The good old days of Panerai may be long gone. I still remember how pricey those limited Submersibles used to be back in the late 2000s to the early 2010s. Back in the the days when I purchased my first mechanical watch which was a Pam312, those Submersibles were untouchable for me as they could easily fetch for 150k hkd, three times the price of my brand new 312. The Pam187 was one of them.
Is it a good time to buy collectible Panerai watches? Will the brand regain its lost glory? It is anybody’s guess. However, these special Submersibles, be they 44mm or 47mm, limited or not, are still collectible to me. The rugged and bold Italian design language is not very commonly found on any other brands’ dive watches. Among the many Submersibles, the 47mm 2500m or 1000m models are the best to me.
The Pam187, released in 2004 as a 1000pcs limited edition, is a 47mm stainless steel beast. While the Pam194, a titanium 2500m limited edition, is equally collectible to me, the heft of the 187 makes it more special in some ways. What makes the watch more appealing is that it is a bold chronograph with screwed pushers which gives it an even more rugged look. The blue 1000 printing on the dial adds some good contrasting color to the black dial as well. A rather special feature of the 187 is that it features a screwed pusher on the case at 10’o clock for date adjustment. Any date change has to be adjusted using a special tool to unscrew the pusher first. There is also a helium escape valve on the case at 8′ o clock.
In any of these 2000s limited Submersibles, the dial plays a big part in the overall aesthetics of the watch as the tritium markers should have already turned quite yellow or orange. A pumpkin color dial is much more vivid on these Submersibles than the light yellow ones. However, one has to check the dial carefully to see if there is any water marks of black spots on the markers as these tool watches may have been heavily used underwater. For a Pam187, one has to always check if the date adjustment pusher and the chronograph function are in good working condition. Also, if possible, look for an unpolished case even if it looks a bit heavily used.
Now may not be the days when big watches are in vogue. Nevertheless, these tritium Panerai Submersibles are definitely worth collecting at their current prices if you are into big bold tough-guy dive watches.