Forgot about this thread until now. I do agree with Andrew - Panerai essence is the basic stuff - 000, 112, 111, etc. As reflected on the used market, those will sell for closest to their "as new" prices because they are still damned good and simple watches. Some of their earlier more complicated classics do ok as well - such as the 233 and 270. I still have my 366 and 270, they're some of my favorite watches.
However, while every company has horror service experiences and poor resale value (even Rolex is not immune - anyone try selling a sky dweller lately?), Panerai is the only major company in recent times to directly lie to its customers (the same customers who fought to buy some of their more special and limited pieces because , in part, of their value retention). A good example is the bronzo - "we won't make another bronze watch" was a direct quote from Angelo. And soon, the 507 was born. Same with the 448 and 449 - "1,500 pieces" suddenly became 3,000. Let's also not forget Panerai is famous for making those oor pieces, albeit in much more limited (usually sub 20) quantity since the very beginning.
Once the loyal paneristi stopped trusting the brand in protecting its value retention began dumping their watches (and often moving to Patek, Lange, AP, and Rolex), the brand image changed in a very short period. Along with the perception change came the used market crash , all while the company itself seemed oblivious and continue to pump out record volumes and contributing to over supply. This effect is most notable on the serious collector "investment grade" pieces - the 203 at its height was a $100k watch. I wouldn't pay $50k for one now. To a lesser degree, the 127 was trading in the low $20ks three years ago - you'd beg someone to buy one for $12k today. Of course, I still love my 233/270s, but I'm not paying $8k for one anymore
.
Sent from Tapatalk
