Panerai Radiomir

About this reference

The Panerai Radiomir reference 3646 was produced between 1938 and the mid-1950s, primarily for the Italian Decima Flottiglia MAS. Collectors value this reference for its historical role as a functional military tool and its 47mm cushion-shaped stainless steel case manufactured by Rolex. It features the manual-wind Rolex Caliber 618 movement and wire lugs soldered to the case. Dial variations are a primary valuation driver, ranging from early "California" error-proof dials to the "Sandwich" construction designed for high luminosity. Due to its rarity and military provenance, secondary market prices typically fall within the $60,000 to $150,000 range, though exceptional examples can exceed this. A notable variant is the "Kampfschwimmer" version, often found with sterile dials lacking brand markings to prevent identification of captured German frogmen. In 2014, a 3646 with a rare anonymous dial sold at auction for over $120,000.