How Much Does a Panerai Luminor Cost?

Jamie Morton Tuesday, May 9th, 2023 10 min. read

The Panerai Luminor is one of the most distinctive luxury watches on the secondary market – one that played a crucial role in Panerai’s massive success in the mainstream consumer market.  The Luminor tops many watch enthusiasts’ must-have lists with its famous cushion-shaped case, large crown guard, and iconic dial decorated with lume.  On the retail level, the starting price of the Panerai Luminor is $5,600 for the stainless steel and time only-model, while the most expensive models with additional complications and precious metals retail for well over $70,000.  However, most current Panerai Luminor offerings are priced below $10,000.  

Panerai PAM 1176 Luminor GMT Bucherer BLUE
Panerai PAM 1176 Luminor GMT Bucherer

As of 2023, Panerai watches typically sell for less than retail on the pre-owned market, with the Panerai Luminor price ranging between $3,500 and $22,500.  On average, collectors can expect to pay about $5,800 for a second hand Panerai Luminor watch. The Panerai Luminor is an accessible luxury watch with excellent investment potential. It is a strong option to consider if you’re in the market for a used Panerai that will hold its value well.

The Luminor has only been on the consumer market since the early 1990s.  Still, navigating all the options currently available to the watch-collecting community can be overwhelming.  Join us as we explore the vast Luminor Panerai Watch price structure.

Brief History of the Panerai Luminor

The Beginning

Panerai was founded in Florence, Italy, in 1860 but is now based in Neuchâtel, Switzerland.  During the company’s earliest years, “Officine Panerai,” as we know it today, operated as a watch shop that also offered watchmaking classes and repairs.  However, Panerai’s identity as a military supplier defined much of the brand’s history, particularly the company’s relationship with the Royal Italian Navy. Panerai’s most iconic design elements, such as the legible dial and large bezel, were born out of necessity to fill their various military contracts.

The Luminor’s story didn’t take shape until nearly a century after founder Giovanni Panerai set up shop in the mid-1800s.  Before the collection’s inception, Panerai relied on “Radiomir,” a compound made from radium and other materials, to decorate their dials and make them legible in dark environments.  However, a safer material called “Luminor,” a lume based on Tritium, eventually replaced Radiomir around the 1950s.  Interestingly, at this time, the monikers “Radiomir” and “Luminor” simply referred to the luminous material on the dial, not the collections we know today.  During this time, Panerai also developed their now-legendary crescent-shaped crown guard, a feature that remains a fixture of the modern Luminor collection. 

Left to right: Panerai Luminor 1950 Chrono Monopulsante 8 Days GMT Titanio; Radiomir 8 Days Titanio; and Radiomir 1940 3 Days Acciaio

Panerai in Modern Times

It was 1993 that marked a significant turning point for Panerai and the Luminor collection as the brand sought to follow in Rolex’s footsteps by entering the booming luxury tool watch market.  Among the pioneering Panerai watches released during their reinvention campaign were two models branded as “Luminor.”  Initially, the Luminor wasn’t very well received due to overall low exposure on the market.  However, many credit Sylvester Stallone for catapulting the brand into the mainstream media after donning a Luminor on his wrist while filming the 1996 flick Daylight. The Vendôme Group (now known as Richemont, S.A.) eventually took notice of Panerai’s emerging popularity and bought the company for just $1.5 million with aspirations to expand sales to the international market.

Today, the Panerai catalog houses four broader collections, the Submersible, Luminor, Luminor Due, and Radiomir.  From there, each collection boasts several sub-models.

What Impacts the Cost of a Panerai Luminor?

As with most luxury watches on the market, the Panerai Luminor price depends on several factors, such as demand, type of movement, and materials used.  For example, highly desirable watches, such as “pre-Vendôme” Panerai watches produced before the firm bought Panerai, are incredibly valuable.  Complex movements, such as those featuring dual-time capabilities or chronograph functionality, command more than simpler time-only Luminor watches and watches in precious metal, such as Panerai’s signature Goldtech™ or Platinumtech™, understandably retail for much higher than stainless steel models.

Panerai Pre Vendome Luminor Submersible Slytech Ref. 5218-205/A
Panerai Pre Vendome Luminor Submersible Slytech Ref. 5218-205/A

Additionally, Panerai movements operate on hand-wound or automatic winding technology. They are either outsourced for older models or made in-house, each of which can affect the final Panerai Luminor price.  Another important factor is whether the watch is new or pre-owned and, consequently, the condition of the second hand watch.

The Panerai Luminor Marina

The Luminor Marina was among the three limited edition models released during Panerai’s 1993 debut on the mainstream consumer market.  Often, when one thinks of the Luminor collection, it is usually the Marina and its iconic minimalist design that Paneristi envisioned.  While there are a few case size options, 44mm is considered the most classic.  Additionally, the collection is distinguished by a cushion-shaped case, a lever-activated crown protector, and a small seconds sub-dial at 9 o’clock.

Like the rest of the Luminor portfolio, the Mariana sub-model is varied and includes several design set options, innovative materials, such as Carbotech™, and movements, each of which affects the Luminor Marina Panerai price.  However, the collection is generally one of the brand’s mid-level sub-models, with retail Panerai Luminor Marina prices starting at $10,800 and reaching $26,800.

Panerai Pre-Vendome Luminor Marina 5218-210
Panerai Pre-Vendome Luminor Marina Ref. 5218-210

Panerai Luminor Marina Prices

Luminor Marina Reference No.MaterialApprox. Retail PriceAverage Market Price Sep 2023Average Market Price April 2023
PAM00422Stainless Steel$10,800$5,800$5,900
PAM01314Stainless Steel$8,800$5,900$6,400
PAM01313Stainless Steel$8,800$6,200$6,300
PAM01312Stainless Steel$8,800$5,100$5,800
PAM01316Stainless Steel$9,500$6,400$6,500
PAM01157eSteel™$9,400$7,000$7,100
PAM01356eSteel™$9,400$7,500$7,600
PAM01358eSteel™$9,400$7,000$7,200
PAM01664Carbotech™$14,800$10,700$10,700
PAM02661Carbotech™$14,800$12,200
PAM02662Titanium$16,300$14,800
PAM01112Goldtech™$26,800$19,900$20,000
PAM01114Rose Gold$30,900$23,300
PAM 004PVD-Coated Stainless Steel$8,700$5,300
PAM 005Stainless Steel$4,200$4,100$4,100
PAM 022Stainless Steel$7,500$6,800$7,100
PAM 026PVD-Coated Stainless Steel$9,400$6,800$7,500
