A Serpico-signed dial, original box, and clear provenance together are what the Sotheby’s 2020 lot exemplified, and what commands the top of the reference’s market.
 
Beyond Serpico y Laino, the 3372 appears co-signed by other period retailers. A W. Rosch (Berne, Switzerland) signed example with case number in the 348,xxx range is documented on VRF, dated 1946. Other retailer signatures surface occasionally across auction records without establishing a strong value premium comparable to Serpico.
 
<span id="redial-red-flags"></span>
=== Redial red flags ===
 
Forum consensus on the 3372 authentication checklist, for dials suspected of refinish: - '''“Swiss Made” absent''' where it should be present on post-1940s dials - '''“Officially Certified Chronometer”''' text appearing on dial configurations that would not have carried chronometer-grade movements - '''Cut-down sub-seconds hand''' — service replacements are routinely trimmed to fit; original hands sit at full length - '''Lume aging inconsistent with dial aging''' — a refinished dial relumed with modern tritium or Luminova betrays itself against an untouched set of hands
 
<span id="bracelets"></span>
== Bracelets ==
 
Surviving examples appear with substantial frequency on original “Made in England” stretch-rivet Oyster bracelets — a riveted-link Oyster with a stretch mechanism, standard on mid-1940s Rolex Oysters sold through UK and Commonwealth distribution. A 1940s buyer in Venezuela, France, or the US may have received a different bracelet or strap. Other period-correct options include standard non-stretch Oyster rivet in 18mm or 19mm lug widths, Jubilee (introduced in 1945 with the Datejust — late-production 3372 examples occasionally wear Jubilees), gold or two-tone variants on gold-cased examples, and leather straps with Rolex-signed buckles for dress configurations.
 
As with all Bubblebacks, bracelet fitment reveals as much about service history as original delivery. A 3372 on a solid-link 78350-era Oyster is wearing a service replacement; one on a stretch-rivet Oyster with matching period condition is much more plausibly original.
 
<span id="serial-ranges-and-production-dating"></span>
== Serial ranges and production dating ==
 
Documented examples span a serial range consistent with 1938 through the late 1940s. Cluster observations:
 
* '''319,XXX — c.1945''' — mid-war production, corresponding to the wartime peak of Bubbleback output
* '''443,XXX — c.1946''' — immediate post-war production
* '''57X,XXX — c.1947''' — late-1940s production
 
These align with the Dowling/Hess/Pergola serial-to-date reconstructions — the Rolex serial system has never been published officially, and every serial chart is a third-party effort. Mainline 3372 production maps to serials in the low 200,000s through the high 500,000s; cases in the 600,000+ range correspond to 1949–1950. Examples dated to c.1959 almost certainly reflect dealer stock or service assembly rather than active 1959 factory production.
 
<span id="auction-and-market-context"></span>
== Auction and market context ==
 
Market prices span a factor of six — roughly $3,376 on the low end to $20,763 on the high end across dealer listings and auction records. Configuration drives most of the spread.
 
Sotheby’s Watches Online 2020, lot 71, is the canonical auction for the reference: a stainless-steel example retailed by Serpico y Laino, salmon dial, dated c.1945, accompanied by its original Rolex box. Sotheby’s estimated the lot at $8,000–12,000. A gold 3372 with comparable provenance would have estimated higher.
 
Stratification is predictable. At the top: solid-gold configurations with exceptional dials — 18K yellow or rose gold cases with California, sector, or Serpico-signed salmon dials, in original condition with matching patina — pushing toward the $20,000+ end. In the middle: two-tone (SSRG) and 14K pink gold examples at $6,000–12,000 for honest examples with period-correct components. At the baseline: stainless-steel 3372s with common dials (silvered-gilt, cream Roman, standard Arabic) at $3,500–6,000. Gold-cased and retailer-signed examples have appreciated faster than the steel baseline over the past decade.
 
