Panerai was founded in 1860 in
The Florence-based watchmaker produced wrist worn diving instruments and about 300 watches, all for the Italian Marina Militare, between 1938 and 1993. By that time, the company ceased to provide replica watches to the Marina Militare, as they were no longer cost-effective nor did they meet the naval specifications. It then moved to launch its products to the civilian market, but remained relatively obscure until the actor Sylvester Stallone spotted and bought a Panerai Luminor in a jewelry store in
Panerai's success with large watches has also led other companies to introduce larger watches, including Audemars Piguet, IWC, Swatch, and even Rolex.
Panerai has four major lines of watches, Historic, Contemporary, Manifattura and Special Editions. Panerai issues Special Editions every year. In 2006 it issued the 1936 California Dial Radiomir special edition, a reissue of the first Panerai model ever presented to the Italian Marina Militare. This model was limited to a run of 1936 units. As of September 2008, the price variation within the Contemporary collection varied from $6,200 to up to $25,500 for the solid gold
Aficionados of Panerai are known as "Paneristi", a term coined along the lines of "Ferraristi". When the contract between Girard-Perregaux and Ferrari expired a new partnership was signed with Panerai to develop, manufacture and distribute watches under the Ferrari trademark. A
Panerai issue many watches as either limited or special editions producing fewer watches than the market demands. Retailers may only receive a few limited edition pieces each per year and long waiting lists for popular models are not uncommon.
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