A Guide to Entry-Level Panerai Models
Panerai was one of the most popular luxury watch brands in the world from about 2006-2010. They were absolutely scorching hot, and collectors loved nerding out about them online. Panerai only has three primary product lines–Radiomir, Luminor, and Submersible–all with cushion cases at least 38mm wide. Yet, they’ve released innumerable variants over the years. So if you’re looking for an entry-level Panerai, it can be confusing trying to decipher tiny differences between similar models. The Radiomir Black Seal and Luminor Base Logo collections have historically been the cornerstones of the affordable end of the Panerai lineup, but there are some newer entry-level Panerai releases to discuss too. Here’s our quick guide to entry-level options from Panerai.
First, it’s worth noting that a perceived saturation of limited edition models, as well as some sketchy behavior surrounding their so-called in-house movements, has undoubtedly damaged the Panerai brand. Years ago, Panerai watch forums were quite active. Google search volume for “Panerai” nowadays is at roughly half of its 2007 peak. You probably won’t find as many self-professed “Paneristi” (hardcore Panerai enthusiasts) today as back then. But Panerai still makes good-looking watches, and plenty of collectors have at least considered adding one to their collection. So if you just want to get an entry-level Panerai and move on, we’ll help you find the right one.
Radiomir Black Seal
The original Panerai Radiomir watches from the 1930’s, which were actually supplied by Rolex, were designed for the elite frogmen of the Italian Navy sometimes known as “Black Seals.” That’s the inspiration for the Radiomir Black Seal lineup that first appeared in 2004 in the form of the PAM 183. With its trusty hand-wound ETA (formerly Unitas) 6497-2 movement, originally designed for pocket watches, the PAM 183 is pure classic 2000’s Panerai. Some later Black Seals have in-house movements and date windows.
Panerai Radiomir Black Seals have 45mm cases made of either stainless steel or a black ceramic composite. They all have depth ratings of 100m, leather straps between 22mm-24mm wide, and market values between about $4,100-$5,700. They also all have black sandwich dials. Sandwich dials, which consist of two layers with lume in between, are one of the most beloved features of (many) Panerai watches.
Panerai Radiomir Black Seal Specs
| Reference | PAM 183 | PAM 287 | PAM 388 | PAM 609 | PAM 754 | PAM 753 | PAM 292 | PAM 505 | PAM 643 |
|---|---|---|---|---|---|---|---|---|---|
| Debut Year | 2004 | 2008 | 2012 | 2015 | 2018 | 2018 | 2009 | 2012 | 2015 |
| Case | Steel | Steel | Steel | Steel | Steel | Steel | Ceramic | Ceramic | Ceramic |
| Width | 45mm | 45mm | 45mm | 45mm | 45mm | 45mm | 45mm | 45mm | 45mm |
| Thickness | 13.5mm | 14.5mm | 15.5mm | 15.5mm | 13mm | 13mm | 14.5mm | 15.5mm | 15.5mm |
| Lug Width | 24mm | 24mm | 24mm | 24mm | 22mm | 22mm | 24mm | 24mm | 24mm |
| WR | 100m | 100m | 100m | 100m | 100m | 100m | 100m | 100m | 100m |
| Movement | OP XI, 6bps, manual, ETA base | OP III, 8bps, auto, ETA base | P.9000, 8bps, auto, in-house | P.5000, 6bps, manual, in-house | P.6000, 6bps, manual, in-house | P.6000, 6bps, manual, in-house | OP XI, 6bps, manual, ETA base | P.9000, 8bps, auto, in-house | P.3000, 6bps, manual, in-house |
| Functions | Hours, Minutes, Seconds | Hours, Minutes, Seconds, Date | Hours, Minutes, Seconds, Date | Hours, Minutes, Seconds | Hours, Minutes, Seconds | Hours, Minutes | Hours, Minutes, Seconds | Hours, Minutes, Seconds, Date | Hours, Minutes, Seconds |
| Power Reserve | 56h | 46h | 72h | 192h | 72h | 72h | 56h | 72h | 72h |
| Display Caseback | No | Yes | Yes | Yes | No | No | No | Yes | Yes |
| Market Price (July 2024) | $4,100 | $4,500 | $5,400 | $5,100 | $4,600 | $4,500 | $5,100 | $5,700 | $5,200 |
Entry-Level Panerai Luminor Collection: Luminor Base Logo
The PAM 000 is probably the single most-recommended entry-level Panerai model of all. It’s the first, and arguably most definitive, Panerai Luminor Base Logo model. The word “Logo” is referring to the OP logo (for Officine Panerai) at the bottom of the dial. Luminors are known for their absolutely massive signature crown guards, and even old-school Unitas-based Panerais have excellent winding feel.
