Panerai, founded in Florence in 1860, originally produced precision instruments for the Italian Navy. The brand's diving watches were classified military equipment until the 1990s, giving them a mystique that fueled a cult following when they became publicly available. The distinctive cushion-shaped case with crown-protecting bridge is instantly recognizable.
Panerai has invested heavily in in-house movement production, with P-series calibres manufactured at their Neuchâtel facility. Higher-end models feature micro-rotor and GMT complications. Entry Luminor models may still use modified ETA/Sellita movements, so checking the specific calibre is important when evaluating value.
Panerai watches are available at authorized dealers, often with negotiable pricing. The brand produces many limited editions and special variants, which can create confusion about which models to buy. Focus on the core Luminor and Submersible collections with in-house movements for the best long-term value.
Service intervals are 4-6 years with costs of $600-$1,000 for in-house movements. Panerai's service infrastructure has improved significantly since joining the Richemont group, though turnaround times can still be lengthy for complex repairs.
Panerai watches depreciate 30-50% from retail. The brand's limited edition strategy can work both ways — some limited pieces retain value well, while oversaturation of variants dilutes the market. Core models like the Luminor Marina and Submersible are the safest choices for value retention.
Ranked by WVS Value Score — the models that best preserve your investment.
| # | Model | Market | Own/Yr | Score |
|---|---|---|---|---|
| 1 | Submersible PAM01305 | $8,250 | $699/yr | 67 |
| 2 | Luminor PAM01312 | $6,500 | $568/yr | 66 |
| 3 | Luminor PAM01392 | $7,000 | $605/yr | 66 |
Each collection has a distinct character — from tool watches to haute horlogerie. Click through for full model comparisons.
See how Panerai stacks up against other luxury watch brands.