The Panerai Luminor GMT Regatta 2002, often referenced as the PAM 156, holds a unique position in the brand's extensive catalogue. While not as widely discussed as some other iconic models, its blend of horological sophistication, compelling design, and limited production run makes it a highly sought-after piece among collectors. This article will explore the PAM 156 in detail, examining its retail and market price, model specifications, historical trends, and its place within the broader Panerai Luminor family, including comparisons with other notable models like the Luminor 1950 range and the Luminor Submersible.
Retail and Market Price: A Collector's Perspective
Determining the original retail price of the PAM 156 is challenging due to the passage of time and variations in regional pricing. However, sources suggest its initial retail price was positioned at the higher end of the Panerai spectrum for its time. Today, the PAM 156 commands a significantly higher price in the secondary market, reflecting its rarity and collector appeal. Condition, box and papers (original documentation), and overall provenance heavily influence the final price. A pristine example with complete documentation can fetch a premium, often exceeding several times its original retail value. This price appreciation underscores the growing demand for vintage and limited-edition Panerai timepieces, particularly those embodying the brand's rich history and distinctive design language.
Factors impacting the current market price include:
* Rarity: The PAM 156's limited production run contributes significantly to its value. Fewer units available translate to increased demand and higher prices among collectors seeking a unique and exclusive timepiece.
* Condition: As with any collectible watch, the condition of the PAM 156 is paramount. A watch in excellent condition, with minimal wear and tear, will command a higher price than one showing signs of significant use or damage.
* Completeness: The presence of the original box and papers adds considerable value. These elements enhance authenticity and provide a complete historical record of the watch, appealing to serious collectors.
* Market Trends: The overall market demand for vintage Panerai watches plays a role. Periods of increased interest in the brand generally lead to higher prices for models like the PAM 156.
Model Specifications: A Technical Examination
The PAM 156, a quintessential example of Panerai's robust and functional design philosophy, boasts several key features:
* Case: A substantial stainless steel case, typical of Panerai's signature style. Its dimensions provide a substantial wrist presence.
* Movement: The PAM 156 houses a sophisticated automatic movement, likely based on a modified ETA or Sellita base, offering GMT functionality and a regatta timer. This combination of practical complications enhances its appeal to both sailors and watch enthusiasts.
* Dial: The dial typically features Panerai's iconic luminous markers, ensuring legibility in low-light conditions. The layout is clean and functional, highlighting the practical nature of the watch.
* Strap: Originally fitted with a robust leather strap, appropriate for the watch's nautical heritage. Collectors often replace these with alternative straps, reflecting personal preferences.
* Functions: Beyond the standard timekeeping functions, the PAM 156 includes a GMT function, allowing for the display of a second time zone, and a regatta countdown timer, a feature particularly useful for sailing competitions.
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