The Six Most Expensive Audemars Piguet Royal Oak Watches Sold at Auction

A Brief History of the Audemars Piguet Royal Oak

Audemars Piguet stands as one of the most revered names in haute horology, renowned for its innovative craftsmanship, technical mastery, and groundbreaking designs. Among its most celebrated creations is the Royal Oak, a timepiece that redefined the luxury watch industry. Designed by the legendary Gérald Genta and introduced in 1972, the Royal Oak was the first high-end sports watch crafted from stainless steel, a radical departure from traditional luxury watchmaking. Its bold octagonal bezel, exposed screws, integrated bracelet, and "Tapisserie" dial became an instant icon, setting a new standard for modern watch aesthetics.

Despite initial skepticism due to its unprecedented design and high price point, the Royal Oak ultimately revolutionized the industry and cemented its status as an enduring classic. Over the decades, Audemars Piguet has introduced numerous variations of the Royal Oak, incorporating complex complications and precious materials. Sotheby’s has had the privilege of auctioning some of the most exceptional and valuable Royal Oak models, achieving record-breaking results. Below, we highlight the six most expensive Audemars Piguet Royal Oak watches ever sold at Sotheby’s.

1. Audemars Piguet Royal Oak Genta's Jumbo Reference 5402 Circa 1978, 2,107,000 CHF

A timepiece of extraordinary historical significance, this stainless steel and yellow gold Royal Oak was auctioned in May 2022 for 2,107,000 CHF. Owned by the visionary Gérald Genta himself, this circa 1978 model epitomizes his groundbreaking design philosophy. Known as the "Picasso of Watches," Genta reshaped the watch industry, and this particular timepiece serves as a testament to his genius. Its rarity is further amplified by its status as the only known stainless steel Reference 5402 with a gold bezel to appear at auction. The combination of historical provenance, unique material pairing, and iconic design propelled this watch to achieve a landmark result at Sotheby’s.

2. Audemars Piguet Royal Oak Grand Complication Reference 26605CE.00.1248CE.98 Circa 2020, 1,134,000 USD

This Royal Oak Grand Complication sold for a remarkable 1,134,000 USD in June 2022. The "Grand Complication" designation is reserved for Audemars Piguet watches that integrate at least three of horology’s most sophisticated complications: a split-second chronograph, a perpetual calendar, and a minute repeater. Powered by the intricate in-house caliber 2885, comprising 648 individual components, this masterpiece showcases a skeletonized dial that elegantly displays its mechanical marvels. Offered in pristine condition with its original accessories, this Royal Oak Grand Complication set a new benchmark for contemporary haute horology at auction.

3. Audemars Piguet Royal Oak Perpetual Calendar Reference 26585CE.OO.1225CE.01 Circa 2019, 529,900 USD

This black ceramic Royal Oak Perpetual Calendar achieved a final price of 529,900 USD in June 2022. First introduced in 2011, the black ceramic version of the perpetual calendar Royal Oak became a cult favorite, with the skeletonized iteration launched in 2019 standing as one of the most coveted models in Audemars Piguet’s modern lineup. Housing the in-house caliber 5135 with 374 components, this model provides a striking view into the watch’s intricate mechanics. The ceramic construction ensures lightweight durability and scratch resistance, while the open-worked dial accentuates the balance of heritage and innovation. A true masterpiece of modern horology, this timepiece remains one of the most desirable Royal Oaks

4. Audemars Piguet Royal Oak Grand Complication Reference 25865BC.OO.1105BC.01 Circa 2004, 441,000 USD

A shining example of Audemars Piguet’s dedication to innovation, this white gold Royal Oak Grand Complication fetched 441,000 USD at auction in December 2020. Featuring the revered "holy trinity" of complications—split-second chronograph, perpetual calendar, and minute repeater—this watch stands out with its salmon dial, a rarity that adds to its desirability. The harmonious combination of precious metal, a complex movement, and an exquisite aesthetic makes this Royal Oak a quintessential collector’s piece. Its strong reception at Sotheby’s reinforced the continued appreciation for highly complicated Royal Oak models.

5. Audemars Piguet Royal Oak Reference 26606ST.OO.1220ST.01 Circa 2018, 3,024,000 HKD

This striking limited-edition Royal Oak Perpetual Calendar sold for 3,024,000 HKD at auction in Hong Kong in October 2021. Its distinctive green dial captivated collectors and highlighted its unique appeal. The stainless steel case, combined with a perpetual calendar movement featuring an aventurine moon phase and leap year indication, set this model apart from its peers. The rarity of the green dial among Royal Oak watches contributed to its immense popularity at auction, reaffirming the market’s enthusiasm for exclusive variations of this iconic timepiece.

