What the Fu…

Behold the new limited edition Panerai Luminor Marina  福 (“Fu”) – aka PAM 366.  I gotta say right up front that I am lukewarm on this watch and I find it to be a questionable choice by Panerai for a limited edition piece.  The reason for this watch seems to be that, after five successful years in the market, Panerai wants to show that it respects and understands the Chinese culture.  Or something like that.  I fail to see the connection, but it is entirely possible that I in fact do not understand the Chinese culture like Panerai does.

Further adding to the oddity of the release is its price and its production.  1,500 pieces will be made — a pretty good size run for a LE – and priced at 29,900 Renminbi, or about $4,400.  In other words, relatively high production / relatively low price.  What?!?

To me, this watch unfortunately comes off as an over-eager kowtow to China.

Panerai Luminor Marina “Fu” China

44mm polished stainless steel case, movement is the COSC-certified OP II calibre (hand-wound)

Chinese character “Fu” at 6 o’clock

The watch is to be launched in mid-August at Officine Panerai boutiques in Shanghai and Beijing as well as selected network of authorized China dealers and will eventually be available in all Panerai boutiques in Greater China.

The Fu according to Panerai

The concept of the time-honored Chinese character Fu (good fortune or happiness) is explained in ancient Chinese writings in five aspects: longevity, prosperity, health, virtue and a well-ended life. People in China have been posting decorations of Fu (usually written on red paper) on their door fronts since the time of Southern Sung Dynasty. To others, the character speaks of ones best wishes; to oneself, it is an expression of the pursuit of happiness. Numerous set phrases with positive meanings consist of which and they signify the Chinese peoples aspiration after good lives. As time goes by, the meaning of Fu is further extended and expanded; yet, the posting tradition persists as the term never ceases to implicate being blessed and protected and having good fortune. Officine Panerai has therefore infused the character into the dial to create a perfect fusion of Chinese tradition elements and Italian classic design. It is also the wish of the brand that every wearer will receive this valuable blessing and be grateful.

Celebrating 10 years of Paneristi…

Members of the Panerai Brotherhood known as “Paneristi” are weeping with joy over the July 1 announcement of a new, limited edition Panerai Luminor — aka the PAM360 — that will be produced specially to commemorate the 10 year anniversary of Paneristi.com (the unofficial and undisputed resource on all things Panerai):

Only 300 will be made — meaning that the PAM 360 is set to become one of the most highly coveted and sought after Panerai’s.  The Paneristi “Mod team” (the forum Moderators) along with some other key players appear to have helped design the watch and make it all happen.  The PAM360 is a 44mm Luminor with black PVD case, patina dial markers, and the “OP” logo:

Panerai Luminor “Paneristi” (PAM 360)

The case back has special commemorative language ala “Paneristi.com Tenth Anniversary”:

How exactly Panerai will allocate these watches is unknown (to me at least) — I only hope that it is done via a lottery or random drawing as opposed to a “political” process such as allocation as determined by the Mod team or according to one’s “contribution” to the website over the years.  The price will be $6,700 USD (5,500 EURO/630,000 JPY/52,500 HKD).

I really applaud Panerai and other brands such as IWC who make special edition watches such as these.  I think that these models payback almost unlimited dividends to the brands in the form of an even deeper passion and sense of loyalty amongst their most dedicated fans.

New limited edition Panerai…PAM 343

The association between classic yachting and Officine Panerai has been renewed for 2010, with the sixth edition of Panerai Classic Yachts Challenge, an international circuit of regattas reserved for vintage and classic sailing boats.  In keeping with annual tradition, Officine Panerai has created a special limited edition watch – The Radiomir Regatta 1/8th Second Titanio, a split-seconds chronograph with a 1/8th second foudroyante function and an express scale in knots for the calculation of the average speed of the vessel.  Quite nicely it will be the prize for the winners of each heat in the different construction classes of the Panerai Challenge!

