Audemars Piguet Watch Prices: Historical and Current From Actual Sales Numbers
In this article, we will be going over what is one of the most popular and well-regarded watch brands in the industry today – Audemars Piguet. Below, we provide Audemars Piguet watch price comparisons historically from 2016 until today, sourced from actual sales numbers from Luxury Bazaar.
Audemars Piguet was originally founded in 1875 by Jules Audemars and Edward Piguet in Le Brassus. It is the only watch brand in the Swiss Holy Trinity (Patek Philippe, Audemars Piguet and Vacheron Constantin) that is still independently owned by its founding families.
The brand’s founders were both highly respected watchmakers. Louis Audemars gained notoriety for making complicated pocket watch movements for Tiffany & Co. Audemars Piguet has stayed true to their complicated watchmaking roots, creating some of the most groundbreaking timekeeping devices for their time. In 1892, AP created the first world’s first repeating wristwatch and followed it up only 7 years later in 1889 by manufacturing a grand complication pocket watch with a grande and petite sonnerie, an alarm, deadbeat seconds, perpetual calendar, chronograph, split-second chronograph and a jumping hour hand.
In 1946 they created the world’s thinnest watch at just 1.64mm – which is super impressive considering Richard Mille just released the UP-01 which has a thickness of 1.75mm. AP is also known for its technical watchmaking prowess in modern day watchmaking too. In 1995 they created the world’s first automatic grand complication wristwatch and in 2006 the first ever direct impulse escapement that did not require any lubrication – an industry first.
However, what has come to define the Audemars Piguet brand the most in recent years is not their watchmaking pedigree but rather the design prowess of perhaps the greatest watch designer of all time. In 1972, when the Swiss watch industry was in the midst of the Quartz Crisis, Audemars Piguet enlisted the help of Gerald Genta to create perhaps one of the most daring watches one could make considering the period – the Royal Oak.
For more information on the history of Audemars Piguet and their various model lines check out our article “The History of Audemars Piguet”.
Audemars Piguet Watches Prices: General Overview
By today’s standards, the Royal Oak is a total success and one of the most iconic watch designs of all time but that certainly wasn’t how it was received when it was first released in 1972. The watch initially retailed for about 3,500 CHF which at the time was more expensive than gold watches – this was something that the watch industry had never experienced before. The Royal Oak truly was a groundbreaking release as there had never been a luxury steel sports watch ever released before. To put it into context a steel submariner at the time carried a retail price of approximately $230. That means the initial retail price of the Royal Oak was 15 times more expensive than a Submariner at retail.
It took AP over a year to sell all 1,000 of the original A series 5402 Royal Oaks. However, following this, sales began picking up and the rest is history. Today it is one of the most popular watch designs on the market today and AP has done just about everything one can do with the Royal Oak including offering it in various sizes, with various complications and has created a number of offshoot models that are inspired by Genta’s genius design.
To celebrate the 20th anniversary of the Royal Oak, Audemars Piguet released the Audemars Piguet Offshore series. The Offshore line was originally designed by Emmanuel Gueit in 1989 and was later finalized and released in 1992. It featured a much larger 42mm case and again was received with mixed reviews.
However this watch really took off especially in the early 2000s as demand for watch sizes got bigger and bigger. The Offshore line became a great medium for AP to experiment with different sizes and different materials including rubber, carbon, titanium, ceramic, among many others. And it also became popular among entertainers and athletes such as Lebron James, Michael Schumacher and Arnold Schwarzenegger, for example, which helped push the brand to the forefront of popular culture.
Other models that were also inspired by the Royal Oak include the Concept series and the more modern Code 11.59 line which features a Royal Oak midcase.
Given today’s demand, many Audemars Piguet models are sold by grey market watch dealers for well over retail. Audemars Piguet’s website contains a list of all of their current watches along with their retail prices, but getting your hands on one at MSRP is a different story.
Related Content: How Much Does An Audemars Piguet Royal Oak Cost?
AP Models With The Biggest Fluctuations
The Audemars Piguet Royal Oak is one of the most popular and collectible watches on the market today comes in many variations each of which has performed incredibly well on the grey market with prices reaching record highs. To show you this growth, we will share with you a pricing chart based on the actual sale prices of four Royal Oak models and also analyze an Offshore model to showcase that not only are these models a great store of value but also a great potential investment vehicle if that is what someone is seeking them to be.
