In a large bowl, mix together 3/4 cup of the panko breadcrumbs, diced red bell peppers, shallots, parsley, lemon juice, dry sherry, heavy cream, beaten egg, salt, white pepper, Tabasco sauce, celery salt, and paprika.
Combine all ingredients thoroughly until well blended.
Gently add the crabmeat and mix carefully to avoid breaking up the crab pieces.
Shape the mixture into 8 to 10 patties using your hands.
Coat each patty with the remaining panko breadcrumbs, pressing gently to adhere.
Refrigerate the formed crab cakes for at least 1 hour to firm up.
Heat butter and/or oil in a large skillet over medium heat until hot.
Carefully add the chilled crab cakes to the hot skillet.
Sear for 3-4 minutes on each side until the coating is golden brown and lightly crispy.
Add more oil or butter as needed to prevent sticking and serve immediately.