Panerai's cushion cases and sandwich dials are instantly recognisable, but value depends on the exact PAM reference, the movement inside, the case metal and whether the watch is a standard or limited edition. We identify the reference, assess the movement and condition, and account for the full kit before we put a figure to it.
Free insured postage. Written valuation. Paid in 72 hours.
The short answer
Fair Vintage buys Panerai watches across the UK — Luminor, Radiomir, Submersible and every PAM reference, in-house or ETA-based, running or not. Because value hinges on the exact PAM reference, movement, case metal and edition, we identify the reference, authenticate the watch, grade condition and completeness, then issue a written valuation. Postage is free and insured both ways, and payment is made within 72 hours of you accepting.
Panerai's range is built around a few iconic case families, each produced in many PAM references, sizes, dials, metals and movements. Identifying the exact PAM number is the fastest route to an accurate figure, because two watches that look similar can occupy very different markets.
The cushion case with the distinctive crown-protecting bridge — Luminor, Luminor Marina, Luminor Due and their variants. Case size (typically 44mm, 42mm and 40mm), dial layout, movement and metal all affect value. The most recognisable Panerai silhouette and the largest part of the market.
The earlier cushion case with wire lugs and a cleaner, more historical profile. Radiomir and Radiomir 1940 references appeal to collectors who prefer the vintage-inspired design. Valued on reference, size, dial and movement, with originality important throughout.
Panerai's dive line, with a rotating bezel and higher water resistance — now a distinct collection in its own right. Bezel condition, dial, movement and edition drive value. Sports references with original bracelets or straps are assessed for originality carefully.
Earlier models used OP calibres based on ETA and Unitas bases; later models use in-house P-series calibres such as the P.9000 and P.5000. Both are collected. We identify the movement from the reference and assess it within that model's specific market rather than applying a blanket figure.
Gold, titanium, bronze and other special cases, plus the many limited and boutique editions, sit above standard steel production when complete and desirable. We identify the edition, confirm completeness, and value with reference to current specialist comparables.
Panerai full sets include the box, warranty card, the additional strap and the signed screwdriver tool. These add value, especially on modern and limited references. Missing the tool or an original strap does not stop us buying — we simply note its effect on the figure.
Keep the original strap and tool with the watch. Panerai's interchangeable straps and the signed screwdriver are part of the value on modern references. If you have them, include them. And do not attempt to swap straps with a non-original tool or open the case yourself — send the watch as it is and let our specialists assess it complete.
The PAM reference is the key identifier and usually appears on the warranty card and box label; the caseback carries the model description and an individual serial. If you have the card, quote the PAM number. If not, email us clear photographs of the dial, caseback and any paperwork and we will identify the reference and movement before you send anything. For related guidance, see our watch authentication guide and our note on luxury watch resale values.
If your Panerai is part of a wider group, we can assess the whole collection under one written report. See our luxury watch buyers page, or our dedicated pages for Breitling and IWC.
Exact PAM reference identified. Movement and edition understood. Condition graded honestly, full kit valued. Free insured postage both ways. No obligation — we return your watch free if you decline.
Request a free valuation →What is a PAM number and where do I find it?
Panerai identifies models with a PAM reference — for example PAM00111. It appears on the warranty card and box label rather than obviously on the watch; the caseback carries the model description and serial. The PAM number is the quickest way to pin down the exact model. Quote it if you have the card; otherwise email us photographs of the dial and caseback and we will identify it.
Does it matter whether my Panerai has an in-house or ETA-based movement?
Yes, it can. Earlier models used outsourced OP calibres (ETA/Unitas bases); later models use in-house P-series calibres such as the P.9000 and P.5000. Both are collected, and some early references have a strong following of their own. We identify the movement from the reference and assess it within that model's specific market.
Do I need the box, papers and extra strap to sell my Panerai?
No — we buy with and without the full kit. But Panerai full sets are valued: the original box, warranty card, additional strap and signed screwdriver tool all add value, especially on modern references, and limited editions are expected to be complete. Send whatever you have and we itemise each element.
Is a limited-edition Panerai worth more?
Frequently, yes. Complete, boxed examples of sought-after limited and special editions can carry a premium over standard production, though desirability varies edition to edition and condition still governs the figure. We identify the edition, confirm it against what was originally issued, and value with reference to current specialist comparables.
Do you buy a Panerai that is damaged or not running?
Yes. A non-running or damaged Panerai retains real value — the case, movement and dial all carry worth, and demand holds regardless of running status. We assess the fault, the originality of the parts and the likely repair cost, then offer accordingly. Please do not open the case or swap straps with a non-original tool before sending.
How much is a Panerai worth in the UK?
It varies by model, metal, movement, edition and condition — a steel Luminor Marina in worn condition sits at the accessible end; precious-metal cases and sought-after editions considerably higher. We identify the exact PAM reference, assess condition and completeness, and provide a written valuation explaining every element.
How can I tell if my Panerai is genuine?
Panerai is one of the more heavily counterfeited marques, so authentication is central to every assessment. We check the case construction and finishing, the crown-protecting bridge, the sandwich dial and its lume, the movement against the correct calibre for that PAM reference, and the serial and engraving. Genuine cases and movements have consistent characteristics replicas rarely match. If anything is inconsistent we explain it, with no obligation to proceed.
Should I sell my Panerai to you, at auction, or privately?
It depends on the reference. A standard steel Luminor is a liquid market where our immediate insured offer is usually within a small margin of any other route, without the delay, commission or risk. Rare early references and sought-after limited editions can occasionally do better at specialist auction, at the cost of commission and months of waiting with no guaranteed sale. We tell you honestly which situation yours falls into.
Does a polished or serviced Panerai lose value?
A documented genuine Panerai service is generally viewed positively and can support value. Heavy or poor polishing that softens the crisp cushion case reduces value, because collectors prize sharp, original cases; non-original parts or a refinished dial also affect the figure. This is why we ask you not to have the watch polished or restored first — we would rather assess it exactly as it is.
I inherited a Panerai — can you help with a probate valuation?
Yes. We regularly assess inherited Panerai watches and can provide a clear written valuation suitable for probate, estate division or insurance, separately from any offer to buy. There is no obligation to sell. If the Panerai is part of a larger estate with other watches, we can assess everything together under one written report.
Will I have to pay tax when I sell my Panerai?
For most private sellers, no. A single watch is generally treated as a personal chattel, and Capital Gains Tax typically only becomes relevant on a substantial gain above the annual exempt amount, most often on high-value or limited-edition pieces bought as investments. We are watch specialists rather than tax advisers, so for anything significant we suggest confirming with HMRC or an accountant. We can provide clear documentation of the sale for your records.
Also see: Luxury watch buyers · Watch valuation · Sell your watch · Watch authentication guide
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