These statistics will inevitably showcase that the current price fluctuation of this brand is not a crash, but rather just a natural cyclical price correction not unlike what other asset markets are currently experiencing.
Audemars Piguet Royal Oak “Jumbo” 15202ST
The Audemars Piguet Royal Oak 15202ST was originally released at SIHH in 2012 to commemorate the 40th anniversary of the original release of the Royal Oak. The watch was designed as a faithful tribute to the original 5402 designed by Gerald Genta. The watch featured the porthole inspired octagon shaped bezel and integrated bracelet that is so distinct to the Royal Oak. The watch also featured a blue dial with what AP calls a “Petite Tapisserie” pattern that is made in the same way it was originally in 1972.
It’s important to note that the 15202 reference had been produced for some time before the release of the 40th-anniversary version. These examples included a white date wheel, printed Arabic numerals above the hour markers, and an embossed AP logo at 12 o’clock. Such features were changed in the 40th-anniversary release of the 15202 including a matching date wheel, double applied indices at 12, and the AP logo was now situated just above 6 o’clock in the same way it was on the original 5402. The original Gerald Genta design DNA is very clear and AP successfully paid homage to it.
The Audemars Piguet Royal Oak 15202ST was positioned as a luxury sports watch that was robust and sporty enough for everyday wear but sleek and elegant enough for more formal occasions. The 15202ST measures in at 39mm – which was the same size as the original 5402 – with a case thickness of 9.8mm. It features a “Petite Tapisserie” blue dial with white gold applied hour indices and white gold hands both of which are lume filled. The dial also has a color matched date at 3 o’clock.
The Audemars Piguet Royal Oak 15202ST personifies the pinnacle of what a sports watch could and should be and is a shining example of a do anything go anywhere kind of watch. It also is a testament to Gerald Genta’s genius design ability as the Royal Oak design still looked modern 40 years after its initial release.
AP Royal Oak 15202ST Historical Price Chart
| Year | Average Price | Percent Increase |
|---|---|---|
| 2016 | $21,833 | – |
| 2017 | $21,600 | -1.08% |
| 2018 | $24,500 | 11.84% |
| 2019 | $43,500 | 43.68% |
| 2020 | $34,500 | -26.09% |
| 2021 | $69,250 | 50.18% |
| 2022 | $105,750 | 52.71% |
| 2023 | $66,000 | -37.59% |
The 15202ST is powered by Audemars Piguet caliber 2121 which is a slightly modified version of the JLC 920 movement that had been used in Royal Oaks since its initial release. The JLC 920 movement has also achieved somewhat of an icon status as it’s a movement that powered the original Royal Oak, the original Patek Philippe Nautilus reference 3700 and the Vacheron Constantin 222. The movement is exquisitely well finished to the standards one would expect of one of the most prominent brands in the watch industry and boasts a power reserve of 40 hours. The last known retail price for the Audemars Piguet Royal Oak 15202ST was $24,700.
With respect to secondary market pricing, the 15202ST for the longest time traded at or below its retail price. While this may seem odd in today’s market, it’s important to put it into context at the time this watch was released. In 2012, watch trends were much bigger than they are today and with AP, Offshores were far more popular than your standard Royal Oak models. While that trend has since flipped, this naturally impacted pricing upon the watch’s initially release and the years following.
In 2016 and 2017 the value of the 15202ST stayed steady around the $22,000 mark. Prices of the 15202ST really started taking off starting in 2018 as trends for watch sizes increasingly got smaller. In 2018, the 15202ST carried an average market price of approximately $25,000 – a 12% jump when compared to 2017 pricing. In 2019, 15202ST prices absolutely exploded, nearly doubling in value to an average market price of approximately $44,000.
This is mainly due to AP points of sale becoming extremely limited given Audemars Piguet changed from a retailer/authorized dealer model with very few boutiques to a boutique only model. Inevitably this made purchasing an Audemars Piguet watch far more difficult and made collectors scramble to get their hands on the brand’s most desirable models. Naturally, this sent 15202 prices and naturally, other AP models into a frenzy.
