A few months back The Classicist wrote about the illustrious history of Officine Panerai, the watchmaker founded in Florence in 1860 and former supplier to the Royal Italian Navy. That history lives on in the form of Panerai's 1950 models, based on vintage designs but incorporating modern technological advancements. For the first time, Panerai is now offering one of the most elegant models, its Luminor 1950 Tourbillon GMT (above), in titanium, making it an extremely precious timepiece indeed. The watch features a six day power reserve; vertically rotating tourbillon; crystal window on the reverse revealing the movement; and an alligator strap with a titanium clasp. Only 150 of these watches are being produced at a price of $122,000.