The Panerai Luminor is one of the most distinctive luxury watches on the secondary market –one that played a crucial role in Panerai’s massive success in the mainstream consumer market. The Luminor tops many watch enthusiasts’ must-have lists with its famous cushion-shaped case, large crown guard, and iconic dial decorated with lume. On the retail level, the starting price of the Panerai Luminor is $5,600 for the stainless steel and time only-model, while the most expensive models with additional complications and precious metals retail for well over $70,000. However, most current Panerai Luminor offerings are priced below $10,000.
As of 2023, Panerai watches typically sell for less than retail on the pre-owned market, with the Panerai Luminor price ranging between $3,500 and $22,500. On average, collectors can expect to pay about $5,800 for a second hand Panerai Luminor watch. The Panerai Luminor is an accessible luxury watch with excellent investment potential. It is a strong option to consider if you’re in the market for a used Panerai that will hold its value well.
The Luminor has only been on the consumer market since the early 1990s. Still, navigating all the options currently available to the watch-collecting community can be overwhelming. Join us as we explore the vast Luminor Panerai Watch price structure.
Brief History of the Panerai Luminor
The Beginning
Panerai was founded in Florence, Italy, in 1860 but is now based in Neuchâtel, Switzerland. During the company’s earliest years, “Officine Panerai,” as we know it today, operated as a watch shop that also offered watchmaking classes and repairs. However, Panerai’s identity as a military supplier defined much of the brand’s history, particularly the company’s relationship with the Royal Italian Navy. Panerai’s most iconic design elements, such as the legible dial and large bezel, were born out of necessity to fill their various military contracts.
The Luminor’s story didn’t take shape until nearly a century after founder Giovanni Panerai set up shop in the mid-1800s. Before the collection’s inception, Panerai relied on “Radiomir,” a compound made from radium and other materials, to decorate their dials and make them legible in dark environments. However, a safer material called “Luminor,” a lume based on Tritium, eventually replaced Radiomir around the 1950s. Interestingly, at this time, the monikers “Radiomir” and “Luminor” simply referred to the luminous material on the dial, not the collections we know today. During this time, Panerai also developed their now-legendary crescent-shaped crown guard, a feature that remains a fixture of the modern Luminor collection.
Panerai in Modern Times
It was 1993 that marked a significant turning point for Panerai and the Luminor collection as the brand sought to follow in Rolex’s footsteps by entering the booming luxury tool watch market. Among the pioneering Panerai watches released during their reinvention campaign were two models branded as “Luminor.” Initially, the Luminor wasn’t very well received due to overall low exposure on the market. However, many credit Sylvester Stallone for catapulting the brand into the mainstream media after donning a Luminor on his wrist while filming the 1996 flick Daylight. The Vendôme Group (now known as Richemont, S.A.) eventually took notice of Panerai’s emerging popularity and bought the company for just $1.5 million with aspirations to expand sales to the international market.
Today, the Panerai catalog houses four broader collections, the Submersible, Luminor, Luminor Due, and Radiomir. From there, each collection boasts several sub-models.
What Impacts the Cost of a Panerai Luminor?
As with most luxury watches on the market, the Panerai Luminor price depends on several factors, such as demand, type of movement, and materials used. For example, highly desirable watches, such as “pre-Vendôme” Panerai watches produced before the firm bought Panerai, are incredibly valuable. Complex movements, such as those featuring dual-time capabilities or chronograph functionality, command more than simpler time-only Luminor watches and watches in precious metal, such as Panerai’s signature Goldtech™ or Platinumtech™, understandably retail for much higher than stainless steel models.
Additionally, Panerai movements operate on hand-wound or automatic winding technology. They are either outsourced for older models or made in-house, each of which can affect the final Panerai Luminor price. Another important factor is whether the watch is new or pre-owned and, consequently, the condition of the second hand watch.
The Panerai Luminor Marina
The Luminor Marina was among the three limited edition models released during Panerai’s 1993 debut on the mainstream consumer market. Often, when one thinks of the Luminor collection, it is usually the Marina and its iconic minimalist design that Paneristi envisioned. While there are a few case size options, 44mm is considered the most classic. Additionally, the collection is distinguished by a cushion-shaped case, a lever-activated crown protector, and a small seconds sub-dial at 9 o’clock.
