The Rolex Oyster Perpetual was the first generation of automatic watches from Rolex, introduced in the 1930s and discontinued in the 1950s, with a production run lasting over 20 years. Its most distinctive feature is the spherical case back, a design that was also adopted for the earliest Datejust models. In the history of watches, its status can be compared to Patek Philippe's Ref. 96. I still remember that in 1985, when mechanical watches made a comeback, stainless steel Rolex Oyster watches were valued between $50 to $200. Three years later, I purchased several different styles of steel Oysters for about HK$5,000. Another three years after that, antique watch shops were commonly asking HK$10,000. Then, it more or less leveled off. It is only now that we are seeing another upswing. The quality of steel from that era was not good, so the value of Rolex Oyster watches varies greatly depending on their condition. A better-condition steel Oyster is currently worth around HK$20,000, which seems like a relatively stable annual fluctuation. However, more advanced models such as gold versions or those with cover ears have seen impressive increases in value.