Accompanied by Panerai box, case protector, hangtag, spring bars, additional Panerai leather strap with Panerai C-type buckle of PVD-treated steel and certificate.

To watch collectors, there is quite a difference between Panerai before and after they were acquired by Vendôme (now Richemont). The early models are much more sought after for various reasons. Firstly, the quantities of the different models are much smaller. Some were made in less than 100 examples, and few were made in more than 1000 examples. Secondly, the design language was more utilitarian, simple and military-inspired. This speaks directly to their heritage and connection with the Italian frogmen in the 1940s. Lastly, the quality is simply better. This does however not mean that newer Panerai watches are not interesting – they are just different and thus speak to a different clientele.

We are happy to offer four Panerai watches on this auction – one pre-Vendôme watch and three newer ones – one of which is made just after the acquisition. The most interesting of the four is the earliest one. The Marina Militare from approx. 1993–94 is as Panerai as it gets. This particular one, the ref. 5218–202/A, was made in just 140 examples and features a no-fuzz dial layout with tritium hour markers and hands. Moreover, it features a manually wound movement and water resistance to 300 metres.