PAM 048Stainless Steel$7,300$3,900$4,000
PAM 049Stainless Steel$5,500$4,000$3,800
PAM 050Stainless Steel$5,900$3,400$3,800
PAM 051Stainless Steel$6,500$4,100$3,800
PAM 056TitaniumN/A$5,000$5,000
PAM 061Titanium$4,300$4,000$4,000
PAM 069Stainless SteelN/A$4,400$4,800
PAM 086Stainless Steel$3,300$4,300$4,700
PAM 091Titanium$4,900$4,600$4,600
PAM 104Stainless Steel$7,500$3,800$4,200
PAM 1048Stainless Steel$7,300$0$4,300
PAM 1104Stainless Steel$7,500$0$4,700
PAM 111Stainless Steel$5,900$3,900$4,300
PAM 113Stainless Steel$5,700$3,700$3,900
PAM 115Stainless Steel$7,000$5,400$5,400
PAM 117TitaniumN/A$8,400$8,300
PAM 118Titanium$4,400$4,700$4,700
PAM 119Stainless Steel$4,700$4,200$4,200
PAM 120Stainless Steel$5,000$5,300$5,100
PAM 1312Stainless Steel$8,700$0$5,800
PAM 1392Stainless Steel$8,500$5,500$4,900
PAM 140Yellow Gold$15,600$14,900$15,000
PAM 1499Stainless Steel$8,700$5,300$5,400
PAM 164Stainless Steel$6,400$3,800$4,100
PAM 165TitaniumN/A$4,000$4,100
PAM 177Titanium$6,200$4,200$4,500
PAM 180White GoldN/A$12,400$12,000
PAM 220Stainless Steel$5,900$4,500$5,000
PAM 240Titanium$6,000$4,600$4,600
PAM 279Titanium$7,900$5,200$5,500
PAM 282TitaniumN/A$5,200$4,700
PAM 283TitaniumN/A$5,500$5,500
PAM 299Stainless Steel$6,900$4,100$4,300
PAM 301Stainless SteelN/A$4,900$5,100
PAM 318Stainless SteelN/A$5,400$5,400
PAM 333TitaniumN/A$4,900$4,900
PAM 351Titanium$8,600$4,500$4,500
PAM 352Titanium$9,300$4,900$5,000
PAM 359Stainless Steel$8,100$4,400$4,500
PAM 392Stainless Steel$8,000$4,500$4,700
PAM 393Rose GoldN/A$14,600$15,300
PAM 422Stainless Steel$10,800$5,800$5,900
PAM 510Stainless Steel$7,100$4,000$4,200
PAM 511Rose Gold$23,100$16,800$17,000
PAM 563Stainless Steel$7,100$3,800$3,600
PAM 564Titanium$7,500$5,100$5,000
PAM 590Stainless Steel$7,100$4,500$4,200
PAM 661Carbotech™$13,100$7,200$7,500
PAM 722Stainless Steel$9,400$5,400$5,400
PAM 723Stainless Steel$9,200$6,000$5,800
PAM 776Stainless Steel$5,900$3,800$3,900
PAM 777Stainless Steel$5,400$4,000$4,000
PAM 778Stainless Steel$5,400$4,000$4,000
PAM631Stainless Steel$5,400$4,300$4,500
PAM01005Stainless Steel$5,400$3,900$4,500
PAM01662Titanium$16,600$11,600$12,300
PAM01122TitaniumN/A$0$17,600
PAM001Stainless Steel$3,600$0$5,000
PAM00459Stainless SteelN/A$0$6,900
PAM00523Stainless SteelN/A$4,200$7,200