In 2020 the price of the 15202ST experienced a dip due to the pandemic with an average price of approximately $35,000. However, in 2021 and 2022 the price of the 15202ST absolutely exploded up to an average market price of approximately $69,000 and $106,000, respectively. The current market price of the Audemars Piguet Royal Oak 15202ST is approximately $85,000.
Investment Return
Despite this price dip and the overall dip in the market, based on its current price, the Audemars Piguet 15202ST watch still experienced an average annual return of approximately 22% over 7 years. However, what this graph most importantly showcases is that in any given year, a watch may be subject to price fluctuations, but over time it has a proven track record of steady growth – not unlike that of the stock market. So not only do you get to wear a badass watch that has been spotted on the wrist of some of the biggest celebrities in the world, but also get a watch that has proven to be quite a lucrative alternative asset.
AP Royal Oak Jumbo 15202ST Specs
| Case Diameter: | 39mm |
| Case Thickness: | 9.8mm |
| Case Metal: | Brushed and Polished Stainless Steel |
| Bracelet Metal: | Brushed and Polished Stainless Steel |
| Dial: | Blue with “Petite Tapisserie” pattern, white gold lume-filled applied hour indices and hour and minute hands |
| Movement: | Calibre 2121 ⇒ Ultra-Thin movement modified by Audemars Piguet and based on the JLC 920 – 34 Jewels, 247 Components |
| Power Reserve: | 40 hours |
| Complications: | Hours, minutes, date |
| Last Retail Price (2018): | $24,700 |
Audemars Piguet Royal Oak Perpetual Calendar 26574OR
The Audemars Piguet 26574OR with the blue dial was originally released in 2015 and became a staple piece in AP’s Royal Oak Perpetual Calendar line which has been continuously running since 1983. This is part of AP’s newer Royal Oak Perpetual Calendar line which features an updated 41mm case size in comparison to the original models which had a 39mm case size. These were incredibly important watches historically given the Royal Oak being the first luxury sports watch ever made and these perpetual calendar models simply added to the allure of the line.
The watch features a blue dial with a “Grande Tapisserie” pattern and has rose gold lume filled hands and indices which is a rarity for a perpetual calendar Royal Oak. In 2022, Audemars Piguet updated the dial color for this watch which is now more vibrant. The dial has perfect balance and symmetry in its layout and includes both a moonphase and week indicator. Proportion wise, due to the thinness of the watch, it actually wears closer to a 40mm Royal Oak as opposed to other 41mm Royal Oaks like a 15400 or 15500 for example which also measure 41mm. Measuring in at a case thickness of only 9.5mm, it is super impressive considering the extra thin jumbo Royal Oak reference 15202ST measures in at 8.1mm.
The case, bracelet and bezel features all the traditional brushed and beveled surfaces of a Royal Oak. The watch also features a display caseback to view Audemars Piguet’s new caliber 5134 which is based and modified on the 2120 caliber which was originally made by JLC and previously used by Patek Philippe, Audemars Piguet and Vacheron Constantin. The movement is exquisitely well finished to the standards one would expect of one of the most prominent brands in the watch industry and boasts a power reserve of 40 hours. The retail price for the Audemars Piguet Royal Oak 26574OR is $95,700.
AP Royal Oak 26574OR Historical Price Chart
| Year | Average Price | Percent Increase |
|---|---|---|
| 2016 | $68,000 | – |
| 2017 | $68,000 | 0.00% |
| 2018 | $73,833 | 7.90% |
| 2019 | $76,000 | 2.85% |
| 2020 | $91,000 | 16.48% |
| 2021 | $150,333 | 39.47% |
| 2022 | $230,000 | 52.99% |
| 2023 | $168,000 | -26.96% |
In terms of pricing, this model was one that was dramatically impacted by Audemars Piguet’s boutique only distribution model. For the longest time these traded under retail. This is normal as complicated Royal Oaks simply were not what AP collectors tended to gravitate towards. Perpetual Calendars, chronographs, dual times, among many others in the Royal Oak line simply never had the following or collector base the time only models had. From 2016-2019 we saw very little price movement with the watch going from an average market price of approximately $68,000 to $76,000 in that period. While this still isn’t an insignificant increase, the watch was still trading under its retail price from Audemars Piguet and compared to other Royal Oak models it would be fair to call this a laggard in terms of price movement.
