The Painlevé-III equation with parameters Θ0=n+m\documentclass[12pt]{minimal}
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\begin{document}$$\Theta _0=n+m$$\end{document} and Θ∞=m-n+1\documentclass[12pt]{minimal}
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\begin{document}$$\Theta _\infty =m-n+1$$\end{document} has a unique rational solution u(x)=un(x;m)\documentclass[12pt]{minimal}
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\begin{document}$$u(x)=u_n(x;m)$$\end{document} with un(∞;m)=1\documentclass[12pt]{minimal}
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\begin{document}$$u_n(\infty ;m)=1$$\end{document} whenever n∈Z\documentclass[12pt]{minimal}
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\begin{document}$$n\in \mathbb {Z}$$\end{document}. Using a Riemann–Hilbert representation proposed in Bothner et al. (Stud Appl Math 141:626–679, 2018), we study the asymptotic behavior of un(x;m)\documentclass[12pt]{minimal}
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\begin{document}$$u_n(x;m)$$\end{document} in the limit n→+∞\documentclass[12pt]{minimal}
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\begin{document}$$n\rightarrow +\infty $$\end{document} with m∈C\documentclass[12pt]{minimal}
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\begin{document}$$m\in \mathbb {C}$$\end{document} held fixed. We isolate an eye-shaped domain E in the y=n-1x\documentclass[12pt]{minimal}
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\begin{document}$$y=n^{-1}x$$\end{document} plane that asymptotically confines the poles and zeros of un(x;m)\documentclass[12pt]{minimal}
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\begin{document}$$u_n(x;m)$$\end{document} for all values of the second parameter m. We then show that unless m is a half-integer, the interior of E is filled with a locally uniform lattice of poles and zeros, and the density of the poles and zeros is small near the boundary of E but blows up near the origin, which is the only fixed singularity of the Painlevé-III equation. In both the interior and exterior domains we provide accurate asymptotic formulæ for un(x;m)\documentclass[12pt]{minimal}
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\begin{document}$$u_n(x;m)$$\end{document} that we compare with un(x;m)\documentclass[12pt]{minimal}
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\begin{document}$$u_n(x;m)$$\end{document} itself for finite values of n to illustrate their accuracy. We also consider the exceptional cases where m is a half-integer, showing that the poles and zeros of un(x;m)\documentclass[12pt]{minimal}
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\begin{document}$$u_n(x;m)$$\end{document} now accumulate along only one or the other of two “eyebrows,” i.e., exterior boundary arcs of E.
