Prices for Audemars Piguet Royal Oak watches typically start around $28,700 for the self-winding mid-size models and can climb well past $760,000 for a Grande Complication. The most sought-after stainless steel versions often trade hands on the secondary market for two or sometimes even three times retail. A testament to just how fiercely collectors chase this iconic design.
Key Takeaways:
- Audemars Piguet Royal Oak prices vary widely depending on model, materials, and complications.
- Retail (MSRP) vs. secondary market prices can differ by tens of thousands of dollars, thanks to high demand and limited supply.
- Rarity, condition, and provenance all have a big impact on what collectors are willing to pay.
- In this guide, we’ll break down Royal Oak pricing in detail and share what to watch for before you buy.
Understanding how the Audemars Piguet market works is important before making any major purchase. Below, we’ll explore what makes the Royal Oak such a compelling investment and take a closer look at current market prices.
The Legacy and Allure of the Audemars Piguet Royal Oak
Since its debut in 1972, the Royal Oak has become quite the collector’s item. Its bold octagonal bezel, integrated bracelet, and unmatched craftsmanship turned what was once a radical design into one of the most admired watches in modern horology.
A Brief History of the First Luxury Sports Watch
The history of the AP Royal Oak goes back to 1972 when the Royal Oak was introduced by the brand. The model was created by the trailblazing watch designer Gerald Genta. A radical departure from the norms at the time, its octagonal bezel with eight exposed hexagonal screws, integrated bracelet and textured “Tapisserie” dial were a truly revolutionary design. As if that weren’t enough, the Royal Oak would be one of the first luxury sports watches to be made of stainless steel. At the time, any sports watch with pretensions to luxury was made in gold or platinum. It would have been unthinkable for a high-end sports watch to be made in stainless steel. Retailing for 3,750 Swiss francs at the time of its launch, the Royal Oak cost more than many contemporary gold watches. Initially met with skepticism, the Royal Oak’s bold design soon won collectors over, and, in doing so, created an entirely new genre: the luxury sports watch.
The Royal Oak is one of the most influential watches of all time. It inspired many other legendary timepieces. The Royal Oak also showed the world that a watch made from steel can retail at prices similar to watches made from precious metals. The original “Jumbo” reference 5402 is highly collectible today and examples regularly sell for well in excess of $100,000 at auction.
Why is the Royal Oak So Expensive?
Reasons for the Royal Oak’s high price tag include:
- Workmanship and quality: Audemars Piguet claims extensive hand-finishing is applied to every Royal Oak case, especially to the bracelet, which takes hours of polishing and brushing in order to give it the perfect matte and glossy finish. Meticulous attention is given to the octagonal bezel and its relationship to the case and bracelet. All materials used in manufacture, including 316L stainless steel, 18k gold, platinum and ceramic, are chosen for their quality.
- In-house movements: Audemars Piguet makes its own movements in-house in Le Brassus, Switzerland. Each AP calibre is finished to the highest standard, with Côtes de Genève, circular graining, anglage, and other traditional techniques. It’s this level of craftsmanship, along with Audemars Piguet’s mastery of complications like perpetual calendars and tourbillons, that drives the Royal Oak’s premium price.
- Limited production: Audemars Piguet produces far fewer watches than larger luxury brands like Rolex, roughly 50,000 pieces a year versus about a million for Rolex. That limited production is a big part of what keeps AP’s watches so exclusive. This relative lack of supply creates scarcity and subsequent demand for the watches. Also, the brand remains privately owned and independent, a rare achievement in the industry, having never received outside investment or credit since its founding in 1875. This suggests they have greater quality control over production.
- Brand and demand: Audemars Piguet belongs to the “Holy Trinity” of Swiss watches, alongside Patek Philippe and Vacheron Constantin. That kind of prestige, as well as its impressive celebrity following and tightly controlled production, has made demand on the secondary market skyrocket.
