Rolex Oyster Perpetual 5028

Rolex ref. 5028 is a large Oyster Perpetual automatic, catalogued in steel and 18K gold. Sale records describe examples at 35 or 36 mm, with centre seconds and, in a smaller number of catalogues, both centre and subsidiary seconds. Catalogue dates attach to individual watches and run from 1945/46 into the 1960s; they do not set production endpoints.

Core facts

Detail	Documented record
Reference	5028; one Cambi catalogue calls a marked case 5028/6
Model	Oyster Perpetual; “Ovettone” and “Big Bubbleback” are collector and auction-catalogue terms
Winding	Automatic
Production dates	Catalogue dates run from 1945/46 into the 1960s; they belong to individual watches and do not set a production span.
Case materials	Stainless steel and 18K gold (case 675'089); a cloisonné watch appears under the joint designation 5029/5028
Case size	35–36 mm in individual catalogue descriptions
Movement	Automatic; catalogues report 10½- or 11-ligne movements and differing A.295/A.296/296 labels
Seconds	Centre seconds on several examples; Christie's and Sotheby's also catalogue dual-seconds watches

Where it sits in the line

Auction and specialist watch listings use “Ovettone” and “Big Bubbleback” for larger Oyster Perpetuals. Christie's calls ref. 5026 the 5028's sister model and describes 5026 with subsidiary seconds. It suggests that case 493'076, with both centre and subsidiary seconds, may represent an experiment. That is Christie's conjecture; the catalogue cites no Rolex record for it. Christie's, 2006, case 493'076; Christie's, 2026, case 412'191

Production outline

Catalogue dates belong to individual watches. Christie's dates case 493'076 to 1946 and Sotheby's dates case 493'109 to the same year; both are dual-seconds watches, but the different case numbers leave their identity unresolved. Monaco Legend dates case 412'191 to 1945, while Christie's later catalogue gives circa 1946. A 2020 Sotheby's listing dates case 413'118 to 1946. A partial-number listing, 3917XX, may be the same watch as Finarte's case 391756, though the dial descriptions differ. Other catalogues date case 675'089 to about 1950, case 411'813 to 1958, case 412'124 to about 1959, and case 412'032 to about 1960. Antiquorum's unnumbered examples carry dates from about 1950 through the 1960s. These catalogue dates do not form a settled production sequence. Christie's, case 493'076; Sotheby's, 2019, case 493'109; Monaco Legend, case 412191; Christie's, case 412'191; Sotheby's, case 413'118; archived listing, partial case 3917XX; Finarte, case 391756; Monaco Legend, case 411'813; Antiquorum, 2012; Antiquorum, 2020; Antiquorum, 2002

Antiquorum's 2002 lot 360 assigns an unnumbered example to the 1960s. That is later than Christie's circa-1960 estimate for case 412'032; serial order does not resolve the discrepancy. Antiquorum, 2002, lot 360; Christie's, case 412'032

Movement notes

Christie's names a 10½-ligne, 19-jewel movement in cases 493'076 and 412'032. Monaco Legend also describes a 10½-ligne movement in case 411'813. Antiquorum gives 11-ligne descriptions in its 2012 and 2020 catalogues. A partial-number listing assigns A.295 to case 3917XX; Antiquorum gives A.295 and A.296 for case 412'124 in separate sales. Sant'Agostino calls another watch Cal. 296, Heritage lists A.296 without a movement photograph, and Sotheby's gives movement number G89246 for case 413'118 without naming a caliber. These catalogue labels do not establish one reference-wide caliber. Christie's, 2006; Christie's, case 412032; Antiquorum, 2012; Antiquorum, 2020; archived listing; Antiquorum, 2020; Antiquorum, 2021; Sotheby's, case 413'118; Monaco Legend, case 411'813; Sant'Agostino, 2020

Movement catalogued as 10½-ligne on case 411'813. Monaco Legend, 2020, lot 126.

Dial map

Centre-seconds examples include a black dial on steel case 413'118, a silvered Arabic dial on case 412'032, and a black lacquer dial on the gold case 675'089. The 36 mm case 391756 has a silvered Arabic dial; a separate partial-number listing describes a two-tone dial, but it may refer to the same watch. The evidence does not establish the two-tone dial's originality. Sotheby's, case 413'118; Christie's, case 675'089; Christie's, case 412032; Finarte, case 391756; archived listing, partial case 3917XX

Several catalogues describe centre and subsidiary seconds on one dial. Christie's case 493'076, Sotheby's case 493'109, and case 412'191 are recorded this way. The 2023 Monaco Legend and 2026 Christie's entries for case 412'191 are repeat sales of one watch. The 493'076 and 493'109 listings may also be related, but their recorded case numbers differ. Christie's, case 493'076; Sotheby's, case 493'109; Monaco Legend, case 412191; Christie's, case 412'191

Two case-numbered watches carry dials marked “Precision”: Toovey's case 412'124, dated circa 1959, and Monaco Legend's case 411'813, dated 1958. Case 411'813 also has red “50 m = 165 ft” text. A later listing with a masked 411XXX number repeats the same date and dial details; it appears to show the Monaco watch again. Toovey's, case 412124; Monaco Legend, case 411'813; Caso Watches, partial serial 411XXX

Steel case 411'813, “Precision” dial with red 50 m = 165 ft text. Monaco Legend, 2020, lot 126.
Case 412'191, dial with centre sweep and subsidiary seconds. Christie's, 2026, lot 98.
Angled view of the case 412'191 dial and bezel. Christie's, 2026, lot 98.