Like the rest of the Luminor portfolio, the Mariana sub-model is varied and includes several design set options, innovative materials, such as Carbotech™, and movements, each of which affects the Luminor Marina Panerai price. However, the collection is generally one of the brand’s mid-level sub-models, with retail Panerai Luminor Marina prices starting at $10,800 and reaching $26,800.
Luminor Marina Prices
| Luminor Marina Reference No. | Material | MSRP (Feb. 2024) | Market Price (Feb. 2024) |
| PAM00422 | Stainless Steel | $10,800 | $ 6,300 |
| PAM01314 | Stainless Steel | $8,800 | $6,000 |
| PAM01313 | Stainless Steel | $8,800 | $6,000 |
| PAM01312 | Stainless Steel | $8,800 | $6,400 |
| PAM01316 | Stainless Steel | $9,500 | $7,100 |
| PAM01157 | eSteel™ | $9,400 | $7,100 |
| PAM01356 | eSteel™ | $9,400 | $7,600 |
| PAM01358 | eSteel™ | $9,400 | $7,500 |
| PAM01664 | Carbotech™ | $14,800 | $11,000 |
| PAM02661 | Carbotech™ | $14,800 | $12,200 |
| PAM02662 | Titanium | $16,300 (Discontinued) | $14,800 |
| PAM01112 | Goldtech™ | $26,800 | $20,000 |
| PAM01114 | Rose Gold | $30,900 | $23,500 |
| PAM 004 | PVD-Coated Stainless Steel | $8,700 | $8,800 |
| PAM 005 | Stainless Steel | $4,200 | $4,000 |
| PAM 022 | Stainless Steel | $7,500 | $5,100 |
| PAM 026 | PVD-Coated Stainless Steel | $9,400 | $8,000 |
| PAM 048 | Stainless Steel | $7,300 | $4,000 |
| PAM 049 | Stainless Steel | $5,500 | $4,350 |
| PAM 050 | Stainless Steel | $5,900 | $5,000 |
| PAM 051 | Stainless Steel | $6,500 | $4,600 |
| PAM 056 | Titanium | N/A | $5,000 |
| PAM 061 | Titanium | $4,300 | $4,200 |
| PAM 069 | Stainless Steel | N/A | $4,000 |
| PAM 086 | Stainless Steel | $3,300 | $4,600 |
| PAM 091 | Titanium | $4,900 | $4,600 |
| PAM 104 | Stainless Steel | $7,500 | $4,200 |
| PAM 1048 | Stainless Steel | $7,300 | $4,300 |
| PAM 1104 | Stainless Steel | $7,500 | $5,700 |
| PAM 111 | Stainless Steel | $5,900 | $4,500 |
| PAM 113 | Stainless Steel | $5,700 | $3,650 |
| PAM 115 | Stainless Steel | $7,000 | $5,150 |
| PAM 117 | Titanium | N/A | $6,450 |
| PAM 118 | Titanium | $4,400 | $4,400 |
| PAM 119 | Stainless Steel | $4,700 | $4,000 |
| PAM 120 | Stainless Steel | $5,000 | $4,700 |
| PAM 1312 | Stainless Steel | $8,700 | $6,300 |
| PAM 1392 | Stainless Steel | $8,500 | $6,000 |
| PAM 140 | Yellow Gold | $15,600 | $15,000 |
| PAM 1499 | Stainless Steel | $8,700 | $5,800 |
| PAM 164 | Stainless Steel | $6,400 | $4,000 |
| PAM 165 | Titanium | N/A | $4,900 |
| PAM 177 | Titanium | $6,200 | $6,000 |
