So I have been looking at some PAM lately, and I even almost pulled the trigger on a PAM 111 (J series). What stopped me is that I found out the movement (OP XI) is not hackable ... So what are we getting for the MSRP of USD$5600 (in 2008)?
(Picture of PAM 111 from the web)
We get a simple ETA 6497/2 based hand-wind movement (*upgraded* and decorated by Panerai), strap standard (bracelet version is USD$1800 more on the PAM 104 vs PAM 220), 316L stainless steel case (with a lot of polishing), the unique crown locking system, 2 huge pieces of sapphire crystal front and back, also extensive testing and QA before the watches leave the factory.
Ok, I don't know. Maybe its just me. But I can't find myself spending that kind of money on a watch that has an ETA based movement, non-hacking, and doesn't have a date complication on it. Of course, it IS just me, because they pretty much sold out all the series every year, well since all production (for each series) are *limited*.
I think the business model works very well for Ferrari: "Always build 1 less than you can sell". :)
So for me, all the PAM 000, 005, 111, 112, etc are out of the question.
Then I look at the PAM 24, 25, 104, 220 with the OP III movement, which is based on Valjoux 7750. And that's another movememnt that's widely available at much much lower price point. That definitely makes it less *special* in my book. And the movement is less decorated, thus they have solid caseback cause they don't have much to "show off".
And they all have cyclops (date magnifier on the crystal) which break the clean look of the PAM 111 and such. I like the 44mm PAM with automatic movement by default (because the draw back of the non-hacking OP XI movement). But still, that's a lot of cash for a watch with a "semi-generic" movement.
(Picture of PAM 104 from the web)
The PAM 24 and 25 is close to what I could "live with", but the dial has circle as hour indices, instead of the "stick" as PAM 111. There's nothing wrong with that, that's just my personal preference. I like the PAM 25's dial, but I would prefer a brushed stainless steel case (24 has a polished stainless steel case and the 25 has a brushed titanium case, which is a softer metal than steel and easier to be scratched and dinged).
(Picture of PAM 25 from the web)
Now comes the PAM 312. To me surprise, it has everything that I want from a watch to make it "special". It has a 3-day (power reserve) in-house movement made by Panerai, a date complication, the 1950 case style (which I like better than the Luminor case), no cyclope makes it a clean looking watch, display back to show off the in-house movement. It does carry a higher list price at USD$7400. But at least now, there's an *affordable* (its all relative ... LOL) Panerai with in-house movement.
(Picture of PAM 312 from the web)
Then comes the deal breaker ... its over 18mm high! (Some say its 18.5mm) I have doubt if my wrist size can pull off a watch with a 44mm case and over 18mm high. I can't say for sure until I go to the dealer to try one out. But man, the dimension is "big" enough for me to pull it off my wish list.
I have to admit, luxury items almost never have a proportional "price to product" ratio, meaning you are paying much more money for much less "increase in level of luxury". So if you like it, can afford it and don't care about it, then more power to you. :)
