Important Collectors Watches, Pocket ...

New York, Dec 11, 2008

LOT 477

"Rolex Panerai" Rolex, case No. 260523, Ref. 3646, first generation. Made for the Italian Navy Commandos circa 1940. Very fine and extremely rare, large, cushion-shaped, water-resistant, stainless steel military diver's wristwatch.

USD 40,000 - 60,000

EUR 31,000 - 47,000 / CHF 47,000 - 70,000

Sold: USD 48,000

C. Signed Rolex, three-body, polished and brushed, screwed-down case back and crown, wire lugs. D. Black with luminous Arabic numerals and baton indexes. Luminous blued steel baton hands. M. Cal. 15 3/4''', signed Rolex, rhodium-plated, fausses cotes decoration, 17 jewels, straight-line lever escapement, monometallic balance, selfcompensating Breguet balance spring. Case and movement signed. Dim. 47 x 47 mm. Thickness: 15 mm.


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Grading System
Grade:
Case: 3-9

Good

Scratched
Movement: 3-6*

Good

Slightly oxidized

Overhaul recommended, at buyer's expense
Dial: 3-6-01

Good

Slightly oxidized

HANDS Original

Notes

The linking of the Panerai and Rolex companies has always fascinated watch collectors. Officine Panerai of Florence was known for making precision instruments - watches being only one of their product lines. Panerai first turned to Rolex in the mid-1930?s, due to Rolex?s reputation in the field of waterproof watches. Panerai had suffered from unsatisfactory waterproofing of their watches and the use of Rolex?s waterproof crowns on their watches was a logical and welcome move. Rolex agreed to supply Panerai with both crowns and movements. Throughout the 1940?s and 50?s, Rolex continued to be the main supplier of watch movements and cases to the Officine Panerai Company, who would then fit them with their patented dials and crown guards. In 1997, Panerai reissued a replica version of the first 1938 Panerai, a limited edition of 60 examples with a period Rolex movement.