IMAGE XY Factor
Deciding who gets its coveted limited-edition watches is an exercise in diplomacy
for Panerai’s Chad Warrick
by ADAM TSCHORN
PHOTO: BARTHOLOMEW COOKE
Officine Panerai’s large-face timepieces have a nearly cult-like cadre of devotees, who covet them in part because of their extremely limited production runs of 150 to 3,000 world-wide. This makes for quite the fever spike despite price tags of $5,000 and up.
No one knows that better than Chad Warrick, 41, director of Panerai’s Beverly Hills boutique since it opened six years ago. “We probably have the largest collector base in the industry,” Warrick says of the brand, which began back in 1860 and then flourished when the Royal Italian Navy needed watches that could be easily read underwater. “Bigger than Rolex, bigger than Patek, bigger than anyone.”
But what’s great for brand demand is lousy for logistics. Each January, when new models are unveiled at the Salon International de la Haute Horlogerie in Geneva, Warrick must solve a supply-and-demand problem that might earn him the Nobel in economics if he were allocating bushels of corn or wheat instead of pricey watches. “By about 9 a.m. local time, my phone starts ringing, and by the end of the week, I can have 100 to 200 requests—when I might get one or two dozen [watches], tops. I won’t know that until summer.”
This makes Warrick a popular fellow among those seeking the rarest of the rare. When asked to share what he has been offered over the years to sweeten the pot, he just smiles and shakes his head. So a laundry list is put to him: a steak dinner? Lakers tickets? An introduction to a comely niece?
“All that kind of stuff,” Warrick says. “People know we can’t accept gifts, but it doesn’t stop them from trying.” He’s had to field everything from polite requests from a credit-card company on behalf of an elite account to demands from less than courtly captains of industry. “Telling a billionaire they can’t have something? They’re not used to that. We don’t care if you have six billion or $100,000—we treat everyone the same.”
With one big exception, says Warrick: “If you’ve been a good customer and have been buying your watches from this boutique, you’re on my VIP list. And I’ll know what’s in your collection, whether it’s three or a hundred Panerai watches.”
In other words, if you were lusting after this season’s $9,950 Panerai PAM 372, and this is the first you’ve heard the name Chad Warrick, chances are you’re in for a lonely stretch of wrist real estate come autumn.
Categories: Accessories / Fashion / Style
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Panerai are incredible watches. Unfortunately, they adorn far too skinny wrists.
I recommend extensive fore arm exercises before strapping one on.
Posted by: Scott | 07/05/2011 at 11:22 AM
chad takes gift =)
where is my 372
Posted by: chad | 07/07/2011 at 04:47 PM
Maybe we should give these people more tax break...
Posted by: Me | 07/08/2011 at 03:14 PM
Thanks for the cool badgees! When do we find out who the Petties nominees are???
Posted by: MBT Shoes | 07/08/2011 at 11:58 PM
No one really needs one of these over priced and over hyped watches. Large and uncomfortable to wear. They only appeal to the insecure men who need to reassure themselves of there sexual prowess.
Posted by: Addison DeWitt | 07/09/2011 at 03:54 AM
Maybe these people need more tax breaks ....
Posted by: Me | 07/09/2011 at 07:47 AM
Panerai is an overrated watch. They are not known as an especially innovative movement company. Their claim to fame is the large watchcase and glow in the dark numbers, which is now common even with sub-$1000 watches.
Regarding the tax break comment, maybe the losers who can't afford a premium watch should work harder or get an education.
Posted by: Watchboy | 07/10/2011 at 10:53 AM
There is a history to these watches that most do not know - they are one of the longest-standing brands around, and more than anything, they tend not to screw their loyal collectors by re-releasing successful models again and again. My PAM86 will never come off my wrist - and to those who feel their wrists are "too small", most of the 44 models aren't - the 45+ sizes are, well, yeah. Too big.
Posted by: Nick | 07/10/2011 at 03:50 PM
material things are a burden.
Posted by: the truth | 07/26/2011 at 09:31 AM
I'm not much of a Panerai fan... the artificial "limited edition" thing reminds me too much of Beanie Babies, with people scrambling to find the "rare" one to complete their collection.
I liked them better when they were a watch company, not an artificially-produced "collector's item" company.
Posted by: musocat | 08/02/2011 at 03:27 PM
I cant wait to get my first panerai.
There is so much history to these watches. very nice read.
Posted by: Chach | 08/03/2011 at 11:03 AM
I will take my RGM over this anyday. Or maybe my Ball watch who knows.
Posted by: Hector | 08/03/2011 at 09:08 PM
Price Increase... Watch is now $10400.
Posted by: chad | 08/16/2011 at 05:08 PM