The Six Most Expensive Audemars Piguet Royal Oak Watches
Discover the six most expensive Audemars Piguet Royal Oak watches, from gem-set masterpieces to ultra-rare tourbillons and concept designs.
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 sold at auction since 2020.
Most Expensive Audemars Piguet Royal Oak Watches
| Rank | Model | Notable Features | Price (USD) |
| 1 | AP Royal Oak Genta's Jumbo Reference 5402 | Owned by Gérald Genta; only known example in steel with gold bezel; early “Jumbo” case proportions | $2.6 million |
| 2 | AP Royal Oak Grand Complication Reference 26605CE.00.1248CE.98 | Grand Complication (Split-Seconds, Perpetual Calendar, Minute Repeater); skeletonized movement; 648 components | $1.1 million |
| 3 | AP Royal Oak Perpetual Calendar Reference 26585CE.OO.1225CE.01 | Full black ceramic construction; skeletonized dial; in-house caliber 5135 | $529,900 |
| 4 | AP Royal Oak Perpetual Calendar Reference 25636PT.OO.0344PT | Ultra-rare platinum (34 pieces); openworked dial; classic 39mm “Jumbo” proportions | $468,600 |
| 5 | AP Royal Oak Grand Complication Reference 25865BC.00.1105BC.01 | Holy Trinity of complications; rare salmon dial; white gold case and bracelet | $441,000 |
| 6 | AP Royal Oak Reference 26606SY.OO.122OST.01 | Limited edition with green “Tapisserie” dial; perpetual calendar with aventurine moon phase | $385,200 |
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 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.
5. 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.
6. 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.
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.
Frequently Asked Questions About the Audemars Piguet Royal Oak
Does the AP Royal Oak hold value?
Yes — the Royal Oak is known for holding or even increasing in value, thanks to its iconic design and limited production. Since its debut in 1972, demand has consistently exceeded supply, creating long waitlists and a strong resale market. Early vintage references and rare complications often achieve exceptional prices at auction.
Why is the Audemars Piguet Royal Oak so expensive?
The Royal Oak commands a high price due to its exceptional craftsmanship, Gérald Genta’s groundbreaking design, and the intensive hand-finishing involved in each piece. Made from premium materials and powered by in-house movements, production is limited, adding to its exclusivity. This rarity and prestige continue to drive strong collector demand.
Buy and Sell Audemars Piguet Watches with Sotheby’s
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