Luminor Base Logo models have 44mm stainless steel cases with solid casebacks, manual-wind movements, 24mm lug widths, and resale values typically in the $4,000-$5,000 range. There is a PVD-coated limited Paneristi.com edition that sells for more, though. The Luminor Base, as the name implies, is as basic as it gets–there are no complications, or even a seconds hand. Just hours and minutes. Here’s a breakdown of the specs:
Panerai Luminor Base Logo Specs
| Reference | PAM 000 | PAM 112 | PAM 630 | PAM 773 | PAM 774 | PAM 775 | PAM 1000 |
|---|---|---|---|---|---|---|---|
| Debut Year | 2002 | 2002 | 2015 | 2018 | 2018 | 2018 | 2020 |
| Material | Steel | Steel | Steel | Steel | Steel | Steel | Steel |
| Width | 44mm | 44mm | 44mm | 44mm | 44mm | 44mm | 44mm |
| Thickness | 15.5mm | 15.5mm | 15.5mm | 13.5mm | 13.5mm | 13.5mm | 13.2mm |
| Lug Width | 24mm | 24mm | 24mm | 24mm | 24mm | 24mm | 24mm |
| Water Resistance | 300m | 300m | 300m | 100m | 100m | 100m | 100m |
| Movement | OP I, 6bps, manual, ETA base | OP I, 6bps, manual, ETA base | OP I, 6bps, manual, ETA base | P.6000, 6bps, manual, in-house | P.6000, 6bps, manual, in-house | P.6000, 6bps, manual, in-house | P.6000, 6bps, manual, in-house |
| Functions | Hours, Minutes | Hours, Minutes | Hours, Minutes | Hours, Minutes | Hours, Minutes | Hours, Minutes, | Hours, Minutes |
| Power Reserve | 56h | 56h | 56h | 72h | 72h | 72h | 72h |
| Display Caseback | No | No | No | No | No | No | No |
| Dial Color | Black | Black | White | Black | Black | White | Black |
| Price | $3,900 | $4,100 | $4,000 | $4,300 | $4,300 | $4,500 | $4,900 |
Radiomir 1940
The Radiomir 1940 lineup was launched in 2012 to celebrate Panerai’s watches from, well, the 1940’s. Three main visual cues distinguish Radiomir 1940 models from other Radiomirs:
- Standard crown (instead of the large pumpkin crown)
- Standard lugs (instead of the Radiomir’s usual signature wire lugs)
- Thinner cases than previous Radiomirs
Three references in particular are relatively affordable steel Radiomir 1940 models–PAM 512, PAM 514, and PAM 572. All three have tan lume (sometimes known as “fauxtina”) but there’s also a PAM 574 which is basically the same thing as the PAM 512 except with an in-house movement, and without fauxtina. It only sells for slightly more. Let’s break it down:
Entry-Level Panerai Radiomir 1940 Specs
| Reference | PAM 512 | PAM 514 | PAM 572 | PAM 574 |
|---|---|---|---|---|
| Model | Radiomir 1940 | Radiomir 1940 3 Days | Radiomir 1940 3 Days Automatic | Radiomir 1940 3 Days |
| Debut Year | 2013 | 2012 | 2014 | 2015 |
| Material | Steel | Steel | Steel | Steel |
| Width | 42mm | 47mm | 45mm | 42mm |
| Lug Width | 22mm | 26mm | 24mm | 22mm |
| WR | 100m | 100m | 100m | 100m |
| Movement | P.999/1 (6bps, manual, Piaget 838P base) | P.3000 (6bps, manual) | P.4000 (8bps, automatic) | P.1000 (6bps, manual) |
| Functions | Hours, Minutes, Small Seconds | Hours, Minutes, Small Seconds, Date | Hours, Minutes, Small Seconds | Hours, Minutes, Small Seconds |
| Power Reserve | 60h | 72h | 72h | 72h |
| Display Caseback | Yes | Yes | Yes | Yes |
| Market Price (July 2024) | $4,100 | $4,100 | $4,300 | $4,400 |
The Cheapest Panerai: Ferrari Panerai Models
Although the brand “Ferrari” is rarely associated with the word “cheapest,” the most affordable Panerai watches available on the used market today are often the Ferrari models from 2005-2010. They don’t say Panerai, but, well, they’re definitely Panerais. In fact, they resemble the Radiomir 1940 lineup. Entry-level Panerai Ferrari models like FER00002–and even a GMT version, FER00009–can be found for under $3,000.
