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Geneva SIHH 2005 A first hand look at the Panerai Offerings
by John Backus
I was fortunate enough to have been invited back to SIHH this year by a couple of my favorite 鰂ther?watch companies as Panerai did not invite any collectors this year ?and wanted to offer a first-look, first-hand report on Panerai𠏋 2005 offerings to my fellow Paneristi. And I will break this report into three sections:
1) New Watches for 2005
2) Changes to existing models
3) What is in store for the future
4) What we didn㦙 see this year
But first an overview. I think 2005 represents a maturation year for Panerai as a company and for the product line overall. What I mean by this is that I can now see a clear strategy for Panerai, the company, and it is starting to show up across the product line. I believe that, contrary to popular perception, Panerai is not aiming to be the next Rolex in terms of volume production. Rather, I think it aims to be a successful niche manufacturer of higher end timepieces ?which if I𠍿 right will do wonders over the years for the collectible value of Panerai watches. I wouldn㦙 be surprised to see their annual volume leveling off in the 30,000 ?50,000 range. But at the same time I will expect that we will see their average price point jump up over the next five years from, maybe, $5,000 today to perhaps $10,000 over the next five years. And this is all just a hunch.
But I think the product line is now establishing itself as understandable, simpler, with more valuable complications, with fewer precious metals, and with fewer 㺸ne-off?special editions at higher price points. Last year we saw diamonds go the way of the dinosaur - and I cheered. But we also saw a number of yellow gold, white gold and rose gold pieces at higher price points. By contrast, the highest priced new watch this year is the $18,000 Angelus special edition ?and the next highest priced watch is in the $10,000 range ?but these $10,000 pieces ?the three Chronographs most notably, become regular production watches with real and valuable complications. Gone ?at least for this year ?are the $25,000 ?$50,000 pieces made for one year only with special movements or metals, but without a particular tie to the past.
So what I see evolving now for Panerai are three case shapes, with various sizes.
The Luminor Line has clearly established itself in two case sizes ?44MM & 40MM.
The now-permanent Radiomir line evolved from a hodgepodge of 40MM, 42MM, 45MM & 47MM to settle down around the 45MM core Radiomir line with some 42MM legacy pieces.
And now we see the introduction of what I think Panerai are calling the 1950 line, evoking the style of the PAM 127, AKA Fiddy or 1950. With the original PAM 127 at 47MM, the new Angelus at 47MM and the Destro Marina Militare at 47MM, we have a core of the line ?but we expand the look in 2005 to include the new PAM 212 & PAM 213 in the new 44MM size of the 1950 case style ?and these look absolutely terrific!
So, with my two cents on company strategy and product strategy out of the way, on with the new products!
New Watches for 2005:
Panerai is introducing 9 new watches for 2005 at SIHH and eliminating 8 models. Gone for good (get them while you can) are the PAMs 89, 93, 115, 123, 126, 160, 170, & 209. And we know from history that there will be a few more watches (besides these initial 9) introduced during the year ?much like the submersible Regatta and the Logo PAM 0000 and 0005 were introduced post-SIHH in 2004. So be on the lookout for a few more surprises in 2005.
PAM 203 is my favorite watch of the SIHH show. It is an 8-day (8 Giorni) new-Old Stock Angelus movement in a 47MM case, designed in the style of the 1950𠏋 Egyptian watch. With small seconds at 9:00, a sandwich dial, gold hands, and a crown protector that opens 弎ottom-up?as on the 1950, this is a visually stunning watch in keeping with Panerai𠏋 history. I love this watch! It will be made in 150 pieces, priced at $18,000, and will be only available through the boutiques. It will have a beautiful dark tobacco brown dial.
Rise of the Chronograph:
PAM 213 is next on my favorites list. At $10,700 it represents a new high-end complication in the Panerai line of chronographs. Using a double column wheel in the exclusive Valjoux movement, and in a 44MM 1950 style case, but with the 47MM case shape (which is why the ?950?is on the dial, it is a beautiful watch. The dial has painted luminova numerals, a bottom-up crown protector, and black recessed subdials reminiscent of the PAM 162, which remains my favorite of all of the Panerai simple chronograph watches. The second chrono pusher is comfortably located at 8:00. Looks to be a Kevlar strap on this model. Panerai will produce 800 pieces in 2005 and this will be an ongoing production model.
PAM 212 is the Chronograph flyback at $8,700. Very similar to the 213 Rattrapante with the 1950-style 44MM case, the dial returns the PAM 162 look with the black recessed subdials, bottom-up crown protector, the luminova numerals and a semi-exclusive Valjoux movement. Comes outfitted on a Kevlar strap. Very elegant as well and a nice way to fill in the Panerai Chrono line. Expect to see these watches in stores around year-end (my guess) with a production run this year of 800 units.
