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I'd shop this same question on the Watches subforum, and might ask after some other less common alternatives if he likes all the added complications/dials on the Breitlings (I don't, so I'm clueless - even a day/date is more clutter than I prefer).
Since this is a retirement gift, I'd put aside considerations of resale value - it has 'heirloom' written all over it, and if you think dad will need the cash someday, then a superfine watch is a waste (most reports are that Rolex holds more of their value, but unless it is quite rare they don't really appreciate as an investment and most lose some value).
If he only has one, or a few, then he probably won't appreciate the unusual or idiosyncratic style of a Panerai as much as a classic like a Rolex or an Omega; might consider something like the miligauss or another non-dive style if you want something a little bit unusual that is still classic (or the Omegas - not as famous, but in many ways on a par w/ Rolex). If he is one of those individualists who is really into value over name brand, there are some smaller brands (or the Seiko specials) that he might appreciate more as kind of anti-showoff 'underdogs'.
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