Giovanni Panerai began to make watches in 1860 in Florence, Italy. Originally he was making precision Instruments for the Italian Navy, migrating to watches which he made specifically for the Navy Commanders as early as 1930. With the revived Panerai, kick-started by the Vendone Group, and before Richemont taking over in 1997, this firm has taken their patented design to a new level. Today it produces 35, 000 pieces a year, but collectors, historians and celebrities remain interested. The key characteristics include the large size, cushion shape and a unique crown lever. Which Panerai to purchase is nearly impossible to determine. There are so many things that make their watches unique. To determine your selection one must set his thoughts to how big he wants his watch, what complications does he desire, what specific color, a Radionir or Luminor case shape and price range. Generally speaking it''s easier to get a dealer to throw in another strap than to get a discount. They are scarce and it would seem very desirable to own.