Panerai & Rolex has a long standing history. All the Panerai prototypes from 1936-1956 were made by Rolex.
In 1997 Panerai reproduced a rare piece originally made in 1936. This piece is known as PAM00021. The has a 47mm Radiomir case made in platinum. The dial is black with 4 Arabic Panerai numerals with indices in between and gold hands. There were only 60 of these pieces were produced.
It is one of the rarest and most sought after Panerais of modern production. What makes this most rare is that the movement in it is an original Rolex 3646 movement from 1936.
On December 1, 2015, Phillips Auction House auctioned this watch off in Hong Kong #34/60 for HK$815,000 or $105,000. The originally auction estimates were between HK$600.000-HK$800,000. This just shows the power of both brands and how strong the bond still is from their history till today.