Used Watch Market Outlook - Panerai PAM 292

Mike HeitzkeJuly 25, 2015

Here at the SecondhHander, we realize there are many other sites reviewing watches (and doing a really good job of it). So we thought take a different approach by reviewing watches through the lens of the used watch market. We’ll tell you how a watch is trending, if it’s being offered at a good value, and what price targets you can expect. We hope you enjoy!

If there ever was a brand whose products are all over the map in terms of pricing, it’s Panerai. And the 292 is no exception. The PAM292 is one of those watches that really hits a sweet spot of high brand pedigree with good value, if you’re patient. Let’s take a look at the Radiomir Black Ceramic Panerai PAM00292.

Introduced in 2007 in somewhat limited edition, the PAM292 is a black ceramic (not PVD) coated manual wind offering in the Radiomir line. Taking a look at the 292, all the telltale PAM signs are there: cushion case, large numbers with the classic font, clear hour markers, and obvious hands. It carries with it the venerable Panerai OP XI caliber hand wind movement as well.

In terms of styling, it’s classic Panerai, but I love that they opted for a black ceramic case instead of a PVD version. That’s not to say I don’t love PVD, but in 2007, major brands were really just starting to play with ceramic bezels and cases on a larger scale. And when you are trying to demand a price north of $10,000 in a competitive category, it’s wise to look for ways to use new techniques and materials.

Yep, the styling screams PAM

Secondary Market

Looking at the pricing for this watch is a fun one for those who like to geek out on secondary market values. This watch was originally a limited run, providing the always fun scenario of secondary pricing to exceed MSRP. If you managed to snag one of these in the first J series, you could immediately turn it for about a $2,500 profit.

Unsurprisingly, pricing eventually came back down to earth. But like almost all Panerai models, even a series that is 9 years old still demands a decent sum in the used space. SecondHander’s price guidance currently sits at around $6100. However, this model can be had for as much as $8000 and as low as $4800. We don’t normally see this type of variance for a given model in the used space.

High Availability

So, what’s contributing to such a high pricing variance? Turns out, that original ‘limited run’ piece turned out to be not so limited. Checking the auction sites, there’s 20 or 30 available at any given time. It’s also not uncommon to find 2-3 listed in a given month on the forums and private classifieds.

Which Price Is Right?

The high end and low end sold examples of this product are probably both telling white lies. Finding one of these below $5300 is basically theft, and paying 8 or 9 grand for one just means you’re not doing your homework. Anywhere from $5800 - $6700 would be a fair market price. That’s still a big variance. But you have to remember, examples of these can be upwards of 9 years old, and service history is important.

Given that it’s a Panerai, I’d lean towards buying one from a retailer or someone who can provide paperwork and service history, which may push you closer to that $6700 price point, but you’d know you had a good one.

Long Term Outlook

Pricing over the last couple of years seems to have leveled off for the 292. We don’t see any trends up and down, rather big jumps listing to listing. Given the high availability for these, the price should remain fairly fixed (at least relative to increase, don't expect these to go up in the near term). The 292 also sits fairly uniquely within the Panerai lineup. There’s not that many all black ceramic coated options to pick from – which may provide insulation from a precipitously dropping price long term. If you have one, I’d hang on to it short term as the market in general is a little soft. If you’re looking for one, the lack of ‘limited’ means you will have plenty of examples to pick from, so be patient, and find the right deal. Just make sure it’s a clean one with good paperwork and service history.

Used Price Target


Est. Price Range

$4293 - $5858



See active and sold listings for Radiomir Black Seal 45mm Ceramic Manual


Mike, a UI/UX specialist might love cars even more than he loves watches. While he's eyeballing his next watch from Ball, he's also trying to find his next car - with enough horsepower to keep things interesting.