• manual winding nickel lever movement, 17 jewels, mono-metallic compensation balance • black dial with gilt tracking and printing, applied gilt Arabic 12 and bullet indexes, luminescent gilt hands, three small engine-turned subsidiary dials indicating constant seconds, 12-hour and 30-minute register, outer scales calibrated for 60 units, telemeter and tachometer scales • circular case, two round chronograph pushers to the band, screw-down crown, screw-down case back • case, dial and movement signed

The movement is running, however it may require service soon. The chronograph functions, however when cleared it does not consistently return to the 'zero' position and instead falls to one or two as a starting point. It can be serviced so that it functions correctly. The dial shows some aging and marks, and the gilt 'Rolex Oyster Chronograph', Rolex coronet, and 'Antimagnetique' have faded significantly, as is accurately represented in the catalogue photograph. It is interesting to note that these portions of the printing have faded simarly in the cited example in Patrizzi, O., Rolex: Collecting Modern and Vintage Wristwatches, Vol. II, p. 166. The case shows some scuffs from wear over the years. The outside of the case back is very clearly stamped 206342. The inside of the case back is stamped 4048.
"In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. All dimensions in catalogue descriptions are approximate. Condition reports may not specify mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or dome. Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant. Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective, qualified opinion. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue. In particular, please note it is the purchaser's responsibility to comply with any applicable import and export matters, particularly in relation to lots incorporating materials from endangered species.NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."

**Please be advised that bands made of materials derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these bands prior to shipping.

Important Notice regarding importation into the United States of Rolex watches
Sotheby's cannot arrange for the delivery of Rolex watches to the United States because U.S. laws restricts the import of Rolex watches. The buyer or a designated agent may collect the property in the country of sale."

Accompanied by the following original nu♔mbered paperwork all dated March 11th, 1946, including: Rolex Guarantee, receipt from Bucherer, Lugano and💙 Bucherer Guarantee. Together with directions for use.

Further accompanied by military documentation relating to the original purchaser's furlough from his U✨.S. Army post in Munich and permission to visit Switzerland and Italy in March 1946. Included with this documentation are Hotel America meal tickets, room assignments, and listings of rules to be followed while on furlough.

The design of Ref. 4048 demon🧸strates its position at a turning point in the aesthetic of Rolex chronographs. Various examples within the reference bear small subsidiary dials that were favored in earlier chronographs, while others have  large subsidiary dials, the look that is seen in chronographs to this day. In the 1940s, some chronographs were still made with square pushers, while others, such as Ref. 4048, utilized the more modern round chronograph pushers.

The present example is especially unusual for several reasons. Examples of this reference rarely appear at auction, and those that do frequently feature silvered dials. The present example's combination of black dial, and the fascinating story told by its well-preserved historical documentation make this a watc𝄹h of tantamount importance both to the timeline of Rolex chronographs and to the timeline of post-WWII Europe.

For a similar example, see Patrizzi, O., Rolex: Collecting Modern and Vintage Wristwatches, Vol. II, p. 166. For further examples of Ref. 4048, see the same text, p. 165, as well as Papaleo, P. & Gobbi, P, I Cronografi Rolex: La Leggenda, pp. 200-205.