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The Complete Panerai Buying Guide: Every Current Model Line Explained

A guide to and brief history of one of the most notable dive watch manufacturers in the world and its timepieces.

panerai brand surveyHenry Phillips

By Allen Farmelo and Zen Love

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Welcome to Brand Breakdown, a series of comprehensive yet easy-to-digest guides to your favorite companies, with insights and information you won’t find on the average About page.

Giovani Panerai opened his first watch shop in Florence, Italy in 1860, and his operation soon expanded to include a bustling workshop and Florence’s first horological training center. By the early 20th Century, Panerai had taken on contracts for the Royal Italian Navy, and in 1916 Panerai secured a crucial patent for Radiomir, a radium-based glowing paint.

Like so many firms stuck in fascist countries, Panerai developed watches for the wrong side during WWII, but Mussolini’s dictatorial mandates and deep pockets spurred Panerai to innovate at a rapid pace. They developed the Perspex crystal (1936), massive luminous sandwich dials (1938), integrated lugs with spring bars (1940) and a movement with an 8-day power reserve to reduce wear on crown seals (also 1940). After the fascists fell, Panerai developed its renowned tritium-based lume called Luminor (1949), and its signature lever-activated crown lock (1950).

the early panerai storefront
The early Panerai storefront.
Panerai

Panerai’s wrist watches didn’t reach a wider audience until it offered a civilian collection in 1993 and attracted the endorsement of Sylvester Stallone. By 1997, Panerai had become so successful that the Vendome Group (later the Richemont Group) acquired the firm, moved production to Switzerland, and transformed Panerai into the luxury sport watch company we know today.

It took Panerai some time to shed Sly’s Rocky/Rambo bravado and tell its own story more directly, but once it did, the company offered up a subtler form of badassery that’s all about oceangoing adventure. Italy is almost entirely coastline, and its Navy is famous for innovative maritime technologies and techniques. Panerai was right there making the dive watches, gauges and compasses for these pioneers of the deep. Meanwhile, the company has maintained a close relationship with yacht racing, including the kind done on vintage wooden yachts.

Despite the relocation of its manufacturing to Switzerland, Panerai’s style remains faithful to the original Italian designs of the early to mid-20th Century, and today’s collection is far more diverse than ever before.

sylvester stallone’s panerai luminor 5218 201a
Sylvester Stallone’s Luminor 5218-201A.
Panerai

Navigating Panerai’s Vast and Diverse Catalog

Through four collections, Panerai offers over 20 in-house movements as well a slew of movements built on third-party bases, and these calibers are found in well over 200 individual watch models available in steel, bronze, titanium, gold, platinum and proprietary case materials such as BMG-TECH (bulk metallic glass), Carbotech (polyether ether ketone) and Panerai Composite (synthetic ceramic using micro arc oxidation).

Sometimes the distinction between models is merely a matter of case material or dial color, but it’s common to grow frustrated shopping for a Panerai because one’s preferred look and fit don’t always come equipped with the movement/functions one prefers — or vice-versa. We aim to make navigating this dense catalog as easy as possible.

Panerai Numbers
Each watch is assigned an individual reference or PAM number: PAMxxxxx. Colloquially, the reference numbers are often referred to without the zeros between the PAM and the numbers at the end.

Panerai’s in-house movements carry calibre numbers in this format: P.xxxx.
The company’s movements built on a Unitas/ETA base have Roman numeral calibre numbers that start with OP (e.g., OPXXII).

a man wearing a watch
Panerai is especially well-known for so-called California dials, where half the dial is in Arabic numerals and the other half, Roman.
Zen Love

Panerai’s Four Model Categories

The best way to divide and conquer the vast Panerai catalog is to start with the collection you’re interested in followed by the case size that’ll fit you best (keeping in mind that Panerais are meant to wear boldly). There might be many dozens of models in the Luminor family, but if you know that 44mm is the size for you, that handily narrows it down to about 12 (at time of writing). Then, you’ve just got dial colors, complications and price to consider.

