Panerai was started in 1860 by Giovanni Panerai as a watchmaker’s workshop, selling Swiss manufactured timepieces in Florence on the Ponte Alle Grazie. In addition to selling prestigious Swiss timepieces, it also offered repairs and maintenance of watches. As their technical skills grew, tooling precision was enhanced and improved. Soon they started Guido Panerai Optics which eventually supplied equipment for the Ministry of Defense in Italy. These instruments included radiomir ronconi sights, depth gauges, aiming and signaling devices to name a few.
After numerous successful tests by the Royal Italian Navy, deliveries started in the 1900’s with the patented “radiomir” tubes containing zincsulphide, radium bromide and mesothorium. The Ronconi sights were distinguished by their high luminescence that enabled weapons to be used even in total darkness. In 1915, the company received the patent for the radiomir – “fiat lux” in Italy, Britain and the United States. This resulted in the company supplying sights for thousands of rifles, guns and torpedo launchers. The radiomir was a significant invention for Panerai creating a range of watches under the same name a decade or so later.
Portable Testing Device: After numerous underwater tests, the Panerai was adopted for use by the Italian Navy.The collaboration between Panerai and the Navy didn’t end here, as Guido Panerai went on to invent altimeters, compasses and airspeed indicators used in aviation, all equipped with the radiomir luminous substance. Further inventions of this flourishing Florentine company produced precision instruments such as depth gauges, mechanical calculators and timing mechanisms for the detonation of torpedoes and mines. At this stage, Guido and Giuseppe Panerai had acquired very close ties at the headquarters of the Royal Italian Navy.
In the 1930’s, collaboration between Panerai and the Navy grew and strengthened. Apart from supplying a range of products from aiming mechanisms to signaling devices, the Navy required a robust wristwatch for its commandos or navy “frogmen”. Numerous commercially available watches were tested but yielded unsatisfactory results and failed the durability tests. The Navy then turned to the Panerai company to create a watch which was water resistant at depths and provided good legibility underwater while, of course, keeping accurate time. In 1936, Panerai delivered a handful of radiomir watches to the headquarters of the 1st submarine group for evaluation. According to the official report, “it demonstrated excellence in every aspect”. The final products materialized two years later when the first radiomir watch was delivered. It was unusually large at 47mm in diameter and had a cushion-shaped case. The case (Oyster G. 6152 and G. 6154) and the movement (16-ligne caliber w/ 15 jewels made using a Cortebert ebauche) were initially constructed by Rolex, with the movement exclusively supplied only to Panerai.
This watch was known as Panerai 3646 which housed a proven Rolex (caliber 618), and was issued to the Royal Italian Navy in 1938. The 3646 strengths lies in its reliability, readability under extreme conditions, water tightness and accuracy. The markers on the dial used patented “radiomir” tubes which enabled the numerals to shine brightly even under total darkness. Further improvements to the 3646 were introduced in the 1940’s with the introduction of the 6152, which used an 8-days angelus movement (hand-wound caliber 240). This was at the request by the Royal Italian Navy to lower the frequency of winding during tactical operations. The wire-lugs were also replaced by solid lugs to improve durability, and a locking lever replaced the screw-down crown to eliminate cross-threading altogether. This was a significant turning point in terms of design for Panerai. The locking lever enabled the watch to be submerged to a depth of 200m, which at that time, was a remarkable achievement. Furthermore, this design also led to the quintessential look of the Panerais of today.
In 1943, a prototype watch, the Mare Nostrum (a watch which took up the name of the timing device used on torpedoes) was created which was intended for deck officers. It was distinguished by it’s wide milled crown, thick bezel made of a single block of stainless steel and a chronograph mechanism with two 1940’s style push buttons. However, since the war ended soon after the prototype, the Mare Nostrum was never put into production.
Field Tested: Standard issue to frogmen along with the Luminor were the Panerai strap-on compass and water-tight torch.In 1949, tritium replaced the radiomir luminous substance and thus was born the luminor. Though there was limited radioactive contamination of the wearer’s wrists, this new watch reduced radioactive contamination significantly over the radiomir. The name luminor also paved the way for a whole range of widely sought after Panerai watches.
