  We present photometry of the Anomalous X-ray pulsar 1E1048.1-5937 in the
infrared and optical, taken at Magellan and the VLT. The object is detected in
the I, J and Ks bands under excellent conditions. We find that the source has
varied greatly in its infrared brightness and present these new magnitudes. No
correlation is found between the infrared flux and spin-down rate, but the
infrared flux and X-ray flux may be anti-correlated. Assuming nominal reddening
values, the resultant spectral energy distribution is found to be inconsistent
with the only other AXP SED available (for 4U0142+61). We consider the effect
of the uncertainty in the reddening to the source on its SED. We find that
although both the X-ray and infrared fluxes have varied greatly for this
source, the most recent flux ratio is remarkably consistent with what is is
found for other AXPs. Finally, we discuss the implications of our findings in
the context of the magnetar model.
