PANERAI | LUMINOR 1950 8 DAYS, REF PAM203LIMITED EDITION STAINLESS STEEL WRISTWATCH WITH ANGELUS MOVEMENT AND 8-DAY POWER RESERVECIRCA 2005

Dial: brown Calibre: cal. Angelus SF 240 manual winding, 15 jewels Case: stainless steel, screw-down sapphire crystal display back Case number: BB 1'171'770, H023/150 Closure: Panerai genuine leather strap and stainless steel buckle Dimensions: 47 mm Signed: case and dial Accessories: Panerai certificate and presentation case

MVT: is running at the time of cataloguing. CASE: in great - and what appears to be unused - condition. The edges are incredibly sharp, the metal beautifully finished and only very minimal surface wear can be seen when very closely examining the case. DIAL: in excellent condition. Please note that the movement has not been tested for the accuracy of time and may need a service at the buyer's expense. Sotheby's does not guarantee the future working of the movement and we do not guarantee the authenticity of any individual component parts since subsequent repairs and restoration work may have resulted in the replacement of original parts. You are advised that watch straps or bands made of materials derived from endangered or otherwise protected species (i.e. alligator or crocodile) are not sold with the watch and we reserve the right to remove these straps or bands prior to shipping. Furthermore, the watch may not come with its original manufacturers strap or band. Prospective bidders should review the Conditions of Business, Authenticity Guarantee, the Guide for Prospective Buyers, and any Important Notice in the sale catalogue.
"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."

The PAM 203 was made in a limited production of 150 pieces and it is said that the President of Panerai personally selected the fortunate collectors that were offered the opportunity to purchase this special timepiece. The PAM 203 houses the legendary 60 year old Angelus SF calibre 240 movement. Panerai spent two years refurbishing and upgrading the movements in preparation for production of the PAM 203. This piece is most certainly one of the most exclusive of all Panerai watches made in the past decade and is offered in like new condition.