PAM 214 continues the Chrono theme of 2005 with a Rattrapante Radiomir, coming in at 45MM, at a price of $10,400. Slightly larger than the PAM 213, but a bit thinner, this is also a lovely watch. It differs from the PAM 213 primarily in the case style. Expect to see it in a store near you around year-end in a production run of 1000 pieces beginning this year.
Return of the Destro:
2005 also sees the introduction of two new Destro pieces ?the PAM 219 Base Destro and the PAM 217 Marina Militare. The Luminor Marina Destro is no more.
The PAM 219 is as you expect ?A 𠐓ase?model ?no seconds ?with a sandwich dial and a polished 44MM Luminor Case. While I am not a Destro wearer myself, those that are will appreciate the introduction of this model. It is very reasonably priced at $4200.
PAM 217 Marina Militare is a beautiful watch, which will no doubt see immediate acceptance in the trade channels, but will evoke some controversy amongst a small number in the collector community. In essence, this is a PAM 127 ?1950 ?with the crown at 9:00 and with 岞arina Militare?on the dial instead of ?950.? It is a beautiful watch, with the sandwich dial and gold hands, as you might expect. For those who missed out on a 1950, or who prefer to wear their watches on their right wrist, this is the watch for you. Priced at $9,500 and available in 1000 pieces beginning in the Fall, I have no doubt that this watch will sell out quickly ?even if a vocal few collectors complain that it devalues the 1950. I don㦙 see it that way as I think the Destro appeals to a different wearer than the traditional models. Plus, at $9,500, the 1950 owners should be happy to see the value of their 1950 increasing ?and I think this will increase demand for the 𡤧rown-on-the-right?1950 model. Expect those prices to go up.
PAM 210 introduces the 𠐓ase Radiomir?with a 45MM case size, sandwich dial and polished case. Think of it as the BlackSeal Radiomir from 2004 without seconds at 9:00. Affordably priced at $4,050, this now becomes the entry level Radiomir. Also, the word 𠐓lackseal?on the PAM 183 moves from below the center of the watch to above the center.
PAM 202 & PAM 225 re-introduces the Slytech co-brand into the Panerai lineup?..and I expect that we will see more of the Slytech legacy moving into the models in future years. The PAM 202 & 225 are priced at $10,100 with part of the proceeds from each sale going to one of Sylvester Stallone𠏋 charities. The caseback is engraved with Stallone𠏋 signature, as with the originals. The 202 will have a black dial and the 225 will have a white dial. This piece is basically the 2004 PAM 187 1000M Submersible Chrono but with the Slytech branding instead of the 1000M branding. In addition, the bezel of the Slytechs returns the look of the original La Bomba, the PAM 64, instead of the applied numerals found in the 1000M edition. Expect production to hit the retail channels by the end of the year with 500 black and 300 white pieces making it to market.
Also, as you heard here earlier, the Arktos is becoming a regular production model with the GMT complication, and a 2005 production of 500 pieces at $7,000.
Changes to Existing Models:
Every year, as we collectors know, Angelo Bonati mixes up the product line with subtle (and not so subtle) changes designed to differentiate models from different production years. 2005 is no different. Here are the major 𦽳hakeups?in the product line you can expect to see:
- All historic models (except the white dials) will now come with sandwich dials ?I think this is huge!
- Historic models will cease to have the 𡦖anerai?movement engraving but will now have the 鏠otes de Geneve?engraving
- Production of the Logo PAM 0000 and PAM 0005 will continue except that these models will not have sandwich dials. These watches clearly establish the 婫ntry level?models and price points now for Panerai.
- Finally, an all Stainless Steel bracelet (found on the PAM 220). I love the heft and the look and feel of this new bracelet. Plus, rumor has it that the bracelet prices in the USA will actually be reduced this year!!!!
- With the introduction of the Base Radiomir PAM 210, the Black Seal Radiomir will see a price increase up to $4,300.
- The average USA price increase (driven largely by the continuing weak US Dollar) will be 6.5%. Sample new prices are PAM 111 $3,900; PAM 0000 $3,300; PAM 0005 $3,500; PAM 112 $3,650; PAM 104 $4,400. If the dollar stays in the $1.30 range to the euro, we should see this as the only price increase for the next twelve months. But, if we start into the $1.40 arena, all bets are off.
- The PAM 104 bracelet model has been divided into the PAM 220 in Stainless Steel at $5900 and the PAM 221 in SS/Ti at $6400.
- With the elimination of many of the power reserve models, the only one left standing is the classic power reserve on strap & bracelet.
What is in store for the future:
We know a lot about where Panerai will take their product line in the future from today𠏋 announcements as well as from previous announcements and comments from Panerai. Here is what we can be confident of:
- A closer association with Sylvester Stallone. I would be shocked if the PAM 202 is the first and last Slytech model. I expect that we can see a few more of these collaborations as the years roll by, perhaps similar to the AP collaboration with Arnold Schwarzennegger. Maybe one new Slytech each year??
- The Regatta Series ?we know that this sponsorship will be assumed by IWC in 2005, but, we can also be confident that Panerai will not abandon its association with sailing and race sponsorships. I expect a mid-year introduction of a new sailing race-inspired model to continue the Regatta line.
