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Panerai is proud to celebrate a new important milestone in its history, which has been enriched with innovation in support of its unparalleled tradition since 1860. 


Today, 10 September 2023, marks the 30th anniversary of its official launch. 


On 10 September 1993, in the city of La Spezia (the home of the Italian Navy arsenal), after the military secrecy imposed on the Florentine company had been lifted, the first timepieces for the civil market made by Panerai were presented to the public: this marked the beginning of a series of achievements and successes that were recognised both in the past and today by aficionados of the brand.  


Another memorable date among the many events that have marked the history and values that Panerai embodies today is 18 March 1997, when the Vendome Group, now Richemont, signed the contract in Florence to take over the historic Italian company founded in Ponte delle Grazie.


The iconic events that have been part of Panerai's journey so far will lay the groundwork for the star piece of the auction to be held on 3 November by Phillips, in association with Bacs & Russo: the reference PAM01346, named "Guido Panerai & Figlio" in honour of the historical name of Panerai in Florence at the time. 



The new PAM01346 is a truly unique piece, a historic Special Edition that reflects the glorious history of both fine watchmaking and Italian heritage: Panerai presents and auctions it thanks to a collaboration with the prestigious international auction house Phillips, in Association with Bacs & Russo.


The main inspiration for this reference is the “Ref.Modified 3646”, Panerai's iconic watch from the early 1960s.


A timepiece in which the extraordinary creative genius of Giuseppe Panerai defined a number of technical characteristics of exceptional prestige:


• The replacement of the historical flush lugs of Ref. 3646 with robust metal lugs welded to the case and fitted with a through-screw for attaching the leather bracelet 


• The prestigious Angelus movement with 8-day power reserve, which also introduced the small seconds counter at nine o'clock, on this 47 mm case.  


• The transparent plexiglass caseback which allowed the movement to be seen.


• The dial has four printed lines (two below the number 12 and two above the number 6) and a seconds counter at nine o'clock. 


• The serial number and luminosity index engraved on the transparent caseback.



To be consistent with the aesthetic inspiration drawn from the Ref. Modified 3646 this unique "Guido Panerai & Figlio" piece you will be given the option to replace the sapphire crystal and transparent sapphire caseback, fitted as standard to ensure the required water pressure resistance during immersion, with a plexiglass cover that offers the possibility of reliving the same visual and tactile sensation of the original vintage timepiece. 


The strap, produced by the same historical supplier who worked for Panerai in Florence, features a white gold trapezoidal pin buckle, hand-stitched to the piece, which is a perfect reproduction of the historical clasp used by the Italian Navy at the time.

As well as the leather strap, it also includes a bracelet entirely hand-sewn in Tuscany by the legendary Cuoierie Brelli watch strap makers.

This is a perfect reproduction of the extra-long bracelet that the Panerai watch was equipped with at the time, designed to be worn by divers on their diving suits.

If you are interested in finding out more about the Phillips auction, in Association with Bacs & Russo for Panerai, click below.

The historic Angelus SF 240 movement used for the reference PAM01346 Guido Panerai e Figlio" is part of a special supply originally intended for wristwatches, produced between 1955 and 1961, with a mechanism mounted on 17 jewels, which was almost exclusively used by Panerai at the time.

From 1961 to 2006, one of these special historical movements remained at the Villa Panerai in Florence and was later purchased, together with other antique pieces, by Vendôme/Richemont.

The Panerai PAM01346 watch, “Guido Panerai & Figlio”, inspired by the historic Ref. “Modified” 3646, represents a unique, original and one-off opportunity for those who will be able to see, through its powerful historical character and values, a true testimony to the history of underwater watchmaking, which is so exclusively interpreted by Panerai.

The case housing the successor to the Ref. “Modified” 3646 is strongly inspired by the one used in the first Special Edition, the renowned PAM21 Radiomir 47 mm. A celebrated reference created in the autumn of 1997, with a platinum case and historic movement from the late 1930s.


For aficionados, we would like to remind you that in more recent times, Panerai has already used Angelus SF 240 movements, for the PAM203 and PAM267 versions from 2005 and 2008.

The basis of these historic movements, which came from the Panerai archives, was the one originally intended for travel clocks, which was then suitably modified to be wound at 3 o'clock and inserted into the watch case.


So, congratulations to the successful bidder, as they will soon own a piece that lives beyond time.