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None are investment pieces. Even the 127 which seems to have gone up the most (relative to its initial price) has sort of reached a ceiling. The limited editions even going back 7-8 years now haven't really gone up in price. Panerai has really saturated the market with too many similar releases. Some of the bronze divers which were commanding decent prices are going to take a hit now that Panerai is releasing other bronze models. Panerai will put out an interesting Radiomir 1940 with a blue dial, then a year later release another with a blue dial that is almost identical. They do this over and over.
The lesson with Panerai is to find good examples of what you like about the brand and get them at a discount.
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