Rolex Oyster ref. 2331

Oyster & Bubbleback references → 2331

Steel Rolex Oyster watch catalogued as ref. 2331 by Artcurial in 1938 — Artcurial, sale 1652, lot 432. The catalogue dates this watch to circa 1938; its photographs show no reference engraving.

Auction and dealer records attribute small, manual-wind Oyster watches from the 1930s and around 1940 to Rolex ref. 2331. Auction catalogues describe steel cases; dealers also attribute yellow-gold examples to the number. Modern listings use “Egyptian” for stepped-lug examples. An advertisement that The Nostalgia Shop lists as an original from 1937 calls one model “Oyster-Egyptian,” without identifying its reference.

Core facts

Detail	What the records show
Reference identity	AS Watches' caseback photograph appears to show 2331 above serial 34359. Artcurial and Watches of Knightsbridge identify their watches by catalogue attribution; neither photograph shows a reference engraving
Date evidence	Seller and auction dates run from 1934 to circa 1940. They date individual listings, not factory production endpoints
Model	Manual-wind Oyster. The records reviewed here identify no numbered caliber
Case	Catalogues give 23 mm for Artcurial's steel example and approximately 24 mm for the Watches of Knightsbridge and AS Watches examples. TimeAnagram lists 28 mm for two watches without showing a readable reference stamp
Materials	Records describe stainless-steel examples and seller-attributed yellow-gold examples; the reference's full material range remains open
Bracelet	Watches of Knightsbridge describes a Rolex Geneva Suisse S.A.R. bracelet as original to its lot. Artcurial calls the stretch bracelet on its watch an added bracelet

Where it sits in the line

The sources describe ref. 2331 as a manual-wind Oyster. Artcurial and Watches of Knightsbridge call their small watches ladies' models. Artcurial shows a round steel watch with plain lugs. Watches of Knightsbridge describes stepped, hooded lugs on its steel example; the AS Watches gold watch has a similar profile and a caseback that appears to show 2331. The records document separate examples; they leave the order of these configurations open.

Production outline

TimeAnagram dates two 9-karat yellow-gold watches to 1934 and lists serials 33+++ and 35+++. Neither listing shows a readable reference engraving. Artcurial dates a 23 mm steel Oyster it calls ref. 2331 to circa 1938. The lot was sold on 19 May 2009. Watches of Knightsbridge dates a separate 24 mm steel Oyster Egyptian to circa 1940. AS Watches lists a 24 mm yellow-gold watch as circa 1940; its caseback photograph appears to show ref. 2331 and serial 34359.

These dates belong to individual listings. The two TimeAnagram examples come from one seller, and neither shows a readable reference engraving. Together, the records place attributed watches between 1934 and circa 1940; factory start and end years remain unknown.

Movement notes

Watches of Knightsbridge reports a signed, 15-jewel manual movement in its lot. TimeAnagram lists “10 1/2” for two gold watches, without movement photographs. A circulating Oyster parts table lists 8¾ under its “Calibre” column for ref. 2331. The table's date and provenance are unclear; the records give conflicting movement sizes and no numbered caliber.

Dial map

Artcurial describes a cream dial with painted Arabic numerals and small seconds. Its close-up shows that layout. Watches of Knightsbridge reports a white dial on its steel example and says it was refinished. AS Watches shows a light dial with Arabic numerals and small seconds on its gold example. TimeAnagram's two gold listings show different details, including a patterned center on one; their descriptions give no dated dial sequence. A 2026 Reddit collector post describes another steel example with a Golay Fils & Stahl signature. Its image shows no readable reference engraving, so the 2331 attribution remains the poster's report.

Artcurial lot 432, cream dial with painted Arabic numerals and small seconds; circa-1938 catalogue attribution
AS Watches listing attributed to ref. 2331; yellow-gold stepped-lug case

Case, bezel, crystal, and crown notes

Artcurial describes its steel watch as a round 23 mm Oyster. Watches of Knightsbridge calls its 24 mm steel watch an “Egyptian” and describes stepped, hooded lugs; the AS Watches gold example has a similar stepped profile. The advertisement listed as 1937 uses “Oyster-Egyptian,” but its pictured case may be a different form. The surviving records show several examples attributed to 2331; their configuration history remains open.

The AS Watches caseback photograph appears to read serial 34359 above 2331. It offers a visible reference reading for that watch; its authenticity, date, and metal remain unverified. TimeAnagram lists 28 mm cases, larger than the auction and AS Watches measurements, without readable reference stamps. The circulating parts table lists case assembly 2, an 8¾ tube and crown, and a 20.2 mm crystal for ref. 2331. Its undated, unidentified source makes these provisional parts data.

Caseback on a yellow-gold watch, with 34359 and 2331 visible — AS Watches listing. The caseback appears to read serial 34359 above ref. 2331.

Bracelets, clasps, and packaging

Watches of Knightsbridge calls its steel bracelet original to the lot and describes a Rolex Geneva Suisse S.A.R. signature. Its 750 × 937 image is too small for a useful bracelet or clasp examination; the catalogue names no bracelet reference or clasp code. Artcurial calls the stretch bracelet on its watch an addition. The two lots give different bracelet histories and leave standard fitment for ref. 2331 unresolved.

Special branches

Auction and dealer listings call stepped-lug Oysters “Egyptian.” The Nostalgia Shop lists an advertisement as an original from 1937; it labels one watch “OYSTER-EGYPTIAN for Sportswomen.” Its date and originality are the seller's claims. The ad has no reference identifier, and no source links its pictured watch to ref. 2331 or to the stepped-lug form in modern listings.

Auction record

Sale	Example	Catalogue record
Artcurial, sale 1652, 19 May 2009, lot 432	Stainless steel, 23 mm	Catalogued as ref. 2331, circa 1938; cream Arabic dial, small seconds, added stretch bracelet; sold for €765
Watches of Knightsbridge, 30 June 2018, lot 401	Stainless steel, approximately 24 mm	Catalogued as ref. 2331, circa 1940; 15-jewel manual movement and Rolex Geneva Suisse S.A.R. bracelet described; dial reported refinished

Gallery

Artcurial lot 432, steel watch catalogued as ref. 2331, circa 1938
Artcurial lot 432, dial close-up
AS Watches listing, yellow-gold stepped-lug example attributed to ref. 2331
AS Watches listing, caseback with apparent serial 34359 and ref. 2331

Sources