Officine Panerai has a tremendous amount of history to lean upon when creating its annual novelties. This year, the brand decided to resurrect the Mare Nostrum for its third iteration. The Mare Nostrum was Panerai’s first chronograph, produced in 1943 for the Italian Navy but never officially released, and brought back to life once in the 1990s for a limited run before coming back in 2015 and now this year. This time around, the watch comes in at 42 mm—much different than the original, which was a monolithic 52 mm—with a deep-blue dial that recalls the depths of the ocean. Beneath the dial lies the COSC-certified OP XXXIII caliber, which offers a 42-hour power reserve. Limited to 1,000 pieces, the watch is priced at $10,200.