Following the article of Panerai posted Yesterday, a few guys asked me to make a translation on that. Due to my poor and limited use of Englihs, I did try to make some short highlight in English. I hope the original Writer will not mad with me if I can not make a true picture of what he wants to say to all of you.
The Legends of Panerai
A turning point for Panerai, in a 200 Watch show at Beijing, Allain Chung was the one to start promote this “Big Cake Watch” in his magazine...
Richemont MD Johann Repert bought the entire Panerai company with 1 million dollar for this Italian manufacture and its history of making military watch for the Italy since 1960 to 2000.
Since then the company strategy is to lunch limited edition for his Watch
Panerai has its style, Bold, big and unique following the old Italian Diver watch design concepts and initial response was proven to be successful.
First legend
1. 1997 Special 021 Platinum Case with Rolex Movement. Limited to 60 pcs. List price $200,000, after a couple of years it reach $1,000,000
2. 2005 203, Angelus 8 days steel watch. Limited 150, list price $140,000. But it is about $800,000
3. 2011, 339 using composite material 8 days power reserve, limited to 1,500. List price is below $110,000, Sothebys’ Autumn auction price went up to $325,000
4. The Copper Watch 2011 382, limited 100 pcs, listed price $80,000
2011 Sotheby’s Spring Lot2212 reached a final bid price of $212,500
5. 2011 steel chronograph 52mm 300 with limited production of 99 pieces.
Listed at price of $270,000. 2012 Sotheby’s autumn made a hammer price of $437,500
Second legend
Just by the sales amount of 60 pcs of 021, the investment of buying this Panerai company as return.
Last legend
This article Author Cheung was trying to create the last bid at the Sotheby’s auction at Convention centre on 8 Oct 2012. All in sudden, he received the calls about news of the Master Allain Chung’s mortality. He put down his hand and left. Or he had helped to create the new Auction record for Panerai.
We under why Patek Philippe watch can gain market value when it is just leaving factory, because of his 100 years of magic in building horologe with impeccable quality and innovations. But for a ten years history for a watch that no one could be aware, this is a legend too.
The Panerai’s shtick is Limited Edition and they Broke the rule of Game!
This is a good market policy for those watches that has not come with a hundred years of history and recognition…
The Panerai big Four: 2002 127 1950 pcs, 2005 217 1000 pcs, 2006 232 1938 pcs,
2006 249 1936 pcs.
In Short, the control of the number of watch is important. What if the watch was sold out in the year they are produced? Panerai then Issued the 2nd Round of Limited Edition!!
Whereby the add OOR” after the S/N. OOR stands for “Out of Range”
Beside big four, at least there were 16 models had used this shtick to gain market revenue!
OOR was in fact interpreted as “Out of Regulation” by the Author.
Later, it would be a bit hiccups to add OOR, they just simple enlarge the production unit, like huge 60mm Egyptian Military watch 341, was announced to have max. 250 pcs, when order came in like swam of flies! they simple added production unit to 500! That caused the slash of price when goods was still on sales!
Composite material 382 was initiated to produce 500 units, finally topped up to 1,000!
Copper 382, was started with 500, then 750, then 1,000!
The Moribund legend
The issue of steel version after the Platinum or gold version was released… this is killing people who has bought the Platinum…
Well, 2011 Prototype dial 373 Platinum of 199 pcs with list price $300,000 without any discount. Worse is when they were selling that watch, they release the steel 425 which is just $40,000.
To a watch maker, the mark up 6 times of Platinum to a steel version is too high. The Platinum 373 can stay forever in the safe box for their depreciation. Those Platinum and gold watch is usually bought by all VIPs, is that the way to kill their VIP!?
After all, those are the mis-practice a watch maker should have!?
Buying Hints for Panerai
And After all, the author being a renowned collector, had some advised to us.
1. Do not consider precious metal except 021 because the movement is Rolex.
Precious metals are poison. Stainless steel is the only material for military watch.
2. Only buy 47mm as that is the original size of Military watch, all the essential important watch are made under this size.
3. Except 44 mm 195 and 52 mm 300, he cannot tell any single model that can last for one year other than 47 mm.
Forget the Panerai House Movement, Panerai is good at Packaging the watch instead of making his own movement, those well-known one are all packed with Angelus, ETA, and Rolex. After 2005, look for Minerva movement.
4. Note the material used on the Watch like, 339 and 382.
New material of good quality and lower cost might be a target of Panerai collector, but those material turn-around time for R & D and Production is long. We will not get any benefit from them at all!
5. Don't trust the Number of production units.
These are the hints for Lovers of Panerai to consider when they Buy Panerai as a Collection item.
Note of HK Snob
Since watch maker and designer are moving into thinner and simpler watch design for most of the top brands in Switzerland. We might not see a sudden decline of the demand for big Diver’ watch, and as a matter of fact, no one would like to.
To a watch collector, the success of watch is not just a function of the demand of some of the Collectors, dealer and speculators regardless of the engineering effort on the movement. It would be widely back up with watch connoisseurs, Horologes lovers, watch Historians and collector of watch with passions on the whole history of the watch, and having that kind of quality, reliability, functionality of such a watch to exceed the watch Owners expectation.
HK Snob
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