Some Panerai Ferrari watches have a bright painted Ferrari logo, while others have an applied prancing horse. I find the applied logos to be much more tasteful. And if you’re looking for an entry-level Panerai chronograph, the best-looking Ferrari versions are the Granturismo Chronograph models with hobnail dials, available in both 45mm (FER00004) and 40mm (FER00018). Even those are available secondhand for under $5,000.
Panerai made some solid gold Ferrari models, as well as both perpetual calendars and tourbillons. But we’re focusing on entry-level Panerai watches in this article, so here’s how all the affordable stainless steel Ferrari Panerais add up:
Entry-Level Panerai Ferrari Watch Specs
| Model | Granturismo Automatic | Granturismo Chronograph | Scuderia | Scuderia GMT |
|---|---|---|---|---|
| Reference | FER00001, FER00002 | FER00004, FER00011, FER00018 | FER00006, FER00008 | FER00009 |
| Case Material | Stainless Steel | Stainless Steel | Stainless Steel | Stainless Steel |
| Case Width | 45mm | 45mm (FER00004), 40mm (FER00011, FER00018) | 45mm | 45mm |
| Case Thickness | 15.5mm | 15.5mm (FER00004), 14.2mm (FER00011, FER00018) | 15.5mm | 15.5mm |
| Movement Caliber | OP III | OP VIII | OP XII | OP XVIII |
| Depth Rating | 100m | 100m | 100m | 100m |
| Power Reserve | 42 hours | 42 hours | 42 hours | 72 hours |
| Market Price (July 2024) | $2,800-3,900 | $3,800-$5,100 | $3,950 | $2,950 |
Entry-Level Panerai for Everyday Wear: Luminor Due
The Panerai Luminor Due line was introduced in 2016 as a slimmer, more refined version of the classic Luminor design. Almost every Luminor Due comes with a sandwich dial, and they’re available in a variety of glossy colors–not the typical matte black you find on most Panerais. And aside from the Luminor Due Lune, a moonphase watch, the line is entirely composed of time-and-date models.
The thin case results in a relatively meager water resistance of 50m (in fact the first generation was only rated to 30m), but it’s designed to be an everyday wearable watch. The 38mm version of the Luminor Due launched in 2018–the smallest Panerai ever made–might be worth considering for those with smaller wrists who thought all Panerais were too big for them.
In all, Luminor Due models have been made in three sizes–38mm, 42mm, and 45mm–but the largest size is already discontinued. Plus, the 45mm size was typically a bit more expensive anyway. Opting for a bracelet, a precious metal case, or a moonphase complication also adds to the price. So let’s go over the specs of all the current 38-42mm time-and-date stainless steel Luminor Dues on straps.