The Panerai Luminor 1950

The Luminor 1950 honors the collection’s past with a similar design blueprint as the ref. 6152/1 developed in 1950, and by incorporating the year the original model was made into the collection’s name.  The first example, ref. PAM127 came to market in the early 2000s as a limited edition Panerai produced in just 1,950 pieces and featured a robust 47mm case, domed crystal, and the distinction “1950” on the dial.  It was such a success that Panerai expanded on the collection to include countless variations, such as an 8-day power reserve, chronograph flyback, GMT function, and even a Titanium Tourbillon GMT.

Learn more:
What is a Grand Complication Watch?
What is a Tourbillon Watch? 

Today, the Luminor 1950 is available on the secondary market for as low as $4,000 for the stainless steel Luminor 1950 GMT model and as much as $100,000 for the previously mentioned Tourbillon GMT “Titanio” ref. PAM 315.

Panerai Luminor 1950 10 Days GMT Stainless Steel Black Dial B&P Pam270
Panerai Luminor 1950 10 Days GMT Stainless Steel Black Dial B&P Pam270

Panerai Luminor 1950 Prices

Luminor 1950 Reference No.MaterialApprox. Retail PriceAverage Market Price Sep 2023Average Market Price April 2023
PAM 1320Stainless Steel$10,110$6,300
PAM 1321Stainless SteelN/A$6,600
PAM 1535Stainless Steel$9,800$6,500
PAM 212Stainless SteelN/A$5,700$6,000
PAM 213Stainless Steel$11,600$7,200$7,000
PAM 233Stainless Steel$13,695$6,500$7,100
PAM 270Stainless Steel$13,500$7,800$7,600
PAM 275Stainless SteelN/A$8,900$9,000
PAM 286Stainless SteelN/A$9,800$9,800
PAM 289Rose Gold$26,400$18,300$17,500
PAM 311TitaniumN/A$10,400$9,800
PAM 312Stainless Steel$8,100$4,200$4,300
PAM 315TitaniumN/A$100,000
PAM 317Ceramic$23,100$12,200$12,300
PAM 320Stainless Steel$9,400$4,500$4,900
PAM 321Stainless Steel$9,700$4,700$5,200
PAM 329Stainless Steel$9,900$5,200$4,800
PAM 332DLC coated stainless steelN/A$10,700$10,800
PAM 335Ceramic$19,100$10,200$10,600
PAM 361Stainless Steel$8,700$6,500$6,600
PAM 372Stainless Steel$9,700$5,200$5,400
PAM 423Stainless Steel$10,900$5,700$5,900
PAM 441Ceramic$12,000$7,000$7,600
PAM 524Stainless Steel$12,000$6,800$7,000
PAM 525Rose Gold$29,200$19,900$18,700
PAM 526Titanium$18,700$10,900$11,300
PAM 530Titanium$24,200$12,500$12,500
PAM 533Stainless Steel$14,400$8,200$8,000
PAM 557Stainless Steel$10,200$5,700$6,000
PAM 576Rose Gold$30,400$21,400$21,300
PAM 580Ceramic$15,800$8,700$9,700
PAM 652Titanium$18,400$10,300$10,800
PAM 653Stainless Steel$13,300$9,400$9,600
PAM 654Stainless Steel$13,300$9,600$9,500
PAM 670Titanium$24,200$15,500$16,400

The Panerai Luminor Base

The Luminor Base is the collection’s most basic and affordable entry-level sub-model, featuring a straightforward dial, varying text configurations on the dial, and a case designed by Alessandro Bettarini.  Depending on the model, there will be no logo on the dial, the Panerai logo spelled out in full, or the iconic “OP” double arrow logo.  Models with the logo are known simply as the Luminor Base Logo.  This sub-collection is an excellent gateway into Panerai ownership as it is often the cheapest option on the market, with prices starting at $5,600 retail and approximately $3,500 pre-owned.

Panerai Luminor Base Logo PAM01086
Panerai Luminor Base Logo Ref. PAM01086

Panerai Luminor Base Prices

Luminor Base Reference No.MaterialApprox. Retail PriceAverage Market Price Sep 2023Average Market Price April 2023
PAM 000Stainless Steel$4,400$3,600$3,600
PAM 00002Stainless Steel$8,700$4,700
PAM 002Stainless Steel$8,700$4,900$4,700
PAM 009PVD CoatedN/A$4,600$4,700
PAM 00009PVD CoatedN/A$17,600
PAM 010Stainless SteelN/A$3,500
PAM 055TitaniumN/A$4,300
PAM 112Stainless Steel$5,400$3,700$4,000
PAM 114Stainless Steel$5,400$3,600$3,700
PAM 116TitaniumN/A$4,600$5,200
PAM 176Titanium$5,000$4,500$4,200
PAM 219Stainless Steel$6,200$4,100$3,500
PAM00360Stainless Steel$18,700$12,200
PAM00390Stainless Steel$4,600$5,600$6,800
PAM 560Stainless Steel$6,500$4,400$4,400
PAM 561Stainless Steel$6,800$4,000$4,100
PAM 562Titanium$7,200$4,200
PAM0630Stainless Steel$4,700$0$4,300
PAM01086Stainless Steel$5,400$3,900$3,900
PAM01084Stainless Steel$6,100$4,300$4,500
PAM1000Stainless Steel$5,100$3,500$3,400

The Panerai Luminor GMT

The Luminor GMT holds a space in the mid-level retail Panerai market, with the Panerai Luminor GMT price on the brand’s website starting at $14,900. However, depending on the model, investing in a Luminor GMT for as low as $5,000 pre-owned is possible.  The GMT is a desirable Luminor sub-model for its versatility, iconic design set, and additional dual time zone functionality. 

Learn more: What is a GMT Watch?