| PAM 180 | White Gold | N/A | $15,000 |
| PAM 220 | Stainless Steel | $5,900 | $4,100 |
| PAM 240 | Titanium | $6,000 | $4,600 |
| PAM 279 | Titanium | $7,900 | $4,600 |
| PAM 282 | Titanium | N/A | $4,600 |
| PAM 283 | Titanium | N/A | $6,400 |
| PAM 299 | Stainless Steel | $6,900 | $4,300 |
| PAM 301 | Stainless Steel | N/A | $4,400 |
| PAM 318 | Stainless Steel | $5,600 (Discontinued) | $7,100 |
| PAM 333 | Titanium | N/A | $4,900 |
| PAM 351 | Titanium | $8,600 | $5,000 |
| PAM 352 | Titanium | $9,300 | $5,000 |
| PAM 359 | Stainless Steel | $8,100 | $4,500 |
| PAM 392 | Stainless Steel | $8,000 | $5,000 |
| PAM 393 | Rose Gold | N/A | $15,300 |
| PAM 422 | Stainless Steel | $10,800 (Discontinued) | $5,900 |
| PAM 510 | Stainless Steel | $7,100 | $4,100 |
| PAM 511 | Rose Gold | $23,100 | $17,000 |
| PAM 563 | Stainless Steel | $7,100 | $4,150 |
| PAM 564 | Titanium | $7,500 | $5,000 |
| PAM 590 | Stainless Steel | $7,100 | $4,700 |
| PAM 661 | Carbotech™ | $13,100 | $7,800 |
| PAM 722 | Stainless Steel | $9,400 | $5,400 |
| PAM 723 | Stainless Steel | $9,200 | $5,400 |
| PAM 776 | Stainless Steel | $5,900 | $3,900 |
| PAM 777 | Stainless Steel | $5,400 | $4,000 |
| PAM 778 | Stainless Steel | $5,400 | $4,000 |
| PAM631 | Stainless Steel | $5,400 | $4,150 |
| PAM01005 | Stainless Steel | $5,400 | $4,150 |
| PAM01662 | Titanium | $16,600 | $12,300 |
| PAM01122 | Titanium | N/A | $14,750 |
| PAM001 | Stainless Steel | $3,600 | $5,000 |
| PAM00459 | Stainless Steel | N/A | $4,600 |
| PAM00523 | Stainless Steel | N/A | $4,300 |
The Panerai Luminor 1950
The Luminor 1950 honors the collection’s past with a similar design blueprint as the ref. 6152/1 developed in 1950, and by incorporating the year the original model was made into the collection’s name. The first example, ref. PAM127 came to market in the early 2000s as a limited edition Panerai produced in just 1,950 pieces and featured a robust 47mm case, domed crystal, and the distinction “1950” on the dial. It was such a success that Panerai expanded on the collection to include countless variations, such as an 8-day power reserve, chronograph flyback, GMT function, and even a Titanium Tourbillon GMT.
Learn more:
What is a Grand Complication Watch?
What is a Tourbillon Watch?
Today, the Luminor 1950 is available on the secondary market for as low as $4,000 for the stainless steel Luminor 1950 GMT model and as much as $100,000 for the previously mentioned Tourbillon GMT “Titanio” ref. PAM 315.
