PANERAI, A RARE AND OVERSIZED LIMITED EDITION STAINLESS STEEL WRISTWATCH WITH THE ANGELUS 8-DAY POWER RESERVE MOVEMENT CIRCA 2005 PAM00203 LUMINOR 1950 8-DAY NO 33/150

• cal. Angelus SF 240 manual winding rhodium plated lever movement, 15 jewels, mono-metallic compensation balance • double-layered dial with luminous lower and matt gray upper dial with incised Arabic and baton numerals, subsidiary seconds at 9 o'clock with similarly incised markers at the quarters • oversized stainless steel case, domed crystal, patented security crown guard, downturned lugs, screw-down sapphire crystal display back • case and dial signed • with an oversized stainless steel Panerai buckle

Manual winding movement running while cataloguing. Dial looks nice and clean. Case and buckle appear in unused condition. Overall the watch is in excellent condition and retains its original Panerai tag.
"In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. All dimensions in catalogue descriptions are approximate. Condition reports may not specify mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or dome. Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant. Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective, qualified opinion. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue. In particular, please note it is the purchaser's responsibility to comply with any applicable import and export matters, particularly in relation to lots incorporating materials from endangered species.NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."

**Please be advised that bands made of materials derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these bands prior to shipping.

Important Notice regarding importation into the United States of Rolex watches
Sotheby's cannot arrange for the delivery of Rolex watches to the United States because U.S. laws restricts the import of Rolex watches. The buyer or a designated agent may collect the property in the country of sale."

Accompanied by a Panerai Certificate, Specifications, a Panerai International Certificate Card; a key and two books and a setting pin. Further accompanied by a presentation box with outer card box.

Starting in World War II, Rolex manufactured several models of large diving watches for Panerai, a military supply company for the Italian Navy. To achieve greater water-resistance, Panerai determined that by reducing the winding frequency, the risk of leakage would be diminished. For this reason, Panerai decided to improve their diver's watches with a manually wound Angelus calibre 8-day movement, providing up to 192-hour power reserve.

Panerai gradually enhanced Rolex's case design, adding structural features to the crown and lugs.  The patented security crown guard shouldered the crown from shocks while still allowing the movement to be wound under water.  The new case was fashioned from a solid piece of steel to avoid damage and to make the watch more durable, replacing the welded wire loop lugs of the earlier model.  

The present wristwatch was most certainly inspired by Rolex's diver's watch, Ref. 6152, revived by Panerai sixty years later.  The PAM00203 houses the original, but refurbished Angelus 8-day movement within a modern version of the 1940s "Luminor" case.

The present model was manufactured in a limited series of 150 pieces and is numbered 33.