Panerai Radiomir Regatta 2010 (PAM 343) – Limited Edition of 500

47mm brushed titanium case, “OP” crown, Panerai OP XXI caliber (automatic mechanical), 1/8^th second counter at 9’oclock, Water resistant 100 meters, Leather strap with brushed titanium buckle

Panerai Press Release:  For the 2010 edition of the Panerai Classic, the circuit has grown thanks to new and prestigious regatta fields: for the first time,  the historical British Classic Yacht Club Cowes Regatta (Isle of Wight, Great Britain) and the Corinthian Classic Yacht Regatta (Marblehead, USA) are also part of the circuit. The latter is one of the most famous and exclusive American yachting centres, as well as being the historical birthplace of the American Navy.

The inclusion of the Corinthian Classic Yacht Regatta represents an important change for the Panerai Classic Yachts Challenge, not just because of  the prestige of the event but also, for the first time, the American regattas are combined to form an independent Trophy, parallel to that of the Mediterranean: the North American Panerai Classic Yachts Challenge. This Trophy event takes place entirely in the waters of New England and is made up of the Marblehead Regatta, the Newport Opera House Cup and the Museum of Yachting Classic Yacht Regatta, also in Newport. The Antigua Classic Yacht Regatta Trophy however remains an independent event, and in April, like every year, it will open the Panerai Classic Yacht Challenge in the clear waters of the Caribbean island.

The other great change in 2010 is the British Classic Yacht Club Panerai Cowes Regatta. With more than 65 classic yachts expected at the start, this traditional appointment – held every year, in July, in the waters of the Solent, the stretch of sea which separates the Isle of Wight from Great Britain – is likely to be the largest regatta reserved for vintage and classic sailing boats ever held in the region.

Prestigious confirmations for the Mediterranean circuit of the Panerai Classic Yachts Challenge: as well as Les Voiles d’Antibes and the Régates Royales in Cannes, which open and close the circuit season every year in the Costa Azzurra, the circuit features the spectacular meeting of the Vele d’Epoca in Imperia, which every other year brings to the Ligurian coast an exceptional number of vessels from every class, and the traditional Copa del Rey in Mahon, on the island of Minorca.

Among the more than 500 vintage boats taking part in the Panerai Classic Yacht Challenge regattas, 2010 will also see the debut of Eilean, the Bermudan ketch built in 1936 in the legendary Scottish Fife boatyards, which was purchased and painstakingly restored by Officine Panerai, as part its commitment to safeguarding and promoting classic yachting.

65% Off A Panerai for Ferrari Gran Turismo Rattrapante Chronograph, Anyone?

The end of the fabled Panerai / Ferrari watch partnership was announced last week by watch industry omniscient Gregory Pons (Business Montres).  The announcement was also picked up echoed very shortly therafter by watch blogger Areil Adams over at Luxist (for those of you who prefer English).  While the reasons for the possibility that this partnership was doomed from day 1 are perhaps obvious and fully appreciated, I think that there is yet one unanswered question.  That is, what will happen to the future value of these watches now that their status is officially “post-production”?  Will their value increase or decrease?  Will they one day – perhaps one year from now, perhaps ten – ultimately become items of great value?  Or dusty relics of another luxury marketing partnership gone south? I tend to think the latter is the case, and that these watches have seen their high watermark when it comes to the price.

Case in point: just today I happened upon a “small number of Panerai for Ferrari Gran Turismo Rattrapante Chronographs…available…for a very limited time at a very special price.”

FER 005, Brand New Never Worn, Offered at $4,995

In fact, at the offered price of $4,995, these watches – the bearing the FER 005 reference number – are fetching just under 35% of their original retail price.  Put another way, they are over 65% off.  This represents a significant discount to the current asking prices for these watches on the ‘Net grey market.  It is even way below what some individuals are asking for a used FER 005’s.  While this is most likely very unfortunate if you are a seller or holding inventory of these watches, it is for you as a buyer a chance to own a high quality Panerai watch with Ferrari logo at a phenomenal price.

