The PAM203 and PAM127. As a die hard Panerai fan, I can't believe the prices of these 2 models are so high. I can understand why, but I can't believe the values haven't dropped back down and stayed there. Yes they went down during the financial crisis last year but they've crept back up.
This entire topic is a good topic IMO. It will promote some interesting discussion. But to keep it brief, I personally think the 203 and 127 are "overvalued". I wouldn't use the term "overrated" but am more comfortable saying "overvalued".
Cheers,
Anthony