Built to mark the 2024 America’s Cup campaign of the Luna Rossa Prada Pirelli sailing team, this timepiece is an online-exclusive limited edition capped at just 300 pieces worldwide. Among the five Luna Rossa pieces Panerai dropped that year, this is the one collectors quietly hunt.

Presents itself in mint condition with little to no signs of wear. The dial gradient is the headliner featuring a sun-brushed cobalt at the center bleeding into near-black at the rehaut, shifting with the light like something out of a Wes Anderson nautical scene. The matte black ceramic bezel balances the brushed steel case with the kind of stealth finish you’d expect on a piece of high-end audio gear, with regatta-style 14/30/45 markers instead of the usual dive numerals. And the bi-material navy strap with its red Luna Rossa racing stripe is a one-off accessory you cannot buy separately featuring pure team livery on your wrist.

Functions include hours, minutes, small seconds, date, and a unidirectional elapsed-time bezel for dive or regatta timing. The screw-down crown sits under Panerai’s signature locking bridge. Pull it out one click to quick-set the date, two clicks to hack the small seconds and set the time. Then screw it back down for the full 300m water resistance. The countdown bezel rotates counter-clockwise only, locking into the start position with a satisfying click.

Comes as a full set, double-boxed with warranty card, travel case, pusher tool, and screw.

A piece tied to a moment, a team, and a partnership rather than just another reference in the catalog. Built for the sailor, the limited-edition hunter, and the collector who likes their tool watches with a story attached.