<span id="authentication-and-collecting-considerations"></span>
== Authentication and collecting considerations ==
 
Twelve years of production combined with extraordinary dial variety makes authentication harder than for most vintage Rolexes. A 3372 collector is not checking a single “correct” configuration — the reference does not have one. Instead, the question is whether the configuration in front of them is period-plausible, internally consistent, and consistent with the case’s production window.
 
Dial originality is the hardest part. Unrestored original dials are exceptionally rare — consistent with the broader Bubbleback baseline of roughly one in fifteen or twenty surviving examples carrying an untouched dial. Refinished dials from the 1970s and 1980s are common; Kirk Rich California dials sit between refinished and reprint (period-method but not factory-original); service dial swaps were routine. Establishing original-dial status requires matching lume patina between dial and hands, printing depth consistent with period Rolex manufacturing, and — where possible — period provenance.
 
Hand configurations follow dial logic, and mismatches flag incorrect restoration or service replacement. Movement inspection should confirm Cal. 630 is period-appropriate to the case’s serial range; a late-generation movement in an early-serial case suggests service work. The engine-turned bezel — the reference’s most distinctive element — is also its most exposed to wear, and worn, polished-smooth, or replaced bezels are common. Sharp original milling separates a top-tier example from a baseline one. Serpico y Laino verification calls for period-correct typography, lume consistency with the dial, and provenance through Venezuelan or Latin American collecting channels; forged Serpico signatures exist. Hooded-lug 3372/3 examples require their own scrutiny — the caseback should read “3372” and the lug structure should be factory-consistent rather than a modified 2940.
 
<span id="still-open"></span>
== Still open ==
 
Several questions about the 3372 remain unresolved. No total production figure has ever been published — twelve years of production across multiple case materials and retailer relationships almost certainly produced a number in the tens of thousands, but without a factory figure any estimate is inference. The 3372 is more common than the first-generation 1858 and 3458, and scarcer than the 3131/3132 working Perpetuals, but the bounds remain loose.
 
California-dial chronology is another gap. The dial was patented in 1941 and appeared on the reference during its production, but the specific serial range at which California dials first appeared, and whether they sustained through the entire post-1941 run or clustered in specific years, has not been documented. The dial taxonomy more broadly is thin: unlike the 1016 with its Hantel Type/Mark system, the 3372 has no formal dial classification, and the variants above are observed configurations rather than a codified schema.
 
Late-production dating is unsettled. Examples dated as late as 1959 appear in some sources, and whether those reflect genuine 1950s factory production, dealer stock sold after regular production ended, or service-replacement cases assembled later is not resolved. The “Luxury Model” catalogue designation is well-attested across period fragments and modern secondary sources, but a full survey of Rolex catalogues from 1938 through 1950 confirming the designation across markets has not been published. The label is consistent where it appears; the sourcing is thinner than the claim’s frequency suggests.
 
== Sources ==
* The Vintage Rolex Field Manual, Chevalier Edition — unknown, Morning Tundra
* [https://www.windvintage.com/rolex-oyster-perpetual-bubbleback-reference-3372-in-18k Wind Vintage — Rolex Oyster Perpetual Bubbleback Reference 3372 in 18K] — Wind Vintage
* [https://www.sothebys.com/en/buy/auction/2020/watches-online/rolex-ref-3372-bubbleback-retailed-by-serpico-y Sotheby's Watches Online Lot 71 — Rolex ref 3372 SS salmon Serpico y Laino c.1945] — Sotheby's
* [https://www.craftandtailored.com/products/1947-rolex-oyster-perpetual-ref-3372-bubble-back Craft and Tailored — Rolex ref 3372 1947 Bubbleback] — Craft and Tailored
* [https://lunaroyster.com/product/1946-rolex-bubbleback-3372-in-steel-engine-turned-bezel-rivet-bracelet-2/ Lunar Oyster — Rolex ref 3372 SS engine-turned bezel 1946 with rivet bracelet] — Lunar Oyster, lunaroyster.com
* [https://www.rolexforums.com/showthread.php?t=813773 Rolex Forums — Advice on Rolex Bubbleback 3372] — Rolex Forums, rolexforums.com


[[Category:Bubbleback]]
[[Category:Bubbleback]]
[[Category:Working Draft]]

Latest revision as of 06:59, 29 September 2026


Bubbleback → 3372

Rolex Oyster Perpetual 3372 with salmon dial, catalogued as retailed by Serpico y Laino
Reference 3372, example retailed by Serpico y Laino, Sotheby's 2020.

