Interesting for sure. That guy is a known frankensteiner often using fake bezels on his dive watches. Caseback looks weird to me too plus the I am 90% sure the dial is not from UG and an aftermarket one (although it is cloissone and it does look very nice).
From the same Antiquorum auction.
Nothing wrong that I can see.
Considering their appealing size, I'm surprised by how low the bid estimate is.
Well, to my eyes it looks like a non original plated case! This explain the low final result.
Thank you, everyone. Very well explained. I still have to ask - what exactly does "plated case" mean? Should I take it in its literal sense to mean that the case is original but, to counter the weathering effects of time and lack of care, has been replaced (or replated) with a more modern outer shell to prevent it from worsening?
I think Larry means it's chrome plated instead of SS, just based on appearance. At least with later examples, the interior case back would indicate this (as a chrome case with a SS back), however, again, I've never studied UG cases this early, so I can't speak with authority without researching other examples.
Point being, that plated (chrome or gold) cases are less valued than SS or gold, hence the lower sale price.
However in this example we are not even sure if it's a UG case, aside from if it's plated or not (it does look very shiny).
Nice time only: https://www.ebay.fr/itm/354542154028 (not 100% convinced of the dial but I think it is legit)
Could this be an original dial?
https://www.ebay.com/itm/125583523309?hash=item1d3d5c7ded:g:ShMAAOSwSe5jXJTh&amdata=enc:AQAHAAAAsLgcECSp0lqqt+LtCILcVctJlc/skeEgONE0f/6q33AvcNeShR/AMjPlw2c/V6Vf90tGygNzV3taZXZAQPvV5ZbMPmc7Kza1Y93jonjRZKA4WtJKCHkB7jPArNC16xeL6HWQ982bi5cJC+ozsEqCN6vbjrj4xSzvI36Avb4s3xKyNVFjqismqRNiaRp9BNxxtNTBwvKJwHGbIrSXONHefvIlJZbKsvR/+xXTPkSkjtSd|tkp:Bk9SR6qagre-YQ
The watch case is 31mm