Legendary Watch Brands: Officine Panerai

Panerai Luminor 1950 PAM 127, Image. Bexsonn

The Italian watch manufacturer with a much documented past has produced some of the most sought-after timepieces on the market in recent years. And just like other brands such as Omega, Rolex, TAG Heuer and Patek Philippe, it too has very insightful and loyal aficionados that are, arguably, un-matched by any other. Much of Panerai’s legacy derives from the close and historical role as the official supplier to the Royal Italian Navy (Regina Marina), where its marquee models – the Radiomir and Luminor – were developed especially for the Italian divers, due to their particular requirements. Panerai was founded in 1860 by Giovanni Panerai on the famed Ponte alle Grazie, Florence.

Panerai Radiomir 1940 PAM 514

In the early part of the 20th century, Panerai started to experiment with luminous materials in an effort to make pure instrument dials, sights, and telescope devices that could be used in the dark. A material was developed and given the name Radiomir. It was perfected in the 1930s by Giuseppe Panerai, and a prototype Panerai Radiomir wristwatch was submitted to the First Submarine Group of the Royal Italian Navy for approval in 1936. This wristwatch received the approval, and by 1938 the prestigious Radiomir was being employed by elite teams of Italian naval commandos in the field.

After World War II, there was a limited number of Panerai Radiomirs in circulation, and of course this meant that they’d also become highly sought after collectors’ items. In the early 1950s, the revered Radiomir that put Panerai on the map was replaced by the Luminor, characterized by the iconic crown-protecting bridge, but the case and dial design were retained.

Panerai Luminor Marina white dial

Up until the 1990s, Panerai wristwatches were reserved exclusively for military clients. In 1993, Panerai began selling its timepieces to the general public. Dino Zei, who was Panerai’s CEO 1973-1997, tried to transition from a pure military maker of instruments to a modern, highly sought-after luxury watch brand. After its acquisition by Richemont Group in 1997 – the same entity that owns Cartier, Vacheron Constantin, A. Lange & Soehne, IWC and Jaeger-LeCoultre, to name a few – Panerai began attracting wide international attention.

There are therefore three distinct periods: Vintage (1930s-1960s barring a few prototypes such as the Mare Nostrum), Pre-V (as in Pre-Vendome) which mainly captures the 90s under Dino Zei and then Modern (post 1997), but there is an interesting little story post 1997. When Vendome bought Panerai (the rights to the name), they also bought 60 vintage Rolex movements that were in storage at Panerai. Recased, in platinum, they became the now sought after Pam00021, which can lay claim to being the first truly modern grail-Pam!

Panerai’s historic legacy is such that today, it is one of the most coveted and respected brands in the contemporary watchmaking industry. With its standout aesthetics, unmistakable identity, and historical connection, it is little wonder that the ranks of Paneristi have grown so dramatically around the world.