1950s Rolex

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I am a new member on this forum as well as new to the world of fine watches, particularly Rolex. I have always admired vintage luxury items and have noticed in many Ralph Lauren ads vintage Rolex watches. I am in the market for a new watch and am trying to learn as much as I can about these watches before I make my first significant watch purchase. From what I can tell based on my research the watches seem to be from the 1950s. I'm not sure how else to describe the watch other than that. I have attached a picture from an ebay auction of the style I am looking for.



I was hoping to get some recommendations / advice on how to go about shopping for and purchasing a Rolex from this time period. What should I be looking for in the watch? What adds or detracts from the value? How much can I expect to pay?

Thank you so much. I look forward to hearing back from you.