Entry-Level Panerai Luminor Due Specs (2nd Generation)
| Case Width | 38mm | 42mm |
|---|---|---|
| Reference | PAM 1248 (Silver) PAM 1273 (Blue) PAM 1247 (Anthracite) PAM 1425 (White) PAM 1426 (White) | PAM 1388 (White) PAM 1274 (Blue) PAM 1429 (Blue) PAM 1250 (Anthracite) PAM 1424 (Burgundy vignette) |
| Case Material | Stainless steel | Stainless steel |
| Movement Caliber | P.900 (8 bps, auto) | P.900 (8 bps, auto) |
| Movement Functions | Hours, minutes, small seconds, date | Hours, minutes, small seconds, date |
| Depth Rating | 50m | 50m |
| Power Reserve | 72h | 72h |
| MSRP (July 2024) | $6,900 | $7,400 |
| Market Price (July 2024) | $4,700 | $5,000 |
Newest Entry-Level Panerai: Radiomir Officine
The newest addition to the entry-level Panerai lineup is the Radiomir Officine. It’s a 45mm manual-wind time-only model that debuted in 2023. The dials have the classic well-lumed 3-6-9-12 layout, but unfortunately they’re not true sandwich dials. Panerai calls them “hollowed dials.”
Still, though, you can get brand new Radiomir Officine models for under $4,000 from a grey market dealer, which is pretty decent. The black and blue dials are as simple as it gets, with only hour and minute hands. The white and brown versions both get a small seconds hand at 9 o’clock. They all have solid casebacks.
Radiomir Officine Specs
| Model | PAM 1382 | PAM 1383 | PAM 1384 | PAM 1385 |
|---|---|---|---|---|
| Case Material | Stainless Steel | Stainless Steel | Stainless Steel | Stainless Steel |
| Case Width | 45mm | 45mm | 45mm | 45mm |
| Movement Caliber | P.6000 (6 bps, manual) | P.6000 (6 bps, manual) | P.6000 (6 bps, manual) | P.6000 (6 bps, manual) |
| Movement Functions | Hours, Minutes | Hours, Minutes | Hours, Minutes, Small Seconds | Hours, Minutes, Small Seconds |
| Depth Rating | 100m | 100m | 100m | 100m |
| Power Reserve | 72h | 72h | 72h | 72h |
| Dial Color | Black | Blue | White with green accents | Grainy brown |
| Strap | Beige suede | Blue suede | Green suede | Brown suede |
| Lug Width | 27mm | 27mm | 27mm | 27mm |
| Limited Edition | No | No | No | 300 pieces, online only |
| MSRP (July 2024) | $4,900 | $4,900 | $5,400 | $5,400 |
| Market Price (July 2024) | $3,950 | $3,950 | $4,500 | $4,750 |
Others Worth Mentioning
Panerai has made so many models over the years that this article couldn’t possibly cover every single affordable option, but there are a few more watches worth mentioning. The no-nonsense Radiomir Quaranta (named for its 40mm diameter) debuted in 2023 and can often be found for under $5,000. And if you’re willing to go for a white dial (particularly a non-sandwich one), then even Luminor 8 Day models like PAM 561 can be had for that price.
Submersible models, which are dive watches with rotating bezels, are just a bit beyond the entry-level Panerai price point, with MSRP’s in the five figures. But PAM 683 is typically the most affordable one. $6,500 should be enough to snag a pre-owned one of those.
Plus, some Radiomir 8 Days models (like PAM 346 and PAM 610) barely cost more than the Black Seal models we mentioned earlier. And some Luminor GMT’s like PAM 321 barely cost more than the Luminor Base models. Panerai may not be as hot as they were in 2007, but if you’re looking for a cool entry-level Panerai at a reasonable price, there are a wide variety of options for you on the secondhand market today.
More on Panerai:
Panerai’s $96,300 Submersible Elux LAB-ID: 160 Glowing Micro LED’s and No Battery
Panerai Introduces 5 Luna Rossa Submersible Models for 2024
How Much Does a Panerai Luminor Cost in 2024?
The Best Panerai Watch
How to Sell a Panerai Watch
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