If you are interested in the dealer who is offering Ferrari Gran Turismo Rattrapante Chronograph watches at 65% off retail, send me an email or ping me on Twitter and I’ll tell you.  And in case you wonder, I have no relationship or financial interest in helping to sell these watches, I merely use them to make my broader point…..

which is that the dissolution of the Panerai / Ferrari partnership and the unheard of liquidation sale for the FER005 is NOT merely a coincidence!  And although this is merely a sample size of one, I think it portends a very soft market for the Panerai Ferrari watches for many years to come.

What is your opinion on these watches and their future value?

Still sifting through the massive onslaught of new watches from SIHH 2010…fun, fun…here is one more Panerai that caught my eye - the Panerai Luminor 1950 Ceramic (aka PAM 335).  More than just catching my eye (which can be a good or a bad thing, you know ), this watch has the signature Panerai look, it is in ceramic, with Panerai in-house movement (P.2003) with 10 days power reserve, and with useful functions (ie GMT and date function).  Basically – this is my kind of watch!  And….an estimated $20,000 per, I think I’ll take two   

Seriously though, I think this watch is something I could proudly and comfortably wear – unlike the 52mm Mare Nostrum PAM 300 (way too big), or the Radiomir Skeleton PAM 348 (looks cool and has ceramic case, but too edgy of a “Panerai” for me), or the Luminor 1950 Tourbillon Equation of Time titanium PAM 365 (if I get an EOT it would probably be an Audemars Piguet).  Now, if only I could do something about that price tag…

So, what do you think of this watch?  Yay…or nay? 

By the way, if you have not already, you can see all the 2010 Panerai collection here on our SIHH forum.

OK last Panerai I wanted to throw up here for now as it looks to be impressive – just a bit of a teaser pic, but this is the Panerai Luminor 1950 Tourbillon Equation of Time Titanium also known as PAM365.  The watch is in 50mm titanium case with the equation of time complication – all of which means it is not cheap – about $220,000.

Stay tuned for more information and other new 2010 Panerai’s here in the SIHH 2010 forum.

Radiomir Composite® Marina Militare 8 Giorni – 47 mm (PAM00339)

Another interesting new one from Panerai, the PAM 339. This one is turning out to be THE hot watch from Panerai for 2010, because of its unique look largely from its “composite” case material (read about it below).  The PAM339 has a 47mm case and Panerai’s P.2002 caliber in it.  It will be priced at about $15,000 USD.  Full specs are posted below the high-res photos.  I like the look!  You can see the rest of the 2010 Panerai’s here.  Here’s the watch including some great close up photos:

The new Radiomir Composite® Marina Militare 8 Giorni – 47 mm introduces itself by showing the two most authentic sides of Officine Panerai: state-of-the-art technological innovation and a deep-rooted history.

The material used for the case is truly innovative in the field of fine watch-making: the Panerai composite is a material whose features and performance are exceptional, being practically immutable over time. The result of an electrochemical process of ceramization of the aluminium, this material is harder than the ceramics normally used for cases in watch-making (zirconia), and also harder than metals like steel and titanium, as well as being lighter. Thanks to its qualities of ductility and reliability, the Panerai composite allows for complex and extremely precise workings and is the result of processes that, up to now, were employed in the creation of components for the aeronautic industry and for car and motorcycle races requiring the highest levels of performance.

From the aesthetic viewpoint, the Radiomir Composite® Marina Militare 8 Giorni – 47 mm has a mono-colour look: the matt, deep brown of the 47mm Radiomir case and of the crown are in tune with the brown of the dial and strap in vintage leather. The stitching of the strap is a reminder of the ecru colour of the Super-LumiNova® on the hands and the other elements of the ‘sandwich’ dial: indexes and numerals, small-seconds dial at 9 o’clock, the RADIOMIR COMPOSITE MARINA MILITARE 8 GIORNI – 47 MM
words Marina Militare and Panerai and the second dial with the inscription 8 giorni brevettato, deriving directly from the historic models.

