Panerai as a brand is no worse than most other brands. Rolex and Patek secondary values might hold up better (and that's not true for all references, I've seen quite a few modern Pateks' prices tank in the secondary, like for example the 5160/1A).
I ran away from Panerai a few years ago but recently came back buying pre-owned 111, 587, and even a 630 (yes a white dial!) at great values, and enjoy wearing them not worrying too much about resale. I lust after the 690 but can't justify dropping $10K for it.
The days of massive appreciation are long over but I would not call Panerai a dead brand.
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