What a Submersible PAM00973 Sells for in Bangkok — October 2026
The Panerai Submersible PAM00973 launched in 2019 — a 42mm Submersible (down from 47mm of the predecessor) using P.900 caliber and adding the rotating bezel Luminor lacks. This is Panerai's true diver — used by actual scuba divers.
Estimated price bands as of October 2026. The median is the WatchCharts market price for the PAM973 (US$5,747). The low end follows a Taiwanese dealer's full-set ask of about US$5,260 and the March 2026 WatchCharts figure of US$5,471; the high end is a US$6,195 pre-owned ask at Bob's Watches. All are converted at ฿32.5/USD. They are US and international market figures, not Bangkok transaction records:
- Low ฿170,000 — 2019–2020 references, worn, no box
- Median ฿185,000 — Full-set 2022–2023 with TH warranty
- High ฿200,000 — NOS 2024 with stickers
Submersible vs Luminor Marina
| Feature | Submersible PAM00973 | Luminor Marina PAM01392 |
|---|---|---|
| Size | 42mm | 42mm |
| Thickness | 13.5mm | 13.2mm |
| Water resistance | 300m | 300m |
| Rotating bezel | Yes (unidirectional) | No |
| Crown bridge | Yes | Yes |
| Caliber | P.900 (3-day reserve) | P.9010 (3-day reserve) |
| Retail | About US$10,500 US retail (WatchCharts) | About US$9,300 US retail (WatchCharts, May 2021) |
| Used median | ฿185,000 | ฿145,000 |
Submersible trades roughly ฿40,000 above Luminor Marina because it has the rotating bezel (a true diver feature) and the more sporty aesthetic. WatchCharts puts the PAM973 at US$5,747 and the PAM1392 at US$4,517, a gap of about US$1,230.
Rotating Bezel — Panerai Diver Tradition
The Submersible's unidirectional rotating ceramic bezel — for tracking dive elapsed time.
Authentication points:
- Unidirectional only — bezel must rotate counter-clockwise only; many fakes rotate both ways
- 120 clicks per rotation — 3 degrees per click, consistent
- Bezel marker at 12 — luminous pearl with consistent colour
- Ceramic finish — matte ceramic (not aluminium); authentic surface resists scratches
Submersible Variants
| Reference | Material/Colour | Median Bangkok |
|---|---|---|
| PAM00973 | Steel + black dial | ฿185,000 |
| PAM00683 | Steel + blue dial | Priced per watch (no verified figure) |
| PAM01359 | Steel + green dial | Priced per watch (no verified figure) |
| PAM01070 | Bronze | Priced per watch (no verified figure) |
| PAM01055 | Carbotech | Priced per watch (no verified figure) |
Bronze and Carbotech are limited editions Thai collectors prize. Only the PAM00973 has a verified market figure. The prices this table used to show for the other four came from the same earlier pricing that put the PAM00973 about 70% above market, so we have removed them; send photos for a quote.
What Bangkok Dealers Pay
| Scenario | Seller payout (2023 full set) |
|---|---|
| Full-set, TH warranty | ฿148,000–฿155,000 |
| Full-set, overseas warranty | ฿138,000–฿148,000 |
| No box, papers | ฿127,000–฿137,000 |
| Loose | ฿116,000–฿125,000 |
Dealers pay 80–84% — similar to Luminor Marina.
Submersible Bangkok Buyer Profile
Submersible buyers in Bangkok tend to fall into a few groups:
- Actual divers (Phuket, Koh Tao, Similan)
- Diver aesthetic (no diving but want rotating bezel + sporty look)
- Paneristi completists with Submersible + Luminor + Bronze
- Buyers flipping boutique-bought stock
P.900 Caliber
P.900 is Panerai's automatic in-house with 3-day power reserve and silicon escapement in newer references — replacing the OP base in this model line.
Price Movement 2022–2026
The 2022–2026 medians this page used to list had no source behind them, so they have been removed. The dated points we can source, converted at ฿32.5/USD:
- 31 March 2026 — WatchCharts market price US$5,471 (about ฿177,800)
- September 2026 — WatchCharts market price US$5,745 (about ฿186,700)
- October 2026 — WatchCharts market price US$5,747 (about ฿186,800), against a US retail price of about US$10,500
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Data sources: