Paneristi SIHH 2007 Report - The Tourbillon
And The Manifattura Collection
So launching straight in, the big bang of the year, the hot item that everyone is talking about, and the item that Panerai wants you to talk about, is the in-house manifattura tourbillon. Indeed the major theme of the year is the big push into the manifattura collection.
|
| Photo courtesy of Lars |
Panerai appeared few years ago shipping rough, tough diver's watches. These watches sported modestly enhanced third party movements, with the occasional modest complication like a GMT function or a power reserve. Panerai appealed on two distinct levels, they were striking, contemporary watches, and they had a rich history as "tool" pieces, which would endure extreme conditions. No-one was really interested in what was going on inside because they looked so unlike anything else. The few who were interested in the insides appreciate these watches for their honesty and unpretentiousness. It tells the time reliably, it's not pretending to be something that it's not.
So back into 2007 we have Panerai forging on with a broad selection of in-house movements, including some rare high-end complications. Of course in the past Panerai have experimented with more complicated pieces using third party movements as part of their Special Editions series. They have even shipped a few tourbillons, some for sale and some for charity. But 100 in-house tourbillons a year? Precious metal single-pusher chronographs? What's going on?
Before answering that question, or at least giving my take on an answer, this Salon finally cleared up in my mind the differences between the current crop of manufacture movements.
 |
P.2002 | Hand-wind 8 day movement, with hours, minutes, seconds, second time zone, 24 hour indicator and a "linear" power reserve. Seconds reset. |
| P.2002/3 | As above, but dumps the GMT and 24 hour indicator. Retains the linear power reserve. | |
| P.2002/1 | As the P.2002, but the 24 hour indicator is slightly differently presented. | |
 |
P.2003 | Like the P.2002, but automatic with a 10 day power reserve. In reality the P.2002 offers substantially more than 8 days reserve so I think this is more of an effort to distinguish between the manual and automatic with nomenclature. |
 |
P.2004/1 | Back to the P.2002 again as an 8 day manual wind, but with an added single-pusher column wheel chronograph. The "/1" designation appears to refer to the different presentation of the 24 hour indicator as per the P.2002/1 |
 |
P.2005 | The Daddy. Hand-wind 6 day movement, with GMT and 24 hour indicator (yet another representation of this at 3 o' clock this time). The linear power reserve indicator moves to the back plane as per the PAM 190 and reverts to being a more traditional pointer. Oh, and it has a quasi-two-axis tourbillon. |
The tourbillon is the spearhead of the manifattura collection. At least that's what I hope it is. Granted, a manifattura movement model was available last year, but this year's new models, almost exclusively based on the in-house P.200x movements must surely represent the big statement of intent. It is in this statement that Panerai run the risk of sending the wrong message however. Busy dials, highly complicated pieces, precious metals, and, there's that word again, a tourbillon. All these features represent the diametric opposite of what Panerai is about for many people. Where are the simple, time-only pieces, true to the "tool watch" ethos? For that matter, even the humblest manifattura watch in steel is still into five figures of US Dollars. Where is the obscurity coupled with relative affordability of the Panerai of old.
While you're pondering these questions, here's a truly dire video. I especially like the bit at the end of the video where the cameraman is assaulted by a baboon. At least that's what appears to happen.
Intents, upsides, downsides, outcomes, comparisons
I don't believe that I can dodge the basic questions any more. What's going on? Have Panerai abandoned their military roots and their most fervent fan-base? Is it all going to be car-priced precious metal complications from now on?
Panerai are well aware that there is a substantial market looking for plain yet striking watches. However they need to move away from modified out-sourced movements for several reasons
1) To prove that they are no a "fad". As long as I have known about Panerai, there have been accusations that Panerai are nothing more than a flash-in-the-pan. Big clunky watches with generic (even "cheap") movements, that will go out of fashion as fast as they came in. If Panerai are a fad, they have astonishing longevity, ten years is a very long-lived fad by anyone's metrics. However to finally put the stake through the heart of this particular accusation Panerai have to be able to prove that they are a "serious" watch maker. This they have done with no little aplomb.
2) Panerai are obliged to grow. The company is a manufacturer of luxury goods, and is part of a larger publicly quoted conglomerate. If there is a major untapped market sector available to them, they must attack it. I don't believe that anyone is claiming that Panerai will usurp Patek or Lange's position over night, however second tier manufactures such as Audemars would do well to look over their shoulder. Panerai is coming for the watch afficionado who values the credibility of movements.
3) The supply of out-sourced movements may be finite, or at least severely limited. ETA and Valjoux movements are ultimately produced by the Swatch Group. Panerai is part of the Richemont group. Panerai must move away from reliance on parts from a competitor, it's as simple as that.
This year's selection of watches demonstrates that Panerai is a serious player in the manufacture sector. Not a fad going on looks and fasion alone. Not reliant on outsourced movements. I hope and trust that the particular watches released this year are a statement of intent and capability, not one of singular direction.
For the future it will take serious corporate stewardship to avoid the most obvious pitfalls in front of the company. Abandoning the hardcore fanatics demanding simple more accessible pieces would be a serious mistake. Last year's bumper harvest of historical models is a testament to the fact that the company is well aware that they must not sacrifice one market sector in the pursuit of another. With the arrival of in-house movements in significant numbers it would be easy to arrive at the point where Panerai is another Audemars, making very fine but very expensive watches, many of which languish on shelves and are eventually dumped at deep discounts. Worse still would be the "Franck Muller" scenario. The "goldilocks" outcome, not too hot and not too cold, is one where Panerai can hold its head high as being a capable manufacture, whilst retaining its enthusiast credibility and ultimately its heritage as a supplier of military precision instruments.
This is a long-winded way of saying that I think 2007 is the fork in the road for Panerai. I hope that 2008 onwards will fill out the uncomplicated end of the line with in-house movements, at comparatively accessible prices.
For those with a bent for numbers, the tourbillon has a 47mm case, its reference is PAM 276. I heard that 100 will be produced each year, probably with different cases, and numbers like €77,000 or US $98,000 were being muttered for this the 276. Having said this I doubt that any will ever hit the shop window.
The tourbillon rotates once every 30 seconds, the rotation being mirrored by the movement of the blue dot visible at 9 on the dial.
Oh, and the case is steel.
All this rambling brings me on to the next section, which I hope adds more ammunition to the argument that Panerai isn't missing the details in the quest for credibility.
