This is what Panerai looks like when you count every result rather than the headline ones: 510 confirmed sales in US dollars across 87 distinct references, going back to 2003.
The typical result
The median is $7,500, and half of all sales fall between $5,060 and $12,075. The mean is $12,791, well above the median, which means a small number of very expensive pieces carry the average. Use the median.
What trades most often
- PAM, 8 recorded sales, averaging $18,750
- PAM00555, 2 recorded sales, averaging $10,000
- PAM00740, 2 recorded sales, averaging $12,333
Volume matters when you are buying: a reference with a deep record is one you can price with confidence, because there are enough comparable sales to establish what normal looks like.
The top of the market
The highest recorded Panerai result in our archive is $326,500, in 2012. That is 44 times the brand's median, which is the gap between a normal example and an exceptional one.
Against the specialists' estimates
Across 227 lots with a published estimate, 44% beat the high estimate. That is broadly in line with the wider market.
How to use this
Every figure comes from completed auctions, hammer plus buyer's premium, restricted to US dollar sales. Treat the median as the centre of gravity rather than a valuation: within any brand, condition, reference and completeness move a price far more than the name does.