However, much of the variety in Panerai comes from its movements and complications. The quintessential Panerai experience is quite possibly a Luminor at 44mm, but you can also narrow down your choices by the likes of case material. For the most basic and entry-level options, check out the range called Base Logo. Below we’ve selected models within each of the brand’s four collections (Luminor, Luminor Due, Radiomir and Submersible) that best represent the brand and the respective collection.

Panerai Luminor

Beginning in the late 1940s, Panerai moved away from Radiomir lume to the tritium-based mixture patented as Luminor. In 1950 Panerai introduced its signature crown lock. The Luminor line features this crown lock, integrated lugs, and a cushion case shape that has its roots in the past but was also modernized a bit for 1993’s first civilian collection. This is easily the most recognizable Panerai look today.

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Panerai Luminor Base Logo PAM01086

  • Diameter: 44mm
  • Movement: Panerai P.6000 manual

This is the classic Panerai look for the least money possible, and it even comes with an in-house movement. The Base Logo is the brand’s most basic, with several options in the Luminor and Radiomir collections. You get two-hand time telling via a simple manually wound movement — and a painted dial rather than the brand’s signature “sandwich dial.” Newer models have in-house movements but older ones were sourced.

the models designated base logo, such as the luminor shown here, offer panerai's most basic and affordable options
The models designated Base Logo, such as the Luminor shown here, offer Panerai’s most basic and affordable options.
Henry Phillips

Panerai Luminor Marina PAM02392

  • Diameter: 42mm
  • Movement: Panerai P.9010 automatic

The headline here is 42mm. A lot of people find the bulk of the Panerai catalog at 44mm, 45mm and 47mm simply unwieldy despite loving everything else about the watches. So many rejoiced when this new version was introduced, offering the complete package — only in a smaller and more wearable one. Note that it’s water-resistant to 100m, rather than a traditional dive watch’s 300m, but that’s more than sufficient for most needs.

Panerai Luminor Power Reserve PAM00423

  • Diameter: 47mm
  • Movement: Panerai P.3002 manual

The PAM 432 is a good representative of the brand’s big-boy 47mm watches, as well as an example of complications. Here we have a power reserve indicator, as you’ll find on many other models, particularly useful since the movement here is manually wound. Other complications you’ll find are the likes of GMTs and flyback chronographs, often in combination.

Panerai Luminor Due

Though generally smaller, thinner, and feeling a bit “fancier,” the Due (“two” in Italian) feels like a sub-collection of the Luminor line (though Panerai differentiates it) and features the familiar design and crown guard locking mechanism. It’s understandable that the brand wanted to separate it from the famously rugged Luminor with its dive watch origins, though, as the Due has only a dress-watch-level of water resistance at 30m and a slimmer profile. The Due line premiered in 2018 and is Panerai’s answer to demands for both smaller and more feminine models.

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Panerai Luminor Due PAM00927

  • Diameter: 42mm
  • Movement: Panerai P.900 automatic

Offering a similar look and size to 42mm Luminor models, it might at first be hard to tell what makes this a Due. It’s got less water resistance and a thinner case, and this particular model features brushed titanium, an automatic movement with 3 days of power reserve and an overall elegant execution based on vintage models.

Panerai Piccolo Due PAM01029

  • Diameter: 38mm
  • Movement: Panerai P.900 automatic

These petite Panerais at only 38mm in the Luminor Due collection are called Piccolo Due. The smallest Panerai you’re going to find, it still has the captivating look (minus the presence) and shows that the brand’s charisma doesn’t rely on its size. This one is fancied up in the brand’s Goldtech gold alloy, but there are more affordable versions in steel as well.

a man wearing a watch
The Radiomir collection is Panerai’s most retro-looking series.
Zen Love

Panerai Radiomir

Referencing Panerai’s earliest military watches from the 1930s, Radiomir models stand out from the other collections for a couple of reasons. First, they lack the prominent crown guard and locking mechanism that nearly defines the brand and is a feature of every other collection. They also have a couple of case styles with either wire lugs that detach for strap changes or the Radiomir 1940 models with integrated lugs and spring bars. Radiomir watches might look relatively classical and retr0-feeling — but remember that many are sized to offer a very prominent presence, mostly at 45mm or 47mm diameters.