6. Audemars Piguet Royal Oak Perpetual Calendar Reference 25636PT.OO.0344PT, 378,000 CHF

A collector’s dream, the Royal Oak Perpetual Calendar Reference 25636PT sold for 378,000 CHF in May 2022. Encased in platinum, this 39mm model remains faithful to the original "Jumbo" design while featuring a mesmerizing skeletonized dial. The combination of blue subsidiary dials with an outer track enhances its visual appeal. With only 34 pieces produced in platinum, this ultra-rare timepiece showcases Audemars Piguet’s mastery of both mechanical complexity and aesthetic refinement. Its sale at Sotheby’s underscores its status as a highly sought-after grail watch among connoisseurs.

Over the past five decades, the Audemars Piguet Royal Oak has evolved from a revolutionary stainless steel sports watch into a horological icon that commands record-breaking auction prices. Each of the six Royal Oak watches highlighted here represents a unique blend of history, innovation, and rarity, contributing to their extraordinary desirability among collectors. From Gérald Genta’s personal timepiece to modern-day grand complications, these watches exemplify the enduring legacy of Audemars Piguet and its unwavering commitment to pushing the boundaries of haute horology. As demand for exceptional Royal Oak models continues to rise, their reputation as both functional masterpieces and coveted collectibles is firmly established in the legacy of watchmaking.

Does AP Royal Oak hold value?

The Audemars Piguet Royal Oak is known for maintaining or even appreciating in value over time, making it one of the most coveted luxury watches in the market. Since its introduction in 1972, the Royal Oak has consistently been in high demand due to its groundbreaking design, which was the first luxury sports watch made in stainless steel. Limited production numbers and its status as an icon in the watch industry contribute to its exclusivity, leading to long waitlists and a thriving resale market. Vintage models, particularly those from the early years of production, have achieved exceptional prices at auction, demonstrating the Royal Oak’s ability to hold value and, in many cases, increase in worth over time.

Why is Audemars Piguet Royal Oak so expensive?

The Audemars Piguet Royal Oak’s high price tag can be attributed to its exceptional craftsmanship, iconic design, and exclusivity. Created by the legendary watch designer Gerald Genta, the Royal Oak’s unique octagonal bezel and integrated bracelet were revolutionary when first introduced. Made with high-end materials like stainless steel, gold, and platinum, and powered by sophisticated in-house movements, each watch requires meticulous attention to detail and extensive hand-finishing. The Royal Oak's rarity, with limited production runs, adds to its desirability among collectors.

Advantages to Buying Audemars Piguet Watches on the Secondary Market

1. Access

Sotheby’s provides exclusive access to a curated selection of Audemars Piguet watches from its long established global network of sellers. As a leading marketplace, Sotheby's offers exceptional Audemars Piguet timepieces, from iconic classics to rare references. Our watch specialists are dedicated to sourcing the most desirable Audemars Piguet watch models from collectors around the world.

2. Flexibility

Sotheby’s offers multiple ways to purchase Audemars Piguet watches, including online and in person at our locations in New York, Hong Kong, Paris, and London. We also provide a concierge service to help source specific Audemars Piguet watch models not available online.

3. Value

While authorized Audemars Piguet boutiques offer their latest collections, finding specific models—especially those with strong collector demand—can be challenging due to availability constraints. Sotheby’s presents a curated selection of Audemars Piguet watches, including rare and discontinued references, available for purchase without the need to visit multiple retailers. Shopping with Sotheby’s ensures access to exceptional Audemars Piguet timepieces, from vintage icons to modern grail watches, all authenticated by experts.

4. Discovery

One of the greatest advantages of shopping in a global luxury marketplace is the chance to discover unique, limited-production Audemars Piguet watches no longer available at retail. Our curated selection of Audemars Piguet watches is continuously refreshed, ensuring that you’ll always find something new and exclusive.

Buy and Sell Audemars Piguet Watches at Sotheby's

Sotheby’s offers a curated selection of the finest Audemars Piguet watches available for immediate purchase, as well as through auctions held in New York, Paris, and Hong Kong. Expect to find rare and collectible Audemars Piguet models in every sale, including iconic pieces like the Audemars Piguet Royal Oak, Royal Oak Offshore, and more in exceptional condition. Sotheby’s auctions feature an array of Audemars Piguet timepieces, ranging from elegant vintage models to contemporary masterpieces, showcasing the brand’s unmatched craftsmanship and innovation.

Prices for Audemars Piguet watches start around $25,000 for basic models of the Audemars Piguet Royal Oak and rise significantly for highly sought-after pieces. Iconic models such as the Royal Oak Tourbillon and Royal Oak Carbon Concept often command starting prices of around $85,000, while rare collectible editions can exceed $200,000.

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