The movement of the new Radiomir Composite® Marina Militare 8 Giorni – 47 mm is the P.2002/7 Calibre, entirely developed and built by Officine Panerai. Hand wound and with a 13 ¾ lignes diameter, the movement is made up of 191 components and has three barrels ensuring a long power reserve of around 8 days, a traditional feature of Panerai watches since the 1940s.

The Radiomir Composite® Marina Militare 8 Giorni – 47 mm (PAM00339) is a special edition of 1000 watches that pays homage to the historic link with the Italian Navy, to which Panerai was a specialised supplier. This is not the first watch Officine Panerai has dedicated to this alliance. Indeed, in the past it created special limited editions like the Luminor Marina Militare in 1998 and the Panerai Luminor Marina Militare in 2005. The trademark Super-LumiNova® is not the property of Officine Panerai.

TECHNICAL SPECIFICATIONS

Movement: Hand-wound mechanical, Panerai P.2002/7 calibre, executed entirely by Panerai, 13 ¾ lignes, 6.6 mm, 21 jewels, Glucydur® balance, 28,800 alternations/ hour. KIF Parechoc® anti-shock device. Power reserve 8days, three barrels. 191 components.
Functions: Hours, minutes, small seconds.
Case: Diameter 47 mm, brown Panerai composite material, with removable wire loop strap attachments (patented). Winding crown personalized Panerai.
Bezel: Panerai composite material.
Back: Panerai composite material.
Dial: Brown with luminous Arabic and Roman numerals and hour markers. Small seconds at 9 o’clock. Crystal: Sapphire, formed of corundum, 1.9 mm thick. Anti-reflective coating. Water-resistance: 10 bar (100 metres).
Strap: PANERAI personalised leather strap and large size brown Panerai composite material.
Reference: PAM00339

The trademarks Glucydur®, KIF Parechoc® and Incabloc® are not the property of Officine Panerai.

This is another one from Panerai that caught my eye because it is so NOT a Panerai – or at least a Panerai as I’ve known them for all these years.  Sure to be some mixed reactions to this one from the Paneristi, particularly as this one may be selling for more than $150,000 US – but I like Panerai for pushing the envelope a bit this year.  This watch is also “Panerai sized” at 48mm case.

Again you can see all the new 2010 Panerai models here on Perpetuelle’s Official SIHH 2010 forum.  There are definitely some lookers in there!  I may post 1-2 more that caught me eye here on the blog.  Will be back with specs, too!

See all the new 2010 Panerai models here (well not quite all yet but many of them)

This is one of Panerai’s annual “Special Editions”, the “Mare Nostrum”.  The case is a whopping 52mm – far, far too big for most.  Price is about $36,000 UDS.  This is a reissue of the Panerai Radiomir Mare Nostrum that was first introduced in 1943.

Here’s another new one that will be officially unveiled by Panerai next week – the Panerai Luminor 1950 Chrono Monopulsante 8 Days Oro Rosa, or PAM 344 for all you Paneristi out there who prefer ref no.’s.  This watch has a 44mm pink gold case and inside it has Panerai’s in-house P.2004 Caliber in it, a hand-wound movement.   It will be limited production of just 150 pieces.  Panerai is proud of the fact that this watch not only has an 8 ‐ days power reserve mechanical movement, “but is also a technically accurate single push ‐ piece chronograph” – a challenge that only a few brands have taken on, Panerai notes.  I like the more traditional “circular” design of the power reserve meter on this watch, as opposed to the horizontal meter Panerai uses on some of its other models.

If you missed my preview of the PAM 336, also in rose gold, check it out here – SIHH 2010: A Thinner, Smaller, Sleeker….Panerai?