Waterman pens which were imported in Italy were often embellished with semi precious and precious metal overlays to make them more appealing for the Italian market. Shiny, apparently precious pens were in fact perceived  as more interesting than black ebonite pens.

The Waterman sole agent for Italy developed connections with a few Milan-based workshops specialised in the production of overlays and many Waterman pens, both safeties and lever filler,  were offered with elaborate and precious overlays.

The style and patterns of decoration reflected the trends and fashion of the time: pens from the early 1920s had rich overlays with floral decoration and Art Nouveau motifs while models form the 1930s  were characterised mostly by geometric Art Deco patterns of decoration.

For more details about the practice of enriching pens with precious overlays, you can check the blog:

https://www.tenpen.it/article/waterman-safetythe-art-overlay-additions-part-1

This Waterman 52 has a beautiful  pattern of decoration with ivy leaves and a floral cap top. It is very likely to be a product coming from the Cavaliere workshop in Milan. It is fitted with a superb, very flexible Waterman nib with long tines.