Panerai

• cal. Angelus 240 manual winding movement, 15 jewels • black dial, recessed luminescent Arabic and baton numerals, luminescent hands, subsidiary seconds • stainless steel polished and satin-finished cushion-form case with patented crown guard, screw-down sapphire crystal display case back • case, dial and movement signed • with a stainless steel Panerai buckle

CASE Case in overall excellent condition with light wear. Left side case band with some small scuffs under close observation. Upper left lug with some wear and very faint marks. DIAL Dial in excellent condition. MOVEMENT The movement is running at time of cataloging, however it was not tested for the accuracy of time or duration of the power reserve and may need service at the buyer's discretion. Please note that Sotheby's does not guarantee the future working of the movement.
"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."

Accompanied by a Panerai Limited Series Certificate, a Specifications Certificate, an International Guarantee Certificate card, an original retail receipt, and one book by Marco Spertini & Erminio Bagnasco. Together with one screw driver, booklets, and one presentation box with outer packaging.  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.