Officine Panerai

[PAM249]	[PAM448]

In my opinion, these are the consummate Panerai Cali dials -- 47mm SS Radiomir case with plexiglas and blue hands. I know some prefer the gold hands of the 376 (Oro Bianco) or 424, but blue hands, in my books, are more traditionally related to watchmaking and are definitely rarer in the Panerai universe.

[PAM376]	[PAM424]

The 249 was released as a Special Edition in 2006 based on an OP X calibre, basically a 'modified' ETA 6497, while the upcoming 2012 Novelty 448 lives on the in-house P.3000 mechanism with a teensy bit more power reserve (72 hrs) than the OP X (56 hrs). I am not a movement expert, but from the technical specifications, I can't say one is obviously better than the other. The OP X does come Côtes de Genève decorated, while the plexiglas on the 448 is 40% thicker at 2.8mm. The CdG is, of course, purely decorative, but a thicker plexiglas, whilst wouldn't be more scratch resistant, may be more impact resistant.

[PAM249]	[PAM448]

The 249 has the benefit of having a bit more history being the first commercial Cali and 6 years older than the 448, which is important since history plays such a huge factor in the Panerai brand appeal. However, the 448 is a bit more uncommon, with only 750 examples compared to 1936 of its older sibling, which may be even more important as some/many Panerai fan(antics) will chase elusive Panerai pieces regardless of anything and everything.

Those who like swimming/diving with their watches will appreciate the 10 bar, or 100m, water resistance of the 448 over the paltry 30m H2O-defense of the 249, which I have heard, actually provides less than adequate cover even for splashing around in your condo pool.

I have not seen the 448 in the metal but pictures seem to suggest it will sport the 'dirty' markers like 356, 359, 372, as opposed to the standard luminescent markers on the 249. The jury is still out on whether these 'patina' dials, such as on the PAM360 BBQ, is a mere cosmetic tease, or an insult to highly prized tritium Pannies, like the 5218/202A.

[PAM360]	[5218/202A]

The retail prices of both watches, at their release, are more or less the same, after adjusting for inflation, by lay calculation. Would the release of 448 impose any effect on the price of 249 in the secondary market and/or vice versa? Well, if precedence could be counted on, then perhaps -- with the recent softening prices of the 217 (and 127) softening coinciding with the introduction of the 368 (and 372 respectively). More 1950 case choices, easy culprit. Maybe the 217 (and 127) price adjustment has more to do with the initial hype losing steam and dust settling after most watches in the market finding their ways from speculators to enthusiasts/collectors, thus reducing demand? Hmm, probably a little of both.

[PAM217]	[PAM368]

Back to the 249 and 448. I don't think there is another more similar pair of Panerai watches, the Pre-Vs and their incestrous Vendome cousins notwithstanding. I had a 249, which I sold and now looking to pick up a Cali dial. Frankly, I am quite torn between the PAM249 and PAM448. What is your preference and thoughts?

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