Panerai x Ferrari: The Forgotten Collaboration

Two car brands have inspired more wristwatch collections than any other, Ferrari just nipping Bugatti as to which has engendered the most. While enthusiasts new(ish) to watches with a particular passion for Ferrari might be aware of the more recent liaisons – Hublot and now Richard Mille – there was an ill-fated marriage of the coulda-woulda-shoulda-been-the-greatest sort: Panerai for Ferrari.

Following a run of makers of watches for the Prancing Horse which included Cartier, Cabestan and most notably Girard-Perregaux, Panerai possessed the license from 2005 to 2010. With hindsight, or perhaps revisionism, it could be said that the five-year period was fixed or pre-arranged, but few seemed to appreciate the sheer appropriateness of the two legendary Italian makers working in harmony. It should have been forever.

Hublot Big Bang Ferrari Carbon Red Magic ref. 401.QX.0123.VR (2013)

It all started with fanfare which suggested longevity, but the demographic was mis-judged. What came and went were exceptional timepieces, now found on Chrono24, Watch Collecting and other sites at bargain prices. The project thus joined other defunct watch families which belatedly are being reassessed, though it’s too late to mourn them, such as the super-cool Omega Dynamics of 1999, Daniel JeanRichards’ Highlands, the MHR gems, and the short-lived Ralph Lauren watches made by IWC, Jaeger-LeCoultre and others.

Italian-ness aside – though some might debate whether Panerai was more appropriate a partner than Hublot or price-no-object Richard Mille – the watches Panerai produced were some of the most spiritually and intellectually representative of Ferrari-as-a-timepiece ever created. In theory, it was a match made in horological heaven.

Richard Mille RM UP-01 Ferrari (2022)

For those familiar with the Hublot and Richard Mille Ferrari watches which followed, Panerai’s models seem almost prosaic. No attempts at discovering exotic materials, no super-complications, no ultra-thins: the models Panerai created were as much an extension of the brand’s ethos of the time – robust sport watches with useful functions – as they were embodiments of Ferrari’s luxury road cars. Hublot and Richard Mille would focus on high tech and huge prices, rather than horological purism.

Both Panerai and Ferrari have cult followings, ‘Paneristi’ for the former and the ‘Tifosi’ for the latter, so it’s ironic that the watches posthumously have acquired desirability which they couldn’t muster when they were in production. They looked enough like Panerais to suggest shared DNA, but were different enough to have their own identity; Girard-Perregaux’s Ferrari models, for example, differed little from their G-P watches save for the Prancing Horse logos.

Panerai Ferrari Granturismo ref. GMT FER00003, image credit: Watch Collecting

As far as can be determined, Panerai issued 27 different models in steel, of which a few were offered in rose gold as well. There was nothing casual or slapdash about the designs, as anyone who knows about Ferrari licensing can tell you: the car maker is as protective as any Italian mama. Thus, a priority would have been to ensure that the watches were worthy of Ferrari both technically and aesthetically.

When Panerai’s then-CEO Angelo Bonati heard that Girard- Perregaux’s license had lapsed, he met with Ferrari, sold the idea to the Richemont Group (Panerai’s parent), and the project was announced at Ferrari’s Maranello works in 2006. Under the name of Ferrari Engineered by Panerai, the range would consist primarily of two separate lines, Granturismo and Scuderia.

Ferrari Panerai 8 Days GMT ref. FER0007, image credit: Watch Collecting

Crucially, though the timepieces were manufactured and sold by Panerai, the dials bore only the yellow Ferrari Prancing Horse shield, the horse on its own or the Ferrari name in various combinations. Differentiating between the ranges, both featuring chronographs, GMTs and other complications, the Granturismos were more traditional, the Scuderias more extreme. Chronographs dominated, but time-only models were also offered, and dials were either black, red or yellow, the last two being Ferrari’s signature racing colours.

To confuse collectors, of the 27 references commencing with FER00001, some numbers were not employed. FER00001 to FER00028 did not include references for 00021, 00023, 00026 and 00027 – be warned if you come across one of these. Beyond that were added Ferrari California Flyback FER00030, Ferrari Scuderia Rattrapante FER00033 and the PVD Ferrari Chronograph FER00038. Moreover, certain models were labelled neither Scuderia nor Granturismo.

Ferrai Panerai Granturismo Chronograph ref. FER00011, image credit: Watch Collecting

That aside, given that we are looking at recent rather than ancient history, production was well-documented. Nearly all references featured 45mm cases that were derived from the Luminor, but without the Panerai lock-down feature and with case sides recalling certain Radiomirs. FER00018 and FER00019 used 40mm cases. Movements other than the then-new in-house Panerai calibres included the Valjoux 7750, ETA 7753 and ETA 2894-2 bases and three from La Joux-Perret.

For those who bothered to look past dials styled to recall Ferrari instrument panels, there was much to attract watch enthusiasts even without automotive leanings. Beyond the conventional time-only models and basic GMTs were the Minerva-powered chronograph (FER00024), the Granturismo Rattrapante (FER00005), the Granturismo GMT 8 Days (FER00012) and models with in-house movements including the manually-wound Cal. P.2002/2, the Granturismo 8 Days  Chrono Monopulsante (FER00020) with Cal. P.2004/6 and Scuderia 10 Days GMT (FER00022) with Cal. P.2003/5.

Ferrai Panerai Granturismo Chronograph ref. FER00013, image credit: Watch Collecting

Two years after the Panerai link expired, Ferrari had signed a deal with Hublot. Few were surprised. The Panerai-Ferrari venture was troubled from the beginning by something which eluded both brands. The obvious customers – Ferrari owners and Paneristi – did not embrace the watches because the latter demanded dials bearing only the Panerai name. And actual Ferrari owners? They weren’t attracted to the watches because they were either too inexpensive or too dear, according to conflicting remarks by retailers, and as they owned the cars, who needed to advertise the fact? The loss to enthusiasts is that the watches were beautifully designed and constructed and should have been a hit.

Some years after the range was put to rest, this writer spoke with Alessandro Ficarelli at a Panerai event in London, a long-term employee of Panerai and now the Chief Marketing Officer. I asked for a definitive account of the demise, his telling in direct contrast to online know-it-all’s explanations.

Panerai Ferrari PVD Steel Chronograph ref. FER00038, image credit: Christies

His first revelation dispelled the misconceptions that Ferrari terminated the arrangement, and that the watches weren’t selling, along with other fairy tales from bloggers. It would be correct to assess the project as having been born with optimism, but in reality, served only to fulfil its five-year contract. Compounding the relationship was the project running concurrently with Panerai’s drive to become a true manufacture, which affected its priorities.

According to Ficarelli, in some ways the watches were actually too successful, given that Panerai has its own ambitious programmes for their branded pieces, while establishing full manufacture status trumped everything else. Ficarelli assured me that it was Panerai’s decision to end the relationship, and so production came to a halt. But successful or not, they remain among the most fascinating of all Panerais – and for some, the most apt and authentic watches to wear the Ferrari logo.

Because the ‘Ferrari Engineered by Panerai’ watches are all but forgotten, pre-owned bargains abound. Values remain stuck at £2,000 for the most basic models up to £15,000 for the gold chronographs. But these are far below corresponding Panerai pieces, e.g. time-only automatics or flyback chronographs. This, however, means that they are well-kept secrets and absolute steals by any measure – even if you don’t own a four-wheeled Ferrari.