Panerai's were in the $1000 range back in the early 90's which to be fair was not inexpensive back then. The little shop in Florence had everything but the movement made in country. The shop was owned by a lady from the same family that supplied the Italian Navy in WWII. It had heart and soul. After she sold her company to Richemont, they cut all ties to the people who made the watches and took everything to Switzerland. The new PAMs are merely Swiss made reps themselves now and hardly worth the price they are asking. Everything is mass machine made, so the high prices are just for profit.
