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Audemars Piguet Royal Oak: history, models and prices

The Audemars Piguet Royal Oak is the octagonal steel sports watch designed by Gérald Genta and launched in 1972. It cost more than many gold watches and created the luxury sports watch category. In 2026 a steel Royal Oak costs about $28,000 to $37,000 at retail, and popular models often sell for more on the pre-owned market.

Key facts

LaunchedApril 1972, Basel fair
DesignerGérald Genta
Original reference5402, 39 mm ("Jumbo")
Launch priceCHF 3,300
2026 retail (steel)about $28,200 to $36,500
AP stands forAudemars Piguet, founded 1875

The story of the Royal Oak

In the early 1970s, cheap quartz watches from Japan were threatening the Swiss. Audemars Piguet, a small family firm in the snowy Vallée de Joux, asked designer Gérald Genta for something new: a luxury watch made of steel. Genta later said he sketched it in a single evening, inspired by the porthole of an old diving helmet held on by bolts.

The result, launched at the Basel fair in April 1972, had an octagonal bezel held by eight hexagonal screws, a "Tapisserie" waffle-pattern dial and a bracelet that flowed straight from the case. At 39 mm it was so large for its time that collectors later called it the "Jumbo". The name came from the Royal Navy ships called HMS Royal Oak, which were named after the oak tree where King Charles II hid in 1651.

It cost CHF 3,300, more than AP's own gold dress watch, at a time when a top steel watch cost around CHF 850. The adverts asked: "Would you buy a Rembrandt for its canvas?" Sales were slow at first. Then the idea caught on, and the Royal Oak created a whole category, the luxury sports watch, that now includes the Patek Philippe Nautilus (also by Genta, 1976) and many more.

Royal Oak prices: retail and resale

AP sells only through its own boutiques and does not discount. Approximate 2026 US retail prices and typical pre-owned prices:

ModelUS retail (approx.)Pre-owned (approx.)
Royal Oak Selfwinding 15510ST
41 mm steel, the core model		about $28,600$35,000 to $50,000
Royal Oak "Jumbo" Extra-Thin 16202ST
39 mm, 8.1 mm thick, caliber 7121; the direct descendant of the 1972 original		about $33,200$50,000 and up
Royal Oak Selfwinding 15550ST
37 mm steel		about $28,200around $50,000
Royal Oak Chronograph 26240ST
41 mm steel chronograph		about $36,500$55,000 to $65,000
Royal Oak Offshore Chronograph
the bigger, bolder line from 1993		about $37,000 to $45,000$35,000 to $55,000
Original 5402 "A-series" (1972)
vintage first series		CHF 3,300 in 1972$200,000 to $400,000 at auction

Gold, two-tone, black ceramic and diamond-set versions cost considerably more; many are "price on request". Because demand is higher than supply, popular steel models usually sell above retail on the secondary market. Prices change often, so treat these as a guide and check with an AP boutique.

How much is an AP watch?

A new Audemars Piguet watch costs roughly $20,000 to $40,000 for steel models and far more in gold, ceramic or with complications; high-complication and gem-set pieces run into six figures. The best-known AP, a steel Royal Oak, lists at about $28,200 to $36,500 in the US in 2026, and popular versions often sell for $35,000 to $65,000 pre-owned.

What is the cheapest AP watch?

New, the least expensive Audemars Piguet watches are the smaller time-only steel Royal Oaks and the time-only Code 11.59 models, which still cost well over $20,000. Pre-owned, older and smaller Royal Oaks (for example quartz or 33 to 36 mm models from the 1980s and 1990s) can cost less. There is no "cheap" AP: the brand makes only around 50,000 watches a year.

Royal Oak lines explained

What does AP stand for?

AP is short for Audemars Piguet, from its founders Jules Louis Audemars and Edward Auguste Piguet, childhood friends who started the company in 1875 in Le Brassus, Switzerland. It is still run by their families, and it is one of the "Holy Trinity" of watchmaking with Patek Philippe and Vacheron Constantin. See luxury watch brands ranked.

Questions people ask

How much is an AP Royal Oak?

In 2026, steel Royal Oaks list at roughly $28,200 (37 mm or 41 mm time-only) to $36,500 (chronograph), with the Jumbo 16202ST at about $33,200. Pre-owned prices are often higher for popular dials.

What is the cheapest AP watch?

New, the smaller time-only Royal Oaks and Code 11.59 models, still well over $20,000. Older, smaller Royal Oaks from the 1980s and 1990s can cost less pre-owned.

What is an AP watch?

A watch by Audemars Piguet, the Swiss maker founded in 1875 in Le Brassus. "AP" usually means a Royal Oak, its most famous model.

Why is the Royal Oak so expensive?

Hand-finished cases and bracelets with alternating brushed and polished surfaces, in-house movements, limited production of around 50,000 watches a year across the brand, and demand far above supply.

Who designed the Royal Oak?

Gérald Genta, who later designed the Patek Philippe Nautilus. The Royal Oak Offshore (1993) was designed by Emmanuel Gueit.

Sources

Last updated October 18, 2026. Prices are auction hammer-plus-premium results or published list prices as reported by the sources below; retail prices change, so check an authorized dealer before buying. Brand and model names belong to their owners and are used here only to identify the watches; onlineclock.app is not affiliated with any watch brand. Found an error? Tell us.

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