The Problem With Panerai (Think Rolex)
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- čas přidán 25. 08. 2024
- One of the "go to" watches of the nineties, Panerai were once associated with waiting lists and 'above list' second hand prices. Unfortunately those days are gone and here we have a cautionary tale of what can happen when you choose a brand at the wrong time.
I own Rolex, Cartier, Breitling and three Panerai watches (111, Submersible , Radiomir) at the moment. Also have owned many Omega and a great Tudor Blackbay. For some reason I wear my Panerai the most. I just like the design. I tend to get bored of Rolex after wearing one for a week or two. But as an investment, seems you can’t beat Rolex or Patek…but I just buy what I like.
Well said, watches should be worn!
My watch ownership history similar. I made money when a dealer sold my tropical luminor. Today just purchased PAM00112 coz I wanted the sandwich dial and just love rocking a panerai coz of how distinctive (yet elegantly designed when considering its elements and proportions) it is.
Ive owned a two tone Submariner, and a Seamaster. Neither come close to my Pam1086. There's something special about Panerai.
Unless it is your grail watch, buy it pre-owned at a discount. If you hate it, you can probably not take a big hit when you sell it.
The mistake was buying new. I've purchased (preowned) about 20 Panerai in the past few years. I still have the majority of them, but the ones that I've sold on have (collectively) net me a profit approaching 5-figures. I don't there is a better value out there today than Panerai... pre-owned. If you buy them at the right price, and are willing to take the time to sell them properly, you can experience a watch and not a lose anything. Of course that presupposes that you like the watch, as I do. I've picked up a few precious metal Panerai this year and they have represented even better value than the stainless steel versions. I have other brands, including Rolex, but the Panerai side of my collection easily gets 2/3 of the wrist time.
Totally agree, they are a great buy secondhand!
These radiomir base logo are entry level point Panerais, very affordable at retail but not desirable at all, especially on the secondary market. Your friend would not have lost quite as much if he bought a pre-owned Luminor or Submersible 1950 case in stainless steel, they tend to move a lot faster among the modern Paneristi. Let's be real, the old guard from 20 years ago are fading to the sunset, the only PAM they buy nowadays are vintage or pre-vendome pieces.
Well said!
I appreciate your advice. Thanks and God bless.
Anytime.
Ouch! Watchfinder pricing is brutal for trade-in, Richemont owned or not. I tried the same logic a while back, thinking that Richemont might have a vague interest in protecting Panerai, who are in freefalll. No. The reality is that like most price-gouge Richemont brands (Cartier, IWC, Panerai, JLC, Vacheron, Lange), Panerai is 30%+ overpriced at retail - knock 20% VAT off that, then a 40% dreaming dealer margin and your residual value is naff-all. Sell on Ebay, but best of all, only buy Richemont brands if you are very, very sure you'll be keeping.
yup if you were to buy a Richemont brand watch, buy preowned, some IWC, Panerai, JLC watches are only 40-60% RRP, let the fool buy new from the boutique and eat up the depreciation.
Takeaway: if you really want one, Buy a barely worn Panerai for a fraction of the retail price
They are a fantastic buy secondhand!
Rolex history and marketing (which is second to none regardless of industry) will keep it from having the same fate. In addition, most people (at least those that I know) rarely buy more than one Panerai model as opposed to Rolex where many will try to obtain more than one model. It is usually men who buy the Panerai whereas Rolex has models for both men and women.
You have made some very good points.
Not at all. People who fall under the Panerai spell often purchase many. I have over a dozen at the moment. Far more Panerai than I have Rolex. I doubt I could list half a dozen Rolex I would want to own, money aside. And money in, I can build an amazing Panerai collection for the price of 2 or 3 Rolex.
You can buy panerai on 0% finance over 4 years. You can equate that to 20% of retail given current cost of capital
Only people who dont care on losing money on a watch should buy new. Panerai holds its value well if bought used..
No, I remember hearing about Panerai in the late 90s before. It's very similar to where rolex is now, just curious to see how the rolex hype will conclude.
I think things are cooling down!
@Bassington's I hope so. I live in LA, Market is still strong here.
@@watchesandcoins.7738 The secondary watch market in the UK is going through a correction, I still think it has further to fall.
Buying a Panerai new is only a „good“ decision if you definitely want to keep it and you don’t care about paying a premium.
In all other situations, you should buy it grey. You save so much money and get a great watch for the price.
Panerai is a great buy on the secondary market.
I think there are two angles on this, Panerai are not great on the secondary market, but more importantly, Watchfinder are notoriously bad at buying low and selling high. My advice would be to consign the watch through a reputable dealer or try and sell privately (but being aware of the scams). Great video 🥃
Many thanks.
I totally echo your idea of selling via a secondhand dealer as I was able to make money when my Luminor was sold on consignment
Panerai has fallen so far. Every model looks the same. They need to try something different like a dress watch or something to add to their arsenal. It would be like rolex just making variations on their sub as their whole line of watches. Boring.
Please do not worry about how a watch will perform financially- please, please. Just buy what you like - watches are made to be used and enjoyed, not as an investment. There are not many more stupid investment ideas than a watch. Please.
This is what I keep saying!
Why doesn't he sell it privately? I would pay more, if he wants a sale.
That is what he ended up doing!
is it because panerai cuts corners? i see few videos of these allegations. i always wanted panderai, but damn, this video made me reconsider, at least rfom ad lol.
Thank you. Subscribed.
Thank you.
Your friend should have went with a used one instead of the AD. And you’re serious when you insinuate Rolex will go the way of Panerai when it comes to secondary pricing? Please elaborate!
He wanted to buy new. No, I do not think Rolex will go the way of Panerai.
What happened to those "world's best sunglasses" you had talked about in one of your earlier videos? You've never worn them...
I think he still has them!
Why not just return it to the AD and get the money back 🤦
most ADs would not refund for a change of mind even if the watch remains unworn, they would only refund if the watch is defective and remains defective even after it was sent back for service. If you know an AD that would take a watch back due to a change of mind, lucky you
I would never buy another watch from Watchfinder, had a bad experience, would not give me my money back only a exchange for another model.
Intersting, was this before or after they were bought by Richemont?
Cannot remember a couple of years ago.@@Bassingtons
Nobody should be selling on to watchfinder. Rip off
Great Advice As ALways. Never Buy IWC or Panerai even Omega. you would look like a beggar when you try to sell. These brands are not loyal to customers at all.
Just buy something you like. Then it doesn't matter what it is worth. Same advice for choosing a wife
Anyone who still starts out with “hope you’re staying safe” gets an immediate skip
sell it privately. DUH
Watchfinder is a rip off. It's NOT Panerai it is Watchfinder. I can sell that watch for 2500-3000 all day long.
But what do you buy in at?
@@Bassingtons depends on the model. Can get a new Panerai Base from Jomashop for 3500. I can sell on discord chats for 3k. Private sales is the way to go. Selling to companies will give you the least money. Even Jomashop has a buy back program. I would not sell back to them. They would most likely give me too little