Luminor 1950 Prices
| Luminor 1950 Reference No. | Material | Most Recent MSRP | Market Price (Feb. 2024) |
| PAM 1320 | Stainless Steel | $10,110 (Discontinued) | $6,500 |
| PAM 1321 | Stainless Steel | N/A | $9,600 |
| PAM 1535 | Stainless Steel | $9,800 | $6,250 |
| PAM 212 | Stainless Steel | N/A | $5,800 |
| PAM 213 | Stainless Steel | $11,600 | $5,800 |
| PAM 233 | Stainless Steel | $13,695 | $6,250 |
| PAM 270 | Stainless Steel | $13,500 | $7,600 |
| PAM 275 | Stainless Steel | N/A | $8,300 |
| PAM 286 | Stainless Steel | N/A | $8,800 |
| PAM 289 | Rose Gold | $26,400 | $16,700 |
| PAM 311 | Titanium | N/A | $9,800 |
| PAM 312 | Stainless Steel | $8,100 | $4,600 |
| PAM 315 | Titanium | N/A | $95,000 |
| PAM 317 | Ceramic | $23,100 | $11,300 |
| PAM 320 | Stainless Steel | $9,400 | $5,000 |
| PAM 321 | Stainless Steel | $9,700 | $5,200 |
| PAM 329 | Stainless Steel | $9,900 | $5,700 |
| PAM 332 | DLC coated stainless steel | N/A | $12,750 |
| PAM 335 | Ceramic | $19,100 | $8,300 |
| PAM 361 | Stainless Steel | $8,700 | $7,500 |
| PAM 372 | Stainless Steel | $9,700 | $5,750 |
| PAM 423 | Stainless Steel | $10,900 | $5,750 |
| PAM 441 | Ceramic | $12,000 | $6,750 |
| PAM 524 | Stainless Steel | $12,000 | $5,750 |
| PAM 525 | Rose Gold | $29,200 | $17,000 |
| PAM 526 | Titanium | $18,700 | $11,000 |
| PAM 530 | Titanium | $24,200 | $13,100 |
| PAM 533 | Stainless Steel | $14,400 | $11,000 |
| PAM 557 | Stainless Steel | $10,200 | $5,500 |
| PAM 576 | Rose Gold | $30,400 | $23,800 |
| PAM 580 | Ceramic | $15,800 | $8,700 |
| PAM 652 | Titanium | $18,400 | $14,000 |
| PAM 653 | Stainless Steel | $13,300 | $6,900 |
| PAM 654 | Stainless Steel | $13,300 | $6,600 |
| PAM 670 | Titanium | $24,200 | $14,500 |
The Panerai Luminor Base
The Luminor Base is the collection’s most basic and affordable entry-level sub-model, featuring a straightforward dial, varying text configurations on the dial, and a case designed by Alessandro Bettarini. Depending on the model, there will be no logo on the dial, the Panerai logo spelled out in full, or the iconic “OP” double arrow logo. Models with the logo are known simply as the Luminor Base Logo. This sub-collection is an excellent gateway into Panerai ownership as it is often the cheapest option on the market, with prices starting at $5,600 retail and approximately $3,500 pre-owned.
Luminor Base Prices
| Luminor Base Reference No. | Material | Last MSRP | Average Market Price (Feb. 2024) |
| PAM 000 | Stainless Steel | $4,400 | $3,900 |
| PAM 002 | Stainless Steel | $8,700 | $5,500 |
| PAM 009 | PVD Coated | N/A | $13,000 |
| PAM 010 | Stainless Steel | N/A | $4,300 |
| PAM 055 | Titanium | N/A | $4,700 |
| PAM 112 | Stainless Steel | $5,400 | $4,000 |
| PAM 114 | Stainless Steel | $5,400 | $3,700 |
| PAM 116 | Titanium | N/A | $6,200 |
| PAM 176 | Titanium | $5,000 | $4,200 |
| PAM 219 | Stainless Steel | $6,200 | $5,000 |
| PAM 360 | Stainless Steel | $18,700 | $12,200 |
| PAM 390 | Stainless Steel | $4,600 | $5,350 |
| PAM 560 | Stainless Steel | $6,500 | $4,250 |
| PAM 561 | Stainless Steel | $6,800 | $4,250 |
| PAM 562 | Titanium | $7,200 | $4,450 |
| PAM0630 | Stainless Steel | $4,700 | $3,850 |
| PAM01086 | Stainless Steel | $5,400 | $4,000 |
| PAM01085 | Stainless Steel | $6,100 | $4,650 |
| PAM01084 | Stainless Steel | $6,100 | $4,500 |
| PAM1000 | Stainless Steel | $5,100 | $3,500 |
The Panerai Luminor GMT
The Luminor GMT holds a space in the mid-level retail Panerai market, with the Panerai Luminor GMT price on the brand’s website starting at $14,900. However, depending on the model, investing in a Luminor GMT for as low as $5,000 pre-owned is possible. The GMT is a desirable Luminor sub-model for its versatility, iconic design set, and additional dual time zone functionality.
Learn more: What is a GMT Watch?