Case, bezel, crystal, and crown notes

Catalogues measure the cases at 35 or 36 mm and describe tonneau-shaped bodies, screw backs and screw-down crowns. Christie's photographs a smooth, stepped bezel on case 412'191; Finarte lists a smooth bezel on case 391756. Two listings give lug widths of 19 and 20 mm, but neither gives a full case-number match. Christie's, case 493'076; Christie's, case 412'191; Finarte; archived listing

The 2020 Monaco Legend photographs tie a caseback stamped 5028 to the 411813 number between the lugs. The lot also includes a movement photograph; its catalogue describes the movement as 10½-ligne. Monaco Legend, 2020, lot 126

Outside of case 412'191. Christie's, 2026, lot 98.
Inside back stamped 5028 on case 412'191. Christie's, 2026, lot 98.
Inside back stamped 5028 on case 411'813. Monaco Legend, 2020, lot 126.
Between-lugs number 411813 on the same watch. Monaco Legend, 2020, lot 126.

Bracelets, end links, clasps, and packaging notes

Christie's shows case 412'191 with a stretch-rivet bracelet and deployant clasp. Sotheby's lists a folding-clasp Oyster bracelet on case 493'109, and Finarte records a ref. 7205 bracelet with 60 end links on case 391756. Toovey's describes a non-Rolex bracelet on case 412'124. These are sale-time configurations; the records do not establish original delivery for any of them. Christie's; Sotheby's; Finarte; Toovey's

Christie's New York 2026, lot 98: stretch-rivet bracelet and deployant clasp catalogued with case 412'191.

Special branches

Cambi describes a steel dual-seconds watch as ref. 5028/6 and reports a crossed-out 5028 with a 6 added. Anderson & Garland catalogues a 36 mm steel dual-seconds watch with serial 412*** as ref. 5026, reporting an inner-case stamp with 5028 struck through and 5026 above it; its description also says the case model number 50286 has the 8 struck out. The abbreviated serials do not show whether the two catalogues describe the same watch. They preserve differing readings of a similar case marking, not proof of a factory 5028/6 designation. Cambi, 2024, lot 108; Anderson & Garland, lot 16

Christie's catalogues an 18K gold cloisonné dial watch, case 654'202, circa 1949, under the joint designation ref. 5029/5028. Its whale-and-frigate dial and star numerals belong to that joint attribution. Christie's, case 654'202

Historical market and auction record

Sale record	Example and result
Christie's, Geneva, 13 November 2006, lot 32	Case 493'076, steel, dual seconds, manufactured in 1946; 10½′′′ 19-jewel movement; CHF 24,000. Christie's, object details
Antiquorum, Geneva, 11 November 2012, lot 48	Steel centre-seconds example, 36 mm; case number illegible; 11-ligne movement; circa 1950; CHF 6,875.
Antiquorum, Geneva, 21 March 2020, lot 214	Steel centre-seconds example, 36 mm, patinated silver dial; dated to the 1950s; CHF 3,500.
Monaco Legend, Monaco, 31 October 2020, lot 126	Case 411'813, steel, 36 mm, “Precision” dial with red 50 m = 165 ft text; dated 1958; €7,750 including premium.
Sotheby's, New York, July 2020, lot 554	Case 413'118, steel, 35 mm, black dial, movement G89246; estimate USD 4,500–6,500.
Christie's, Geneva, 10 November 2014, lot 137	Case 675'089, 18K gold, 36 mm, black lacquer dial with centre seconds; CHF 28,750.
Finarte, Milan, 13 December 2021, lot 82	Case 391756, steel, 36 mm, silvered Arabic dial, ref. 7205 bracelet with 60 end links; EUR 4,032 including premium.
Sotheby's, Geneva, 12 May 2019, lot 36	Case 493'109, movement 80'664, steel dual-seconds watch, circa 1946; catalogue result not verified. It may correspond to Christie's 2006 case 493'076, though the recorded case numbers differ.
Monaco Legend, 21 October 2023, lot 47	Case 412191, steel, dual-seconds dial; EUR 118,750 including premium.
Christie's, New York, 12 June 2026, lot 98	The same case 412'191 returned with five catalogue images and movement numbers 25816 and G9469; USD 101,600 including premium.

The 2023 and 2026 entries are repeat sales of case 412191. Auction prices belong to their individual transactions.

Gallery

Gold case 675'089, Christie's Geneva 2014, lot 137.
Steel case 412'191, dual-seconds dial, Christie's New York 2026, lot 98.
Angled dial view, case 412'191, Christie's New York 2026, lot 98.
Steel case 411'813, “Precision” dial with red depth text, Monaco Legend 2020, lot 126.
Exterior caseback, case 412'191, Christie's New York 2026, lot 98.
Inner caseback stamp 5028, case 412'191, Christie's New York 2026, lot 98.
Inside back stamped 5028, case 411'813, Monaco Legend 2020, lot 126.
Between-lugs number 411813, Monaco Legend 2020, lot 126.
Movement on case 411'813, Monaco Legend 2020, lot 126.
Stretch-rivet bracelet and clasp catalogued with case 412'191, Christie's New York 2026, lot 98.