Rolex Oyster Perpetual 5011

18K yellow-gold Rolex Oyster Perpetual ref. 5011 with black baton dial and engine-turned bezel — Antiquorum, Geneva, 2018, lot 95. Catalogue estimate: circa 1950.

Ref. 5011 is an automatic, centre-seconds Oyster Perpetual chronometer. Sale records date individual examples from about 1945 to 1960.

Core facts

detail	value
reference	5011
model line	Oyster Perpetual; grouped with Bubblebacks by collectors
dates represented	About 1945–1960 in sale catalogues
movement	Automatic; catalogues assign Cal. 630 or A296 to individual watches, while others give a ligne measurement
case	30–33 mm across cited lots; steel-and-gold, 14K gold, and 18K gold examples
crystal	Plastic on Pandolfini's late-1940s 18K-gold example
dial	Silvered, white, cream, black, and salmon; Arabic, dagger, arrowhead, and baton markers
bracelet	Sale records show gold and steel bracelets as well as leather straps

Where it sits in the line

Rolex catalogues call it an Oyster Perpetual. Collectors use Bubbleback for early Oyster automatics with domed backs; Hodinkee describes it as a collector family name. Hodinkee, “The Rolex Bubbleback and Why It Still Matters”

Production outline

Vetroplastica gives 1940–1950; sale records date individual examples from about 1945 to 1960. The case-number comparisons are inconsistent: Cambi dates case 637865 to circa 1960, while Antiquorum dates 637878 to the 1950s; Il Ponte dates 652825 to 1960, while Antiquorum dates the higher 652969 to 1949. The production span remains uncertain. Vetroplastica, ref. 5011 Christie's, case 660308 Antiquorum, 2021, lot 307 Cambi, 2017, lot 224 Antiquorum, 2021, lot 328 Il Ponte, lot 1046 Christie's, lot 152

Movement notes

Antiquorum and Aste Bolaffi identify Cal. 630 in two examples, with 25 and 18 jewels respectively. Aste Bolaffi records movement number 89151. Sold listing R1486 identifies an A296 with 17 jewels, movement N74780, in serial 641512, which it dates to 1948. The Movements guide dates other A296 examples to 1953–56. If R1486's identification is correct, this watch predates those examples. Antiquorum, 2002, lot 163 Aste Bolaffi, lot 120

Several records give movement size in lignes, a traditional unit of movement diameter. Antiquorum lists 9½ for its 2018 example and 11½ lignes with 17 jewels for case 568765; Il Ponte gives 9¾ lignes for lot 699. Antiquorum also labels 9¾ a calibre for case 637878. Il Ponte, 2023, lot 699 Antiquorum, 2018, lot 95 Antiquorum, 2025, lot 453 Antiquorum, 2021, lot 307

Dial map

Freeman's describes the black Arabic dial on case 631585 as refinished; Cambi says the salmon dial on case 637865 was refreshed.

catalogue example	recorded dial
Christie's, circa 1945	Silvered, with gilt Arabic numerals and luminous markers
Christie's, circa 1950	Silvered matt, with applied Arabic numerals and dagger markers
Antiquorum, circa 1950	Matte silver with applied yellow-gold baton indexes
Freeman's, circa 1948	Black Arabic dial; catalogue says refinished
Antiquorum, circa 1950	Black dial with yellow-gold baton indexes
Antiquorum, 1949	Silver dial; catalogue date for case 652969 lot 328
Pandolfini, late-1940s estimate	Silvered dial with applied gold arrowhead indexes; four with luminous inserts lot 372
Il Ponte, 2023	White dial with Arabic numerals and indexes; catalogue notes wear and probable refinishing lot 699
Il Ponte, 2024	Silvered; photograph shows quarter Arabic numerals and baton markers lot 1046
Antiquorum, circa 1950s	Ivory dial with Arabic numerals and “Super Precision” text; catalogue notes partially replaced hands lot 307
Bonhams, circa 1948	Two-tone salmon; Arabic quarters, luminous batons, black minute track, gilt leaf hands, and blued centre seconds lot 49
Cambi, circa 1960	Two-tone salmon dial with luminous Arabic numerals and baton markers; catalogue says refreshed lot 224
Sold listing R1486	Ivory-cream dial, arrowhead indexes, Arabic 3, 6, 9, and 12, lance hands; the listing says the dial was restored and has modern luminous paint

Antiquorum, lot 95, circa-1950 18K yellow-gold watch with black baton dial.
Il Ponte, lot 699, 14K-gold example; catalogue notes probable dial refinishing.
Il Ponte, lot 1046; the catalogue lists a silvered dial.
Antiquorum, 2021, lot 307; yellow-gold example with Arabic numerals.
Freeman's, lot 27, case 631585. The catalogue says the black Arabic dial was refinished.

Case, bezel, crystal, and crown notes

Recorded case sizes run from 30 to 33 mm. Examples use 14K or 18K gold, steel, or steel with pink- or rose-gold parts. Catalogues describe round and tonneau-shaped cases; Aste Bolaffi and Pandolfini call theirs three-body, while Antiquorum calls its gold example two-body. Reported details include screw-down backs and crowns, graduated, ridged, or engine-turned bezels, and a plastic crystal on Pandolfini's case 658288. Antiquorum, 2002, lot 163 Christie's, lot 152 Pandolfini, lot 372 Antiquorum, 2021, lot 307 Cambi, lot 224

Sold listing R1486 describes a 32 mm, 14ct pink-gold 5011, serial 641512, dated 1948. It calls the dial restored with modern Luminova and the crystal a replacement.

