A RARE watch given to Royal Navy divers in the 1970s has fetched a whopping £48,000 at auction in North Yorkshire.

The Rolex British Military Submariner timepiece sold in a fine art sale at Tennants Auctioneers in Leyburn on Friday, July 17, and watch specialist Adam Wasdell said he was thrilled to have seen such a good example of the watch in near perfect condition.

He said: “They are well sought-after pieces among military collectors. The watch was given to a naval diver in 1975 and has all the military marks on the back.

“It has the original dial, hands and bezel which is quite unusual – often the bezel is replaced or the dial gets water inside it.”

Mr Wasdell said around 1,200 Rolex Submariner watches were given out to specialist divers but he believes there are only around 300 left.

He said: “I understand it was given to the seller by a friend many years ago when they were not as valuable.

“It was misplaced for some time in his house after giving it to his son to wear, but after it was found again they realised how much it was worth.”

He added: “It was exciting for me to see and it’s a really rare thing to come on the market. The atmosphere on the sale day was fantastic and there were quite a few bidders, including some over the phone.

“I had estimated it at £25,000 to £30,000 so I’m thrilled it did so well.”