Luminor GMT Prices
| Luminor GMT Reference No. | Material | Approx. Retail Price | Average Market Price Sep 2023 |
| PAM 023 | Stainless Steel | N/A | $5,900 |
| PAM 029 | Stainless Steel | N/A | $6,200 |
| PAM 063 | Stainless Steel | N/A | $5,900 |
| PAM 088 | Stainless Steel | $8,100 | $4,500 |
| PAM 089 | Titanium | N/A | $5,100 |
| PAM 1088 | Stainless Steel | $8,100 | $4,500 |
| PAM 159 | Stainless Steel | N/A | $4,500 |
| PAM 160 | Stainless Steel | N/A | $4,500 |
| PAM 161 | Titanium | N/A | $5,200 |
| PAM 237 | Stainless Steel | N/A | $6,100 |
| PAM 244 | Stainless Steel | $6,900 | $5,200 |
| PAM 297 | Stainless Steel | $7,500 | $5,900 |
| PAM01441 | Ceramic | $14,900 | $7,300 |
The Panerai Luminor Power Reserve
The Panerai Luminor Power Reserve is relatively easy to find on the secondary market for less than the original retail price. For example, as of this year, the discontinued Luminor Power Reserve PAM241 sells for about $4,200, significantly less than the approximate $7,000 retail price. The Luminor Power Reserve looks like a typical Luminor watch, complete with the distinctive case shape and crown guard while showcasing Panerai’s technical prowess by including a power reserve complication on the dial. If you’re in the market for an affordable Panerai Luminor with a little more functionality, the Power Reserve certainly tops our list.
Luminor Power Reserve Prices
| Luminor Power Reserve Reference No. | Material | Last Retail Price | Market Price (Feb. 2024) |
| PAM 027 | Stainless Steel | $2,500 | $4,900 |
| PAM 028 | PVD-Coated Stainless Steel | $9,000 | $6,000 |
| PAM 057 | Titanium | N/A | $6,400 |
| PAM 090 | Stainless Steel | $8,300 | $4,400 |
| PAM 093 | Titanium | N/A | $5,500 |
| PAM 1090 | Stainless Steel | N/A | $5,000 |
| PAM 123 | Stainless Steel | N/A | $5,500 |
| PAM 124 | Titanium | N/A | $4,500 |
| PAM 125 | Stainless Steel | $4,500 | $4,300 |
| PAM 126 | Stainless Steel | N/A | $4,400 |
| PAM 171 | Stainless Steel | $8,000 | $5,200 |
| PAM 241 | Stainless Steel | $7,000 | $4,200 |
The Panerai Luminor Chrono
Panerai’s Chrono roots can be traced back to 1943, and the Mare Nostrum created as a prototype for the Royal Italian Navy. It was the first chronograph developed by Panerai. Today, the Luminor Chrono carries on its legacy with a modern adaptation for the contemporary Panerai collector. The collection features the standard Luminor cushion-shaped case and large crown protector bridge, as well as chronograph start and stop pushers on the left side of the case, accompanying chronograph sub-dials, and a Tachymeter scale.
Learn more: What is a Chronograph Watch?
With its additional complications, the Luminor Chrono currently has an introductory retail price of $10,000 for ref. PAM01218 and approx. $7,800 pre-owned. Compared to other luxury chronograph watches on the secondary market, the Luminor Chrono is an attractive option because it falls well below the $10,000 threshold.
