Panerai Watch Market Analysis
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Panerai Watch Market Analysis

By Bruno.M1 · May 31, 2025 · 19 replies
Bruno.M1
WPS member · Officine Panerai forum
19 replies6150 views4 photos
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Bruno.M1's original post offers a stark look into the current state of the Panerai secondary market, presenting recent auction results that suggest a significant downturn for models once considered iconic. His observations prompt a crucial discussion among collectors about brand value, market dynamics, and the factors contributing to these surprising price shifts. This article synthesizes community insights to explore the multifaceted reasons behind Panerai's evolving market position.

and tbh it's sad cause I still like Panerai

But look at these .. Once popular, sought after and had a huge fanbase

Right now an Antiquorum auction is happening in Hongkong ..some results
or should I say EXTREMELY disappointing results








That's ALL FEES included around 3.100 euro for a Panerai 232
The 232 is a LE from 2 decades ago and is imo still one of their real ICON









THE 372, just under 4K euro all included
It's a watch with a retail price around 10.000 euro
So 60% UNDER list .... for a brand that used to keep value damn well







3.600 for this titanium submersible from early 2000








4.100 euro for a Marina Militare LE 1000 pieces from 2014



About the Panerai PAM00232 - Radiomir 1938 SE Ref. PAM232

The PAM232 represents Panerai's Radiomir 1938 SE series, distinguished by its brown dial configuration within this special edition lineup. This reference offers collectors access to the brand's cushion-case design language in a substantial 47mm format.

The watch features a 47mm steel case housing the brown dial. The steel construction provides durability while maintaining the model's characteristic proportions and case profile established for this series.

This reference appeals to collectors seeking a larger case size combined with the distinctive brown dial treatment. The PAM232 occupies a specific position within the Radiomir 1938 SE collection, offering an alternative dial option for those preferring warmer tones over traditional black configurations. The 47mm case size targets wearers comfortable with substantial wrist presence.

Specifications

Case
steel case
Diameter
47mm
Dial
brown dial

Key Points from the Discussion

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The Discussion
SI
sinkholeninja
May 31, 2025

Too many shenanigans, not the least with the PAM318 “Brooklyn Bridge” movement fiasco. I used to be a fan of their vintage pieces, not so much any longer. As far as I’m concerned, the brand reputation is dead.

MA
Marc Obermann
May 31, 2025

But after having a loyal if not fanatical fan base they made a few too many errors of judgement that really rubbed their fans up the wrong way. As already mentioned above my post the Pam 318 Brooklyn Bridge issues really left a bad taste in many people's mouths as well as the release of the first Bronzo and a declaration of it will be the only bronze watch ever released and we all know what happened next. I also think that there is in fact a move towards smaller watches for now and that has an e

JO
John-E-Mac
May 31, 2025

I was frustrated back in the day trying to buy Panerai watches. Now, those watches are available at reasonable prices. What is not to like? Personally, I am happy we are beyond the hype that amplifies prices. Now, if you bought Panerai as an investment, then this current market is a total disaster. The ebb and flow of the market is to be expected and enjoyed. Patience is a virtue.

BL
blau
May 31, 2025

I'm here to *get* watches, not to sell them. At these prices I'm thinking I might get myself another Panerai soon!

CH
christianch
May 31, 2025

by one of our moderators so not sure I would give it too much credibility and visibility. Buyers of vintage/used watches usually buy the seller (or the auction house)

JA
Jay (Eire)
May 31, 2025

But a couple of observations in no particular order: - These are watches that never should have seen auction. There was never an “auction market” for a 323 or 372. Seller should have sold them to the dealer. - Results tends have been weak all season, but in pockets. Take a look at some Lange results over the last several months, or DeBethune. Perhaps weak is not the right description, maybe more so those watches are finding their true levels after several years of inflated results. - On the cont

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