Rolex's 1940 advertising called the 3372 the “Luxury Model,” according to Antiquorum's 2006 lot catalogue. Surviving auction descriptions show steel, two-tone and precious-metal cases, several bezel and dial treatments, and both centre and subsidiary seconds. Those records describe individual watches; they do not establish a complete factory specification or production span.

Core facts

detail value
reference 3372; the Vintage Rolex Field Manual lists suffix variants /0, /2, /3, /7 and /8
family Oyster Perpetual; grouped with Bubblebacks by collectors
catalogue name “Luxury Model,” a period advertising name reported by Antiquorum
production dates Auction catalogues assign dates from circa 1938 to circa 1959; these estimates do not establish the factory run
case material Stainless steel, steel and gold, and solid gold examples are documented
case size Auction descriptions give 32 to 33 mm for individual examples
case and bezel Three-body cases and several bezel descriptions are recorded; the Field Manual lists a smooth polished bezel for 3372/0
movement The Field Manual lists Cal. 630; auction catalogues also use 9¾-ligne and N 1411 descriptions
seconds display Centre seconds and subsidiary seconds are both documented
dial examples Silvered, pink, multi-tone and California-style dials appear in auction records; condition and originality vary

Where it sits in the line

The Vintage Rolex Field Manual groups the 3372 with the Bubblebacks and lists Cal. 630. It records several suffix configurations, including a steel /0, pink-gold /2, and /3 entries for both a hooded-lug steel case and a steel-and-rose-gold model with subsidiary seconds. The table is a collector reference, not a Rolex parts catalogue, and its rows should not be read as proof that every suffix maps to one metal or case style.

“Bubbleback” is a collector term for early Oyster Perpetuals with a domed caseback. “Luxury Model” is different: Antiquorum says a 1940 advertisement used that name for the 3372. Neither label supplies a production total or makes the 3372 the only luxury Oyster Perpetual of its period.

Production and dating

The available dates belong to individual auction lots. Sotheby's 2026 listing describes a pink-gold and steel 3372 as circa 1938; Phillips dated its two-tone Mappin & Webb example to 1945; Sotheby's dated a steel example to circa 1946; and Antiquorum catalogued a steel example as circa 1959. That spread is too wide to turn into a firm start and end date. A sale-house estimate is not a factory record, and the late estimate does not by itself show whether the watch was assembled, held in stock or sold in 1959.

Serial-number charts are collector reconstructions, not Rolex production ledgers. Compare the number on a specific case with documented examples and any dated paperwork; do not use one chart row to declare a 3372 production year. The serial-number guide explains the limits of those charts.

Case, bezel, crystal and crown

Auction catalogues describe tonneau-shaped cases around 32 mm across. Antiquorum's 2006 lot calls its steel and yellow-gold example a three-body case and gives a 13.7 mm thickness. Phillips measured its two-tone watch at 33 mm. These are measurements and construction descriptions for those watches, not a universal dimension set.

Bezel descriptions conflict with the old claim that every 3372 has an engine-turned rim. Phillips calls its 2015 two-tone example “reeded”; Antiquorum describes another as having a graduated bezel. The Field Manual lists a smooth polished bezel for the /0 variant. Treat bezel form as a variant to document on the watch in hand, not as a quick reference test.

The sources reviewed here do not establish a single crystal or crown specification across the reference. Have those parts assessed on the individual watch.