Colin A. White's The Vintage Rolex Field Manual lists 5011/3, 5011/7, and 5011/8 with Chronometer and Super Precision labels. The 5011/7 row says rose gold, while the suffix key assigns /7 to 14K yellow gold. The book conflicts on the metal assigned to /7. [1]

Tennants' photographs show “4919 5011” stamped inside the caseback; the catalogue identifies the watch as case 619495, movement N71083, ref. 5011. Tennants, lot 2147

Freeman's, 2017, lot 27, case 631585: closed exterior back; no serial is visible.
Antiquorum, 2021, lot 328: gold Oyster crown on the steel-and-gold case.

Bracelets, end links, clasps, and packaging notes

Sale records pair the 5011 with a matching 18K pink-gold Oyster bracelet, a Rolex gold bracelet and deployant, and a two-tone hexagonal-link bracelet. Another watch has an anonymous steel bracelet. Several examples were sold on leather straps; Aste Bolaffi calls its strap non-original, and Cheffins calls its aftermarket. Pandolfini's lot 372 included a box. The lot descriptions record these sale pairings; they give no original-fitment evidence or end-link number. Antiquorum, 2021, lot 328 Cambi, 2017, lot 224 Christie's, lot 295 Aste Bolaffi, lot 120 Cheffins, lot 275 Leonard Joel, lot 56 Pandolfini, lot 372

Freeman's, 2017, lot 27, case 631585: watch on a black leather strap.
Antiquorum, 2021, lot 328: steel-and-gold watch on an anonymous stainless-steel bracelet.
Second view of Antiquorum's 2021, lot 328 watch and bracelet.

Auction record

source	object record
Christie's, lot 152	Circa 1945; steel and gold; 31 mm; self-winding; silvered Arabic dial; screwback and screw-down crown.
Freeman's, 2017, lot 27	Serial 631585; circa 1948; steel with rose-gold bezel; 32 mm; refinished black Arabic dial.
Aste Bolaffi, lot 120	Case 650713; circa 1949; 18K gold; 32 mm; Cal. 630, movement 89151, 18 jewels.
Antiquorum, 2002, lot 163	1950s; 18K yellow gold; 32 mm; Cal. 630, 25 jewels; silver baton dial.
Antiquorum, 2018, lot 95	Circa 1950; 18K yellow gold; 32 mm; black baton dial; movement listed as 9½ lignes.
Christie's, circa-1950, lot 194	Steel and pink-gilt bezel; 32 mm; silvered Arabic-and-dagger dial; engine-turned bezel.
Christie's, circa-1950, lot 295	18K pink gold; 32 mm; 18K pink-gold Oyster bracelet listed with the watch.
Christie's, lot 175	Case 660308; circa 1955; steel and pink gold; 32 mm.
Cheffins, 2019, lot 275	Case 668473; circa 1949; 18 ct gold; 30 mm; aftermarket strap and Rolex pin buckle.
Antiquorum, 2025, lot 453	Case 568765; circa 1940s; steel and pink gold; 32 mm; 11½-ligne, 17-jewel movement.
Pandolfini, 2011, lot 372	Case 658288; late 1940s; 18K yellow gold; 31 mm; plastic crystal; automatic movement.
Il Ponte, 2023, lot 699	14K gold; 30 mm; 1950s; white dial; movement number 86912; listed with 9¾-ligne movement.
Il Ponte, 2024, lot 1046	Case 652825; movement N54516; 1960; steel and gold; 33 mm; silvered dial.
Antiquorum, 2021, lot 328	Case 652969; dated 1949; steel and gold; 32 mm; silver dial; anonymous steel bracelet.
Antiquorum, 2021, lot 307	Case 637878; circa 1950s; 18K yellow gold; 32 mm; movement N88769; catalogue calls 9¾ the caliber.
Cambi, 2017, lot 224	Case 637865; circa 1960; 18K yellow gold; 32 mm; refreshed salmon dial; Rolex gold bracelet and deployant.
Bonhams, 2019, lot 49	Circa 1948; partial case 647; movement N84; 32 mm; steel-and-gold case; salmon dial.
Hindman, 2023, lot 27	Repeat sale of Freeman's serial 631585; movement N97659 69820; approx. 31 mm, compared with Freeman's 32 mm.
Tennants, lot 2147	Case 619495; 1947 estimate; caseback reported marked 4919 5011; movement number N71083.
Leonard Joel, 2024, lot 56	Case 619082; circa 1947; steel and gold tonneau case; 32 mm; silvered dial with gilt Arabic numerals; movement N72529; five-minute bezel; two-tone hexagonal-link bracelet.

Gallery

Antiquorum, 2018, lot 95: 18K yellow-gold example
Freeman's, 2017, lot 27: case and leather strap
Il Ponte, 2023, lot 699: 14K gold, white dial
Il Ponte, 2024, lot 1046: steel-and-gold, silvered dial
Antiquorum, 2021, lot 328: steel-and-gold example on anonymous steel bracelet
Antiquorum, 2021, lot 307: 18K yellow-gold example with Arabic dial
Second angle of Antiquorum, 2021, lot 328
Freeman's, 2017, lot 27: case 631585, refinished black Arabic dial
Freeman's, 2017, lot 27: closed caseback
Antiquorum, 2021, lot 328: gold Oyster crown

Sources