Watches: Hidden Assets
Veteran NFL linebacker Donnie Edwards once stayed up all night changing the
straps on his 20 or so Panerais. His infatuation with his watches may seem
extreme, but it is not unusual among collectors of Officine Panerai timepieces.
The Paneristi—the nickname for the company’s fan base—assiduously acquire the
brand’s special editions and share their obsession through Internet forums.
Panerai, a former maker of equipment—including watches, compasses, and
lights—for Italian naval commandos, began selling its oversize timepieces to the
public 15 years ago. The brand quickly achieved cult status because of its
distinctive cushion-shaped designs and extremely rare early models. Recently, in
an effort to stoke further the ardor of Edwards and collectors like him, Panerai
began making its own movements—a difficult and expensive task.
argue that Panerai pursued this tack because its watches were losing their
exclusive cachet among collectors. Since Richemont (then the Vendôme Luxury
Group) acquired the small Florentine company 10 years ago, Panerai’s production
volume has risen steeply. Panerai has continued to release special editions, but
these pieces, though popular, have not appreciated in value as dramatically as
the preacquisition Panerai watches that were produced in very limited numbers.
Panerai’s new movement-making capacity enhances the brand’s connoisseur
appeal by enabling it to offer a moderate number of timepieces that are
positioned between the rarefied limited editions and the general collection.
(The latter watches continue to be powered by subtly modified movements from
Swatch-owned ETA and other suppliers.)
While receiving technical advice from
other Richemont brands, Panerai spent five years developing its movements in a
new manufacturing facility in the Swiss city of Neuchâtel. The company’s designs
include a manual wind introduced last year, a new automatic, a single-pusher
chronograph, and a tourbillon that puts a novel spin on a complication that is
more than 200 years old. The simple models incorporate long power reserves and
free-sprung balance systems that improve accuracy. In the tourbillon, the
movement rotates the balance wheel on its edge every 30 seconds to enhance the
watch’s precision. Unlike typical tourbillons, which you must scrutinize to see
the cage in action, this design’s unusual plane of rotation and the speed at
which the device operates create a visually arresting presentation that will
mesmerize even those who do not lose sleep admiring their watches.
the dismay of some fans, Panerai did not alter its aesthetic to showcase the
mechanism; it is visible only through the sapphire caseback. “The tourbillon is
one of the most amazing Panerais I’ve ever seen,” says Edwards, who nonetheless
laments the design’s subtlety. “I wish I could see the movement through the
dial, but I want one anyway.”
Officine Panerai, 877.726.3724, www.panerai.com