Preheat oven to 350 degrees.
Butter the inside of a large (9-inch by 13-inch) glass baking dish. Lightly sprinkle the buttered area with sugar. Place the cubed or sliced Panettone in the dish. Sprinkle the cinnamon and nutmeg over the Panettone.
In a large bowl, whisk together the eggs, sugar, salt and vanilla extract.
In a saucepan, scald the milk and heavy cream. Temper the egg mixture with the scalded milk and cream. That is, gradually add a little of the scalded mixture to the egg mixture to prevent the eggs from cooking. When the two mixtures are combined, mix well and pour over the panettone.
Cover the glass baking dish tightly with plastic wrap (yes plastic wrap, it won't melt) and then with aluminum foil. Bake in a water bath in a 350-degree oven for 1 hour, or until set.
To create a water bath, place the glass baking dish in a larger, deeper baking pan filled with about 1 inch of hot water. Place the water bath in the oven to bake.
If desired, chopped fruit and/or chocolate pieces can be added to the egg mixture.
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