Panerai Luminor GMT PAM1088
Panerai Luminor GMT PAM1088

Panerai Luminor GMT Prices

Luminor GMT Reference No.MaterialApprox. Retail PriceAverage Market Price Sep 2023Average Market Price April 2023
PAM 023Stainless SteelN/A$5,500
PAM 029Stainless SteelN/A$5,600$5,700
PAM 063Stainless SteelN/A$4,600$4,800
PAM 088Stainless Steel$8,100$4,500$4,600
PAM 089TitaniumN/A$4,800$4,800
PAM 1088Stainless Steel$8,100$5,100$5,600
PAM 159Stainless SteelN/A$4,500$4,500
PAM 160Stainless SteelN/A$4,600$4,500
PAM 161TitaniumN/A$5,200$4,800
PAM 237Stainless SteelN/A$6,100$6,900
PAM 244Stainless Steel$6,900$4,500$4,400
PAM 297Stainless Steel$7,500$5,300$5,000
PAM01441Ceramic$14,900$8,300$9,100

The Panerai Luminor Power Reserve

The Panerai Luminor Power Reserve is relatively easy to find on the secondary market for less than the original retail price.  For example, as recently as this year, the discontinued Luminor Power Reserve PAM241 sold for about $5,800, significantly less than the approximate $7,000 retail price.  The Luminor Power Reserve looks like a typical Luminor watch, complete with the distinctive case shape and crown guard while showcasing Panerai’s technical prowess by including a power reserve complication on the dial.  If you’re in the market for an affordable Panerai Luminor with a little more functionality, the Power Reserve certainly tops our list.

Panerai Luminor Power Reserve Watches | ref PAM 241
Panerai Luminor Power Reserve Watches | Ref PAM 241

Panerai Luminor Power Reserve Prices

Luminor Power Reserve Reference No.MaterialApprox. Retail PriceAverage Market Price Sep 2023Average Market Price April 2023
PAM 027Stainless Steel$2,500$5,100$5,100
PAM 028PVD-Coated Stainless Steel$9,730$7,500$4,800
PAM 057TitaniumN/A$5,000$5,000
PAM 090Stainless Steel$8,300$3,500$4,300
PAM 093TitaniumN/A$6,200$6,600
PAM 1090Stainless SteelN/A$0$6,500
PAM 123Stainless SteelN/A$7,200$8,700
PAM 124TitaniumN/A$6,500$6,700
PAM 125Stainless Steel$4,500$4,300$4,200
PAM 126Stainless SteelN/A$4,600$4,300
PAM 171Stainless Steel$8,000$4,400$4,500
PAM 241stainless Steel$7,000$4,900$4,600

The Panerai Luminor Chrono

Panerai’s Chrono roots can be traced back to 1943, and the Mare Nostrum created as a prototype for the Royal Italian Navy.  It was the first chronograph developed by Panerai.  Today, the Luminor Chrono carries on its legacy with a modern adaptation for the contemporary Panerai collector.  The collection features the standard Luminor cushion-shaped case and large crown protector bridge, as well as chronograph start and stop pushers on the left side of the case, accompanying chronograph sub-dials, and a Tachymeter scale.

Learn more: What is a Chronograph Watch?

With its additional complications, the Luminor Chrono currently has an introductory retail price of $10,000 for ref. PAM01218 and approx. $7,800 pre-owned.  Compared to other luxury chronograph watches on the secondary market, the Luminor Chrono is an attractive option because it falls well below the $10,000 threshold.