Luminor Chrono Prices
| Luminor Chrono Reference No. | Material | Approx. Retail Price | Average Market Price Sep 2023 |
| PAM 072 | Titanium | N/A | $6,300 |
| PAM 074 | Titanium | N/A | $6,300 |
| PAM 122 | Titanium | N/A | $7,600 |
| PAM 162 | Stainless Steel | N/A | $6,200 |
| PAM 188 | Stainless Steel | N/A | $4,150 |
| PAM 196 | Stainless Steel | N/A | $4,400 |
| PAM 236 | Stainless Steel | N/A | $5,500 |
| PAM 250 | Stainless Steel | $7,100 | $4,500 |
| PAM 251 | Stainless Steel | $7,100 | $4,600 |
| PAM 308 | Stainless Steel | $3,900 | $7,200 |
| PAM 326 | Titanium | N/A | $5,700 |
| PAM 327 | Titanium | N/A | $6,600 |
| PAM 356 | Stainless Steel | $7,700 | $ 5,750 |
| PAM 01218 | Stainless Steel | $10,000 | $7,000 |
| PAM 01109 | Stainless Steel | $10,000 | $6,500 |
| PAM 01110 | Stainless Steel | $10,800 | $7,100 |
| PAM 01111 | Rose Gold | $29,400 | $21,000 |
| PAM 01296 | Stainless Steel | $14,800 | $14,200 |
| PAM 01298 | Ceramic | $16,500 | $13,300 |
| PAM 01297 | Titanium | $17,100 | $13,500 |
The Panerai Luminor Due
Panerai categorizes the Luminor Due, which only recently debuted in 2016, as an independent collection. Still, it features a design set very much inspired by the broader Luminor series but with a thinner, more refined profile aimed at collectors who desire an iconic Panerai watch with a smaller size and weight. The collection is appropriately named “Due,” Italian for “Two,” and features a crown guard and cushion-shaped case similar to its Luminor cousins. However, with its dressier aesthetic and slimmer profile comes a decreased depth rating of up to 30 meters.
The Luminor Due could be considered an entry-level collection, with the more affordable models retailing for $6,900. However, the collection is varied and includes several metal finish options and retail price points well into the $30,000 range.
Luminor Due Prices
| Luminor Due Reference No. | Material | MSRP (Feb. 2024) | Market Price (Feb. 2024) |
| PAM01248 | Stainless Steel | $6,900 | $5,900 |
| PAM01273 | Stainless Steel | $6,900 | $5,250 |
| PAM01247 | Stainless Steel | $6,900 | $5,250 |
| PAM01123 | Stainless Steel | $7,700 | $6,100 |
| PAM01306 | Stainless Steel | $6,900 | $5,800 |
| PAM01280 | Goldtech™ | $18,600 | $14,500 |
| PAM01182 | Goldtech™ | $37,200 | $30,000 |
| PAM01326 | Goldtech™ | $37,200 | $30,000 |
| PAM01180 | Stainless Steel | $9,600 | $7,850 |
| PAM01179 | Stainless Steel | $9,600 | $8,800 |
| PAM01301 | Stainless Steel | $10,400 | $9,500 |
| PAM01181 | Goldtech™ | $21,500 | $18,000 |
| PAM01249 | Stainless Steel | $7,300 | $5,400 |
| PAM01274 | Stainless Steel | $7,300 | $5,300 |
| PAM01250 | Stainless Steel | $7,300 | $5,000 |
| PAM01124 | Stainless Steel | $8,100 | $5,750 |
| PAM01336 | Goldtech™ | $21,500 | $16,000 |
| PAM01329 | Platinumtech™ | $39,200 | $31,000 |
| PAM 674 | Stainless Steel | $11,500 | $5,700 |
| PAM 675 | Rose Gold | $23,700 | $15,000 |
| PAM 676 | Stainless Steel | $8,700 | $5,300 |
| PAM 677 | Rose Gold | $23,700.00 | $14,800 |
| PAM 728 | Titanium | $9,300.00 | $6,100 |
| PAM 729 | Titanium | $12,000.00 | $6,900 |
| PAM 741 | Rose Gold | $23,700.00 | $14,800 |
| PAM 755 | Stainless Steel | $6,700.00 | $4,500 |
| PAM 756 | Rose Gold | $16,500.00 | $10,800 |
| PAM 903 | Stainless Steel | $6,500.00 | $4,400 |
| PAM 904 | Stainless Steel | $7,100.00 | $4,750 |
| PAM 906 | Stainless Steel | $6,800.00 | $5,000 |
| PAM 908 | Rose Gold | $17,000.00 | $13,000 |
| PAM 944 | Stainless Steel | $12,000.00 | $7,300 |
We hope you found this Panerai Luminor price guide helpful. While the popularity of Panerai has waxed and waned over the years, baseline demand has remained strong enough that it has remained difficult to obtain any good example for under $4,000.
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