As many of us know, when the Panograph was released in the early 2000s, it was offered in precious and non-precious metal case options. The steel case was marketed as value proposition, and it was received with enthusiasm by a subset of collectors. The 2013 updated Panograph remains sharp today, but its production is restricted to a red gold case only. This choice indicates Glashutte Original is not interested in selling the Panograph to the collector who wants the most horological impact for their dollar. That same collector moved on to Montblanc 1858 Monopusher, or a JLC Extreme Lab 2, or...
At the current Panograph MSRP, it's not far off from a steel case Vacheron Constantin Cornes de Vache, which features finer movement movement finishing and the prestigious name.
Sometimes brands want to court a different clientele, the strategy is laid out in the latest luxury industry textbooks. If Glashutte Original wanted the marginal sales, they can release a new Panograph or Senator Chronometer in steel anytime.