233 Rolex An extremely well preserved and incredibly rare, Bubbleback, automatic wristwatch in steel, with “cachet” lugs and rare Rolex elastic bracelet, retailed by Joyeria Riviera, reference 3172.

Estimate: € 30,000 –⁠ 60,000

The reference 3172 is, without a doubt, one of the rarest and most distinctive versions of the iconic Bubbleback, featuring the much-admired “cachet” lugs. These hooded or “cachet” lugs, beloved by vintage Rolex collectors, are typically seen with various finishes, ranging from ribbed to engine-turned, from vertical stripping to smooth. But what makes this particular reference so exceptional is the striking, unusual decoration of its lugs—two raised lateral bands, much thinner and more pronounced than the typical variations, giving the watch a more captivating three-dimensionality that elevates its appeal.
While these models are often found in double material configurations, like steel and gold, the full steel version, as seen here, is even rarer and far more desirable. The case, in outstanding condition, beautifully preserves the proportions and quality of the “cachet” lugs decoration, further testament to its impeccable care over the years.
Adding to its uniqueness is the particularly rare and visually arresting Rolex extendible bracelet. Featuring a striking channeled decoration, this bracelet dramatically enhances the watch’s presence, offering a level of character seldom seen on other models. And then, of course, there is the dial—arguably the crowning achievement of this timepiece. The black gilt dial has been wonderfully preserved, with the radium Arabic numerals, hands and minute track exhibiting a beautiful, consistent sand-colored patina, adding warmth and depth to the watch’s vintage appeal.
What truly distinguishes this reference, however, is the coveted retailer signature at 6 o’clock—"Joyeria Riviera,” the prestigious Cuban jeweler. Watches bearing this rare co-branding are incredibly scarce and are considered highly prized among collectors. Rolex archive photos reveal an example of the same reference with seconds at 6 o’clock, while the present timepiece features the rarer center seconds configuration, as Rolex produced models with both movement variations. With its rare bracelet, breathtaking black dial, rare configuration and historically significant retailer signature, this full-steel reference 3172 Bubbleback with “cachet” lugs is an extraordinary and highly sought-after example in the vintage Rolex world. It represents a truly exceptional opportunity for discerning collectors who appreciate the rare, the unique, and the historically significant.