- 8-Day in-house movement. We know that this is in testing, and can expect to see this movement become part of regular production in 2006. But I would not be surprised to see one sneak out as a special edition, perhaps only sold through the boutiques, in 2005. Panerai showed the movement at SIHH but is not quite ready for volume production. I believe the first 250 movements, which will really be handmade prototypes, will be encased in precious metal (platinum and white gold) 45MM Radiomir cases. This is a very special movement, and a great step forward in my perception of the evolution of Panerai𠏋 upscale strategy. The movement is 3 barrels, has a linear power reserve, a GMT function a zero rest function as in the Lange Langematik, and an 8 day movement.
And here are a few of my 孄uesses?going forward, based on a collection of tidbits I have seen and heard over the years:
- Return of the Mare Nostrum ?with the expansion of the Chronograph line this year, it would not surprise me to see a Mare Nostrum special edition in the next year or two ?perhaps in association with Sylvester Stallone? A Slytech Mare Nostrum?? Also, the switch of the race sponsorship from the Laureus Regatta to the Mediterranean race seems to suggest to me a Mare Nostrum in the future.
- New Case Materials. It is no secret that Panerai has been experimenting with additional case materials to recreate the look and feel of PVD ?but without the perceived fragility of PVD. Perhaps the new treatment appears in a special edition in 2006?
What we didn㦙 see This Year:
I was just as intrigued at SIHH in 2005 at what was introduced as what was not introduced. Things that I thought were conspicuously missing in 2005 include:
- No new Tantalium models. The last two years saw the introduction of the Tantalium Luminor Marina and the Tantalium Chrono. Each of these models was to be produced in 300 pieces total, at a rate of 100 per year. The Tantalium Marina has shown some softness in pricing, at retail, at auction, and in the aftermarket. And the Tantalium Chrono is yet to be delivered. So I am guessing that this material was harder to work with than Panerai originally imagined, that the pricing made sell-through more difficult than anticipated, or that the company felt that the 弎acklog?of Tantalium pieces in the pipeline needed to be worked through before another model was introduced.
- No precious metal watches. These last few years we have seen many more gold (rose, yellow and white) models as well as several platinum models. Conspicuously absent this year were new model introductions of precious metal pieces, although there is still leftover production of some of them announced last year. Perhaps Panerai is comfortable with the precious metal watches currently in the product line. Or perhaps the company is choosing to de-focus for now on precious metals.
- No very expensive watches. The last few years have seen a few high-end chronographs in the $20,000 - $50,000 price range. My perspective is that these have not sold that well for Panerai, and the auction results support this view. I think the 8-day Angelus movement, priced where it is, is a brilliant move for Panerai!
While I can㦙 explain the shift to more 弌ffordable?watches (and I say this relative to the tantalium, gold, platinum and SS models with expensive movements), I applaud Panerai for the pricing of their new product line. I, for one, like the fact that the highest priced watch is $18,000 and that there are nice, complicated models in the $10,000 price range. Plus I think the move to sandwich dials on the historics lifts the value of the introductory end of the product line, and further differentiates Panerai from a few of the look and feel imitators such as a few Glycine models.
That is all for now.
Please feel free to link to this post from any other website but please do not cut and paste it in to posts outside of Paneristi.com as I wrote this for exclusive use by Paneristi.com. I would consider any use other than what I just outlined as inappropriate and a violation of the terms of service of Paneristi.com, and possibly of various copyright laws.
qmethod 在 星期二 2005-04-05 01:11 作了第 1 次修改
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qmethod
進階會員   |
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rolexfan
白金會員   |
發表於: 星期二 2005-04-05 01:11
Luminor 1950 47mm Left Handed in 1000 units
Luminor 47mm with Angelus movement, the 8 days of power reserve and the written -8 giorni brevettato- Luminor Base Left Handed 44mm Luminor Submersible Chrono 1000m 47mm Slytech edition Radiomir 45mm without the written -Black Seal- |
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qmethod
進階會員 |
發表於: 星期二 2005-04-05 01:47
歷史系列(就是兩針或小三針沒外加其他功能)全部改用三明治面盤
  順應民意終於來了! 但白面, logo 000 及 005 除外
qmethod 在 星期二 2005-04-05 02:38 作了第 2 次修改 |
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tompaul
初級會員   |
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qmethod
進階會員 |
發表於: 星期二 2005-04-05 02:26
今年推出最貴的錶款訂價18000美金,約58萬台幣,款式跟pam127 相同,裝有Angelus 8天機芯的Luminor Panerai 小秒針刻盤於九點鐘位置,可說是1950的8日鏈版,限量150支,要沛納海精品店才買得到,沛納海以後也會比較少推超高價位的錶款了,因為生產線利用的問題,今年其他較高價位的錶款就多落在美金10000塊左右,多為計時錶款
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qmethod
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