Panerai Luminor Chrono Steel Pam1109
Panerai Luminor Chrono Steel Pam1109

Panerai Luminor Chrono Prices

Luminor Chrono Reference No.MaterialApprox. Retail PriceAverage Market Price Sep 2023Average Market Price April 2023
PAM 072TitaniumN/A$6,500$6,800
PAM 074TitaniumN/A$6,500$6,600
PAM 122TitaniumN/A$7,600$7,700
PAM 162Stainless SteelN/A$5,700$5,900
PAM 188Stainless SteelN/A$5,400$5,300
PAM 196Stainless SteelN/A$4,400$4,700
PAM 236Stainless SteelN/A$5,500$5,800
PAM 250Stainless Steel$7,100$4,900$4,600
PAM 251Stainless Steel$7,100$4,600$4,700
PAM 308Stainless Steel$3,900$5,900$8,500
PAM 326TitaniumN/A$7,200$7,100
PAM 327TitaniumN/A$6,600$7,100
PAM 356Stainless Steel$7,700$4,400$4,700.00
PAM 01218Stainless Steel$10,000$7,800$8,300.00
PAM 01109Stainless Steel$10,000$7,500$6,900.00
PAM 01110Stainless Steel$10,800$7,100$8,500.00
PAM 01111Rose Gold$29,400$22,100$22,000.00
PAM 01296Stainless Steel$14,800$15,600$24,000.00
PAM 01298Ceramic$16,500$13,300$13,000.00
PAM 01297Titanium$17,100$16,000.00

The Panerai Luminor Due

Panerai categorizes the Luminor Due, which only recently debuted in 2016, as an independent collection.  Still, it features a design set very much inspired by the broader Luminor series but with a thinner, more refined profile aimed at collectors who desire an iconic Panerai watch with a smaller size and weight.  The collection is appropriately named “Due,” Italian for “Two,” and features a crown guard and cushion-shaped case similar to its Luminor cousins.  However, with its dressier aesthetic and slimmer profile comes a decreased depth rating of up to 30 meters.

The Luminor Due could be considered an entry-level collection, with the more affordable models retailing for $6,900.  However, the collection is varied and includes several metal finish options and retail price points well into the $30,000 range.

Panerai Luminor Due Pam675
Panerai Luminor Due Pam675

Panerai Luminor Due Prices

Luminor Due Reference No.MaterialApprox. Retail PriceAverage Market Price Sep 2023Average Market Price April 2023
PAM01248Stainless Steel$6,900$5,400$5,600
PAM01273Stainless Steel$6,900$5,200$5,700
PAM01247Stainless Steel$6,900$4,900$5,000
PAM01123Stainless Steel$7,700$5,600$6,700
PAM01306Stainless Steel$6,900$5,100$6,700
PAM01280Goldtech™$18,600$15,000
PAM01182Goldtech™$37,200$33,100
PAM01326Goldtech™$37,200$35,600
PAM01180Stainless Steel$9,600$6,200$8,800
PAM01179Stainless Steel$9,600$8,800
PAM01301Stainless Steel$10,400$9,500
PAM01181Goldtech™$21,500$18,500
PAM01249Stainless Steel$7,300$5,400$5,500.00
PAM01274Stainless Steel$7,300$5,700$5,600.00
PAM01250Stainless Steel$7,300$5,300$6,700.00
PAM01124Stainless Steel$8,100$5,900$7,200.00
PAM01336Goldtech™$21,500$20,000.00
PAM01329Platinumtech™$39,200$37,700.00
PAM 674Stainless Steel$11,500$5,700$5,700.00
PAM 675Rose Gold$23,700$15,600$15,000.00
PAM 676Stainless Steel$8,700$4,700$4,500.00
PAM 677Rose Gold$23,700.00$14,800$15,000.00
PAM 728Titanium$9,300.00$5,900$6,100.00
PAM 729Titanium$12,000.00$6,700$6,800.00
PAM 741Rose Gold$23,700.00$13,600$13,700.00
PAM 755Stainless Steel$6,700.00$5,100$5,100.00
PAM 756Rose Gold$16,500.00$10,800$10,700.00
PAM 903Stainless Steel$6,500.00$4,800$4,800.00
PAM 904Stainless Steel$7,100.00$4,600$4,900.00
PAM 906Stainless Steel$6,800.00$5,000$5,200.00
PAM 908Rose Gold$17,000.00$14,800$13,300.00
PAM 944Stainless Steel$12,000.00$7,300$7,100.00

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Jamie Morton

Jamie Morton is a watch writer and content editor with an interest in every horology. Her seven year career writing about high-end watches spans all the top luxury brands, but her favorite timepieces include the Omega Speedmaster, Rolex Explorer, Cartier Française, and Breitling Navitimer.

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