Introducing one of the most coveted commercial Panerai in existence.
Considered a “Holy Grail” amongst Panerai collectors, this blog uncovers the extraordinary story and history behind the Panerai Luminor Marina Militare Pre-Vendôme 5218-202/a, getting hands-on and close up with a truly special piece!
With very few resources available, I must give credit to the book ‘Una Storia Italia’ (written by Loris Pasetto and includes contributions from Francesco Ferretti and Mario Paci) and a few close Paneristi friends of mine that have helped in creating this resource.
Panerai unveil and distribute the 5218-202/A Marina Militare in 1993
1993 marked a significant milestone for Officine Panerai. Previously dedicated to supplying watches and specialized equipment exclusively to the military, the brand ventured into the commercial market. This shift was driven by stringent reductions in military spending. Panerai introduced a limited selection of numbered editions, drawing inspiration from its historic models designed for the Italian Navy’s underwater division. Included in this small offering was the Marina Militare 5218-202/A.
Initially, Panerai did not intend to sell the 202a to the public! It was conceived and designed by Guenat SA Montres Valgines to be sold to the Italian Navy, hence the reason ‘Marina Militare’ is displayed on the dial. 100 units were planned for production, so with an initial 10 prototypes shipped, a further 90 were produced in Autumn 1993. Following a lot of demand for the model, a further 50 units were delivered in November 1994.
50 units from the first series were supplied to the Italian Navy – 40 to the Navy High Command in Rome and 10 to the Specialist Divers Unit of Comsubin, who were historically the first nation to use frogmen and human torpedoes.
The remaining units were distributed either as donations or sold under the strict supervision of Dino Zei, the CEO of Panerai.
0001 was allocated to Guido Venturoni, the Navy Chief of Staff and 0016 to Admiral Umberto Guarnieri. Two units (0017 and 0097) were soon discovered to have been sold to the public by a dealer!
The Design and Contents for the 5218-202/A
Most of the watches were mounted with either a Milanese shark leather strap and a blackened steel sewn-in buckle, a standard leather strap and a larger treated-leather strap to wear on a diving suit. It was mostly accompanied with a manual booklet, brass screwdriver and papers explaining the destination for each unit.
At the heart of the 5218-202/A is its iconic dial, prominently displaying the words "LUMINOR PANERAI" at the top and "MARINA MILITARE" at the bottom. This layout reflects its military origins while embodying a bold and minimalist aesthetic. The dial’s brass skeletal baton hands, painted black with tritium-filled luminescent centres, are designed for maximum visibility, with underwater environments in mind.
One unique aspect of this model is the differentiation between "matching" and "non-matching" dials. The first production run of 100 watches in 1993 predominantly featured "non-matching" dials, where the tritium lume on the hands and dial developed different tones over time. At this point, Tritium had international regulations that required the dials to have a layer of clear lacquer in order to keep the lume in place. This lacquer reacted chemically with the tritium to become a darker orange hue over time, hence the term ‘Non-Matching’
By contrast, the second series of 50 watches produced in 1994 incorporated "matching" dials, achieved by eliminating the protective lacquer previously used in manufacturing. This refinement created a cohesive appearance throughout the dial – even though the non-matching dials are now more desirable and look, simply, very cool.
Another difference between the two series of the 202a were the finishing of the individual numbers. The first 90 units’ individual numbers were stamped, with the following 50 units etched using a pantograph.
The construction and evolution of the PVD case
This model featured a 44mm case coated in PVD. The Physical Vapor Deposition (PVD) treatment applied to the first and second series of the 5218-202/A had slight differences. The refined PVD treatment in the second series provided a more uniform and homogenous colour between the case and bezel, with increased resistance to wear. The matte black finish was achieved through micro shot peening before the PVD process.
The movement that powers the 5218-202/A
Both series of the 5218-202/A share the MKI movement beneath the brushed steel screw-down caseback, protecting it from water pressures up to 300m. The movement is essentially an ETA-based 6497 with a Panerai finish & decoration. It’s a manual-wind movement with a power reserve of 46 hours with 17 jewels. The second series had a slight difference in the detail of the writing on the movement, so it was given the name ‘MKI B’.
Market Value of the Marina Militare 5218-202/A
Over the past few years in the watch market, this model remains highly sought-after, with auction and private sales achieving values of $75,000 and above (some even at $90,000), depending on the dial and provenance.
What does the future hold for these Pre-Vendôme pieces? Over the past 12 months, the prices for these models have been the lowest and best value to acquire in over 15 years.
I do envision an uptick in demand for these pieces in the years to come due to their increased scarcity as more examples find their ‘forever-homes’, the market in general moving away from the trend of smaller watches and the recovery and exposure of the brand’s reputation from a historical and neo-vintage perspective.
The Marina Militare 5218-202/A remains a symbol of Pre-Vendôme Panerai’s identity as a manufacturer of military-grade watches that combine functionality with an evolution in design and manufacturing to cater to the commercial luxury watch market. This model is a truly remarkable timepiece and historical artefact with distinctive features, and its storied history make it a coveted item among collectors and enthusiasts.