Audemars Piguet Royal Oak Price Chart
The following table provides an overview of retail and estimated market prices for popular Royal Oak models. Keep in mind that market prices fluctuate based on condition, availability, and market trends.
| Model | Reference Number | Retail Price (MSRP) | Estimated Market Price |
| Royal Oak “Jumbo” Extra-Thin | 16202ST.OO.1240ST.02 | ~$37,900 | ~$85,000+ |
| Royal Oak Selfwinding | 15510ST.OO.1320ST.07 | ~$30,000 | ~$45,000+ |
| Royal Oak Chronograph | 26240ST.OO.1320ST.07 | ~$40,500 | ~$50,000+ |
| Royal Oak Offshore Diver | 15720ST.OO.A009CA.01 | ~$32,000 | ~$25,000+ |
| Royal Oak Perpetual Calendar | 26574ST.OO.1220ST.02 | ~$78,300 | ~$119,000+ |
As these prices indicate, hot steel models are commanding a large premium on the secondary market. In particular, the “Jumbo” Extra-Thin is experiencing hyperbolic growth as it is acknowledged as a piece with a rich history and classically proportioned dial and case.
Factors Influencing the Cost of a Royal Oak
A lot of factors can determine how much you’ll pay for a specific Royal Oak model. Understanding them helps buyers navigate the market and make informed decisions.
Materials: From Steel to Platinum
The material you choose plays a major role in a Royal Oak’s value and personality. From lightweight titanium to precious gold, each option changes how the watch feels and what it says about you on the wrist.
- Stainless Steel: The foundation of the Royal Oak collection, stainless steel models are the most accessible entry point, though “accessible” is relative given their $28,700+ starting price. These watches often appreciate the most on the secondary market due to high demand and limited production.
- Rose Gold, Yellow Gold, White Gold: Precious metal versions can cost two to three times more than their steel counterparts at retail. An 18k rose gold Royal Oak Selfwinding starts around $48,000 (leather strap), while complicated models in gold can easily exceed $200,000.
- Titanium: Lighter than steel with a grey tone, titanium Royal Oak models have a slightly more modern aesthetic. These watches typically fall between steel and gold in terms of pricing.
- Ceramic: High-tech ceramic cases, available in black, white, or blue (“Bleu Nuit”), provide scratch resistance and a contemporary look. Ceramic models command a premium over steel, often starting around $57,400.
- Platinum: The rarest and most expensive option, platinum Royal Oak watches are produced in extremely limited quantities. Prices for platinum models can start above $100,000 and reach into the millions for highly complicated watches.
Complications: More Than Just Telling Time
Generally, the more complex a watch’s movement, the higher its price. Time-only Royal Oaks sit at the entry point, while the most intricate models, like perpetual calendars and chronographs, represent the height of Audemars Piguet’s craftsmanship.
- Chronograph: Adding a stopwatch function to the mix increases the movement’s complexity and the watch’s price. Royal Oak Chronographs typically start around $39,200 for steel models and can exceed $100,000 for precious metal versions.
- Perpetual Calendar: This complication automatically accounts for months of different lengths and leap years, requiring no adjustment until 2100, which is pretty handy. Perpetual calendar Royal Oak watches begin around $110,900in steel and can surpass $300,000 in gold with additional complications.
- Tourbillon: Designed to counter the effects of gravity on timekeeping, the tourbillon is one of the most celebrated complications in high watchmaking. Royal Oak Tourbillon models start well above $150,000 and can reach $500,000 or more depending on materials and additional features.
- Grande Complication: Combining multiple complications such as a perpetual calendar, minute repeater, and tourbillon, these masterpieces represent the absolute peak of watchmaking. Royal Oak Grande Complication watches can cost $750,000 to over $1 million.
Rarity and Discontinued Models
Limited editions, AP Royal Oak 50th anniversary watches and other references no longer in production have high premiums on the secondary market. When Audemars Piguet discontinues a model or produces it in limited numbers, its rarity tends to drive collector demand, and with it, prices. The current Royal Oak “Jumbo” reference 15202ST, which has recently been replaced with the new 16202ST, has seen a notable increase in price on the secondary market as collectors race to be the last to buy the pre-change design. Limited special editions released to mark anniversaries or collaborations can increase in value rapidly, sometimes doubling or tripling in value a few years after release. Condition is also a determining factor of final sale price, with full sets that include the box, papers and service history commanding the highest premiums.
Buying an Audemars Piguet Royal Oak: Boutique vs. Grey Market
Buying a Royal Oak requires dealing with two different markets, each with its benefits and drawbacks. You’ll have to decide which is more important to you: price, availability or the buying experience.
The “AP Journey”: Buying Directly from a Boutique
Buying directly from an Audemars Piguet boutique isn’t as straightforward as you might think. The brand’s approach is very much based around relationships and they’re not going to give a hot Royal Oak to a first time visitor. Expect to be steered towards less popular models or offered the chance to go on a wait list that might stretch for several years.
One often has to buy other Audemars Piguet watches first, buy at brand events, show interest and a personal enthusiasm for the brand’s history and the making of the watch. Some clients have said that they had to wait two to five years before being offered the steel Royal Oak model they wanted. The process can take some time, but it guarantees authenticity, activates your full manufacturer’s warranty, and helps you build a lasting relationship with the brand for future service and purchases.
Pre-Owned Royal Oak Watches: Instant Gratification & No Waitlist
Pre-owned dealers are another way to get immediate access to Royal Oaks without any waiting lists or relationship requirements. These pre-owned dealers carry authentic Audemars Piguet watches that were originally purchased through authorized dealers. Prices are determined by current supply and demand on the grey market. Additionally, more variety is available, even discontinued models.
Key considerations when buying from the grey market:
- Immediate Availability: If you want a specific Royal Oak today, the grey market can deliver without years of waiting or relationship building with a boutique.
- Dealer Reputation: Only purchase from reputable dealers with verifiable track records. That means researching their reputation through forums, reviews, and industry connections before making a purchase.
- Authenticity and Warranties: Established grey market dealers often back their watches with warranties and authenticity guarantees for extra peace of mind. Bob’s Watches, for instance, is known for its verified pre-owned luxury timepieces and transparent buying process.
Audemars Piguet Royal Oak Offshore and Concept Cost
Introduced in 1993, the Royal Oak Offshore is a sportier, thicker and larger interpretation of the original Royal Oak. These timepieces usually range between 42mm and 44mm in diameter, and tend to have larger bevelled bezels, crowns and occasionally additional materials such as rubber, carbon and forged carbon. The Offshore watches are for people who would like a more modern, sportier and yet still Royal Oak look.
The Royal Oak Concept collection is the brand’s most innovative and conceptual range, where materials, movement architecture and design language are brought to their limits. For this limited production series, Audemars Piguet applies its most advanced technical achievements, especially with regard to tourbillons, chronographs and other complications which, in some cases, are placed in transparent cases to show the architecture of the movement.
| Model | Reference Number | Retail Price (MSRP) | Estimated Market Price |
| Royal Oak Offshore Chronograph | 26420SO.OO.A600CA.01 | ~$45,000 | ~$35,000 |
| Royal Oak Offshore Diver | 15720ST.OO.A009CA.01 | ~$32,000 | ~$25,000 |
| Royal Oak Concept Tourbillon | 26587TI.OO.D067CA.01 | ~$195,000 | ~$250,000+ |
| Royal Oak Offshore Grande Complication | 26571IO.OO.A010CA.01 | ~$740,000 | ~$850,000+ |
These collections offer alternatives for collectors seeking different aesthetics or levels of complication, with prices generally more accessible than comparable classic Royal Oak models.
The Enduring Value of the Audemars Piguet Royal Oak
If you are in the market for a watch that can offer a unique history, provenance, iconic status and design, and appreciating investment value, finding an Audemars Piguet Royal Oak for sale may be just what you are looking for. If you are willing to wait, buying one at a boutique after many years, or if you have more urgent timing needs and are willing to buy now on the secondary market, this versatile and elegant timepiece can offer long term wearability, excellent status and investment value. Shop our genuine pre-owned Audemars Piguet Royal Oak watches at Bob’s Watches.