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Panerai Radiomir Base Logo PAM00753

  • Diameter: 45mm
  • Movement: Panerai P.6000 manual

Like the Luminor Base Logo above, this is the most basic and affordable Radiomir model — as well as the brand’s overall entry point. No “sandwich dial” or automatic winding, but you do get an in-house movement, 100m of water resistance and a bold wrist statement at 45mm.

Panerai Radiomir Quaranta

  • Diameter: 40mm
  • Movement: Panerai P.900 automatic

While the Radiomir Quaranta still looks very much like the Panerai you know and perhaps love, it feels very different in nature. Why? Firstly, as its name indicates in Italian, it measures only 40mm wide. Though the brand does make smaller watches (the 38mm Luminor Due Piccolo above), that’s small in Panerai’s world and the Radiomir is the brand’s most conservatively styled collection. With a mere 30m of water resistance, it’s the dressiest watch Panerai makes, but with an automatic movement inside, it’s also a particularly great one for everyday wear that should transition to casual without batting an eye.

Panerai Radiomir California PAM 1349

  • Diameter: 45mm
  • Movement: Panerai P.5000 manual

No logo or dial text, just a 45mm steel case and a California dial. The brand plays around with dial designs a bit in its Radiomir collection, and Panerai is one of the watchmakers known for California dials (half Roman, half Arabic numerals). This particular model also features a recycled steel cased with a burnished, distressed-looking finish. Inside, it runs on a manually wound in-house movement offering only hours and minutes but a full eight days of power reserve.

Panerai Radiomir 1940 Tourbillon GMT Oro Rosso PAM00558

  • Diameter: 48mm
  • Movement: Panerai P.2005 manual, tourbillon, GMT, power-reserve, am/pm, 6-day power reserve

This is an example of the Radiomir 1940 case with its integrated lugs — and showcases the brand’s take on classical, high-end horology. Although it’s got a relatively traditional look, a couple standout features aren’t readily apparent: Its caseback reveals a tourbillon and a power reserve indicator, while its straightforward dial displays GMT and day/night functions. Finally, it’s in a massive 48mm case in the brand’s Goldtech alloy.

Panerai Submersible

In 2019, Panerai separated out its dedicated dive watches into this new category, and doing so vastly simplified its catalog. While other Panerai watches might technically deserve to be called dive watches due to their origins and water resistance, these watches have features like rotating bezels we tend to associate with modern divers. It also differs from other collections due to elements like its dial design and skeletonized hands.

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Panerai Submersible PAM 0973

  • Diameter: 42mm
  • Movement: Panerai P.900 automatic

Like other collections, many of Panerai’s Submersible dive watches are imposing in size, so when the brand introduced a new version at 42mm a lot of people were pleased. This one is sized right, is water-resistant to 300m and features an excellent automatic movement with 3 days of power reserve. It’s priced to compete for your Submariner money, but incontrovertibly offers a stronger and more distinctive personality.

panerai mike horn gear patrol6
The Panerai Submersible Mike Horn edition PAM 0894 features a titanium bezel in relief.
Henry Phillips

Panerai Submersible QuarantaQuattro Bianco PAM01226

  • Diameter: 44mm
  • Movement: Panerai P.900 automatic, 3-day power reserve

More options are welcome, especially when it comes to size. Prior to 2022, the Submersible collection watches were only available in gargantuan 47mm and delectable 42mm cases. The name QuarantaQuattro means 44 in Italian, and that’s the diameter of this sub-collection of watches, of course, offering a midsize option for those who feel that big is part of what makes the Panerai look but who perhaps find their wrists eclipsed by the really big boys. The white dial is cool, but it also comes in other variants.

Panerai Luminor Submersible 1950 3 Days Automatic Bronzo PAM00382

  • Diameter: 47mm
  • Movement: Panerai P.9000 automatic, 3-day power reserve

Another feature Panerai is known for is its early use of bronze — and the seductive way it names watches made from it: Bronzo. Looking like it came from a sunken wreck and is ready to go back to explore it, this massive 47mm dive watch will only look better and more rugged as its bronze case patinas. It also features one of the brand’s most compelling movements, offering a 3-day power reserve and automatic winding.

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