Movement notes

The Field Manual assigns Cal. 630 to the listed 3372 variants. Antiquorum explicitly names Cal. 630 in its 2001 catalogue entry. Other catalogues give only an automatic movement or a 9¾-ligne size, so retain those descriptions as written rather than inferring a caliber from dimensions alone.

Both seconds layouts appear in the records, but the movement attribution is not settled for every example. Antiquorum names Cal. 630 on its 2001 centre-seconds watch. Christies describes case 474309 with a 9¾-ligne, 17-jewel movement and small seconds, without naming a caliber. The Field Manual lists Cal. 630 for the 3372/3 row that it describes with subsidiary seconds. That entry conflicts with the usual centre-seconds description of Cal. 630; it does not establish a Cal. 630 small-seconds variant. Antiquorum also calls a Cuervo y Sobrinos-retail-attributed 3372 centre-seconds and gives the movement as N 1411, 9¾ lignes. Do not assign a caliber from case reference or movement size alone. Jewel counts describe the catalogue example, not every watch carrying the reference.

Dial detail of a two-tone Rolex 3372
Dial detail from a two-tone 3372 listing.

Dial examples

Auction records document a wide range, but they do not support a definitive factory dial map. Phillips described a four-segment two-tone dial on a steel and pink-gold 3372 retailed by Mappin & Webb. Sotheby's catalogued pink Roman numerals on a two-tone example and a silvered dial on a steel watch. Antiquorum described a black California-style dial on a later lot, while its 2017 salmon-dial example was flagged as reprinted. Those records establish that such watches have appeared under the 3372 name; they do not establish which designs left Rolex with the case.

Christie's catalogued a gold 3372 with a Chinese-style enamel dial and explicitly called the dial non-original. That is a useful reminder that an unusual dial may be a later alteration, even when the case and movement are described as 3372. The original status of any dial needs evidence from the specific watch, such as clear photographs, service records or period provenance.

Do not treat retailer names as a dial family or proof of delivery. Phillips described its 2015 two-tone watch as retailed by Mappin & Webb. Sotheby's described its 2020 steel watch as retailed by Serpico y Laino. Those attributions belong to those catalogue entries; they do not establish a premium, a factory co-signing policy, or the originality of another 3372 dial.

Bracelet and strap

Auction records show bracelets and straps fitted to particular examples: an expanding Oyster bracelet on Antiquorum's 2006 two-tone watch, a matching two-tone bracelet on Phillips's Mappin & Webb example, and a beads-of-rice bracelet on Sotheby's circa-1938 two-tone example. A catalogue description does not prove that the bracelet was delivered with the watch. Check bracelet and clasp marks separately; they date the bracelet, not the case.

Auction record

Selected catalogue descriptions are listed below. Dates and condition statements are the auction houses' assessments. Results are included only where the linked catalogue reports them.

Venue and date Lot / case Catalogue description Result
Antiquorum, New York, 2001 436 Stainless steel; Cal. 630, 19 jewels; centre seconds; 32 mm; circa mid-1940s USD 1,725
Antiquorum, Geneva, 2006 79 / 379868 Steel and 18K yellow gold; three-body case; 9¾-ligne movement, 19 jewels; centre seconds; 32 mm; 1945 CHF 10,620
Phillips, Geneva, 2015 206 / 301684 Steel and pink gold; four-segment dial; Mappin & Webb retail attribution; 33 mm; 1945 CHF 16,250
Sotheby's, 2021 166 / 495117 Stainless steel; silvered dial; automatic movement; 32 mm; circa 1946 Result not shown on catalogue page
Antiquorum, Hong Kong, 2024 75 / 424291 Stainless steel; silver dial; 32 mm; catalogue estimate circa 1959 HKD 27,500
Christie's catalogue case 474309 14K gold; 9¾-ligne, 17-jewel automatic; small seconds; circa 1943 Estimate only; result not shown

This is a selected evidence set, not a census. Auction results from different years and currencies are not a current valuation guide.

Related references

Sources