Rolex Oyster Perpetual Zephyr 1038

A checked version of this page, approved on 8 October 2026, was based on this revision.

Rolex Oyster Perpetual 1038 in steel and gold with a silver sector dial and engraved bezel — Ineichen's circa-1969 1038, lot 14.

Auction records document the 1038 as a no-date Oyster Perpetual Zephyr. Examples include steel cases with gold bezels and 14K-gold cases; the bezels carry engraved marks. Auction dates cluster around 1965–1970, while one later shop listing gives circa 1986 but reports a caseback stamped 1002.

Core facts

detail	value
reference	1038
family	Oyster Perpetual, no date
model name	Zephyr, the name used in auction catalogues
observed dates	auction estimates circa 1965–1970; a circa-1986 shop listing reports an inside caseback stamped 1002
movement	Cal. 1570 is identified in several catalogue examples; not all listings name a caliber
case	screw-back Oyster case; Christie's describes a screw-down crown
diameter	catalogued from 33.7 to 35 mm
case materials	stainless steel with yellow-gold bezel; separate 14K-gold examples
bezel	gold bezel with engraved marks; catalogues variously describe its finish
dial	silver sector/crosshair, black applied-baton, and printed-index layouts are documented
crystal	acrylic, as described for a listed 1038 example
date	none

Where it sits in the line

Antiquorum titles its examples “Oyster Perpetual Zephyr.” Other auction and shop records also use Zephyr for ref. 1038. The cited records describe a no-date watch with center seconds.

Production outline

Christie's dates a 14K-gold watch with a black baton dial to circa 1965. Antiquorum dates a steel-and-gold example to circa 1969 and a solid-gold example to circa 1970; Ineichen dates another steel-and-gold example to circa 1969. Gardiner Houlgate catalogued a 14K-gold watch as circa 1970 with partial case number 2430xxx and a bracelet stamped “4 70.” Antiquorum's circa-1970 example has case 2,430,165. The dial and bezel photos look similar, but Gardiner Houlgate does not give enough of the case number to confirm that the lots show the same watch.

Dr. Crott's 2019 catalogue instead says the reference was introduced in the early 1970s. Hodinkee Shop later listed a watch as a circa-1986 ref. 1038, but its description reports an inside caseback stamped 1002. The case identity in that listing is unresolved. These records do not establish the reference's production limits.

Movement notes

Antiquorum identifies Cal. 1570 in its circa-1969 and circa-1970 examples. Ineichen also lists Cal. 1570 and movement number 825627. Christie's describes a 26-jewel movement but does not name its caliber.

Dial map

The records show three dial layouts. Ineichen's circa-1969 steel-and-gold example has a silver sector dial, tritium hour markers and gold-colored luminous hands. Christie's circa-1965 solid-gold watch has a black dial with applied baton numerals. Dr. Crott describes printed hour indexes and square baton hands. Its catalogue gives an early-1970s introduction date, later than the examples dated by Christie's and Antiquorum.

Silver sector dial with crosshair lines, tritium markers and gold-colored hands on a Rolex 1038 — Silver sector dial on Ineichen's 2026 lot 14.

Case, bezel, crystal, and crown

Auction catalogues describe steel cases with yellow-gold bezels and separate 14K-gold cases. Catalogue diameters range from 33.7 mm at Antiquorum to 35 mm at Christie's, Antiquorum and Ineichen.

The bezel carries engraved marks. Christie's describes hour and minute markers on a textured bezel; Dr. Crott describes square markers.

Christie's describes a screw back and screw-down crown. Sanderson & Son's 2013 listing of a watch dated 1968 describes an acrylic crystal.

Closed screw-back case and leather strap on a Rolex Oyster Perpetual 1038 — Caseback photographed for Ineichen's 2026 lot 14.

Bracelets, clasps, and packaging

The 2018 Antiquorum example has a steel-and-14K-gold Rolex bracelet, reference 7835, with a deployant clasp. Christie's catalogues a solid-gold Rolex Oyster bracelet and clasp. Gardiner Houlgate records a 14K-gold riveted Oyster bracelet stamped “4 70”; its partial case number may match Antiquorum's circa-1970 case 2,430,165, but Gardiner Houlgate does not print the full number. A bracelet stamp dates the bracelet, not the watch head.

Ineichen photographed its example on a black alligator strap with an Omega buckle and listed the watch as “watch only.” Its strap and buckle are Omega-branded. Gardiner Houlgate's pouch is an accompaniment to that lot; the sources do not establish standard packaging for the reference.

Auction record

sale date	auction	example	result
2000	Christie's, lot 238	circa-1965, 14K gold, black baton dial, 26-jewel movement, 35 mm	Not stated in the catalogue page
27 October 2018	Antiquorum Hong Kong, lot 295	circa-1969, steel and 14K gold, bracelet ref. 7835, Cal. 1570, 33.7 mm	HKD 21,250
20 September 2023	Gardiner Houlgate, lot 36	circa-1970, 14K gold, silvered dial, partial case number 2430xxx, riveted bracelet stamped 4 70	Result not shown on lot page
8–9 November 2025	Antiquorum Geneva, lot 224	circa-1970, 14K gold, case 2,430,165, Cal. 1570, 26 jewels, 35 mm; possibly the Gardiner Houlgate watch	CHF 13,750
25 June 2026	Ineichen, lot 14	circa-1969, steel and 18K-gold bezel, silver sector dial, Cal. 1570, 35 mm	CHF 3,400 hammer

Gallery

Steel-and-gold example catalogued by Ineichen, lot 14
Sector dial on the same example
Caseback view of the same example

Sources