Since the 1930’s and until 1992, it is believed that Panerai produced about 300 pieces. Panerais were mere legendary myths as these were not immediately available to the public. In 1993 Officine Panerai produced a limited series of models for the civilian market. The first models released were Luminor, Luminor Marina and a re-edition of the Mare Nostrum chronographs. These were quickly snapped up by collectors, as production numbers were very limited.
In 1995, at the request of avid Panerai collector Sylvester Stallone, Officine Panerai released a limited number of Slytech models and a white dialed special edition called daylight (named after the movie of the same title). Each piece had the actor’s signature engraved on it’s caseback. The Slytech range soon became highly collectible, and began currently fetching absurd prices at auctions.
An opportunity for growth came in 1997, when the watch division of Officine Panerai was acquired by the Vendome Luxury Group. The strength and support Vendome brought to Officine Panerai allowed them to make huge leaps in terms of both production quality and the company’s financial stability. The addition of the 47mm Radiomir watch with a Rolex movement (Panerai Model - PAM 21) that same year, in a limited edition of 60 pieces in platinum, became the yardstick of limited edition Panerais at auctions. It doubled in price within two years and has since been selling at seven times the original selling price.
Feet Wet: 1995, the limited Slytech collection.
In 1998, the brand was launched internationally as a high-end sports watch. Each piece was numbered, exquisitely manufactured and packaged in a high quality pearwood box. Attention to detail was excellent. Each Panerai watch model was limited in production, and special edition Panerais were produced in even more limited quantities. Most Panerai watches also came with a second interchangeable strap, so the wearer could choose either a hand stitched leather/alligator strap or a rubber strap (when underwater use is required). Special editions came in larger lockable pearwood boxes with numbered certificates all signed by Mr. Angelo Bonati himself.
Present Time: Today's Luminor P.2002.
The Calibre P.20022002 marked the start of a new era for Officine Panerai. Under the wing of Richemont Group, the company started developing “in-house” movements. All this was done in relative secrecy, and the models would only start to be unveiled in 2005, after three long years of painstaking development. The first of these calibres was the P.2002 hand-wound movement found on the PAM 233, without doubt inspired by the 1940’s Angelus movement with a power reserve of 8 days. It is a technical tour de force boasting three barrels, zero seconds reset function and a linear power reserve. Further movements soon followed.
The P.2003In Basel this year, they unveiled three more new “in-house” movements namely the P.2003, P.2004 and the P.2005. The automatic caliber P.2003 consists of 3 spring barrels with a power reserve of 10 days. Such a prolonged power reserve is possible due to an innovative energy accumulator, with two of the spring barrels located one above the other and the third is linked through a gear train which enables the remainder power to be indicated on a graduated scale.
The P.2004The P.2004 is a hand-wound movement with a power reserve of 8 days. It is slightly more complicated than the P.2002 movement with an additional single push button chronograph function currently found in the PAM 275 monopulsante GMT. Though similarities exist with it’s complication, it is a different movement altogether from the P.2002.
The P.2005The P.2005 is another hand-wound movement with a power reserve of 6 days. It is a slightly larger movement at 16 1/4lignes with a tourbillon found on the PAM 276 tourbillon GMT. It uses a KIF anti-shock device and a Glucydur balance. This is a beautiful movement indeed with a 6-day power reserve display and a tourbillon carriage at the rear.
Ten years on with the Richemont group, Officine Panerai has become a collector’s watch. Talk to any Panerai owner and more likely than not, they have more than one Panerai in their watch stable. It is hard to find a watch company that is so technically dynamic yet remaining true to their classicism. The cult following that has developed among Panerai enthusiasts is also both quite passionate and unique; just browse through the numerous discussion boards and websites and you will soon get a feel for this dedication. Furthermore, Panerais have done very well at auctions for the past ten years. This is a good yardstick of what Officine Panerai has achieved in such a short time in watch speak.
Luminor Tourbillon P.2005Appreciation of timepieces is not created overnight, as collectors are a most astute bunch. The phenomenon of such held value is only apparent in a select few manufacturers and Officine Panerai is one of them. Classic styling, great history, superb in-house movements with accurate time keeping all lead to legendary watches. Panerai – a true ”comandante del tempo!”.