However, prices really started exploding in 2020 as a result of the fact they became exceptionally difficult to buy at an AP boutique and given AP’s new boutique only sales model. Despite the pandemic, in 2020 the price of a 26574OR increased by nearly 17% to an average market price of approximately $91,000. In 2021, prices exploded even further increasing by nearly 40% to an average market price of approximately $150,000 and jumped an additional 53% in 2022 to an average market price of approximately $230,000. The current market price of the Audemars Piguet 26574OR is approximately $190,000.
Investment Return
The jump in 2022 can mainly be attributed to the watch market boom and the fact that this model got a new blue dial which made that specific model really jump in price. Based on it current price, this Audemars Piguet watch experienced an average annual return of approximately 20% over 7 years. For context, over the last 5 years, the S&P 500 has provided an average annual return of approximately 9%.
However, what this graph most importantly showcases is that in any given year, a watch may be subject to price fluctuations, but over time it has a proven track record of steady growth – not unlike that of the stock market. So not only do you get to wear a badass watch that has been spotted on the wrist of some of the biggest celebrities in the world, but also get a watch that has proven to be quite a lucrative alternative asset.
AP Royal Oak Perpetual Calendar 26574OR Specifications
| Case Diameter: | 41mm |
| Case Thickness: | 9.5mm |
| Case Metal: | Brushed and Polished Rose Gold |
| Bracelet Metal: | Brushed and Polished Rose Gold |
| Dial: | Blue with “Grande Tapisserie” pattern, rose gold lume-filled applied hour indices and hour and minute hands |
| Movement: | Caliber AP 5134 ⇒ In-House Movement – 38 Jewels, 374 components |
| Power Reserve: | 40 hours |
| Complications: | Hours, Minutes, Date, Day, Leap Year, Month, Week Indicator, Moonphase |
| Retail Price: | $ 107,600 USD |
Audemars Piguet Royal Oak 15407ST
Released at SIHH in 2016, the Audemars Piguet Royal Oak 15407ST is an absolute showstopper and has become one of the most collectible and desired models in Audemars Piguet’s Royal Oak line. It was released as an update to the 15305ST which was the first time only open-worked Royal Oak. The 15305ST measured in at 39mm and showcased the incredible movement finishing of Audemars Piguet in its open-worked dial. The story behind the watch is also fascinating in that the original prototype for the watch was found on the wrist of a watchmaker working at Audemars Piguet and once seen, was turned into a serially produced model.
The 15407ST was a groundbreaking watch that differed from its 15305ST counterpart primarily due to its movement. It’s not often in the watch industry you hear a watch brand create or do something new given the maturity of the watch industry and considering how long timekeeping devices have been made.
However, this watch featured a world’s first double balance wheel escapement. This system of double balance wheels stacked on top of one another creates an oscillating mass with more weight which allows the watch to run more efficiently as the balance wheels oscillating in unison should, in theory, cancel the other’s rate errors. What made this watch special was also the skeletonization of this new movement. The way AP went the extra mile to finish every surface of every component in this movement truly cannot be understated. Not only did this watch showcase Audemars Piguet’s horological prowess both from an innovation standpoint but also from a decorative and movement finishing standpoint.
The Audemars Piguet Royal Oak 15407ST Double Balance Wheel also scaled up in size to 41mm as compared to its predecessor the 15305ST. The watch was released both in steel and rose gold and had a wonderfully slim profile with a case thickness of only 9.90mm. The case, bracelet and bezel features all the traditional brushed and beveled surfaces of a Royal Oak. The watch also features a display caseback to view Audemars Piguet’s new caliber 3132 powering the watch which has a mostly skeletonized rotor design to admire the incredible movement finishing this watch showcases. The movement measures in at a slim 5.57mm and has a power reserve of 45 hours. The retail price for the Audemars Piguet Royal Oak 15407ST is $57,900.
AP Royal Oak 15407ST Historical Price Chart
| Year | Average Price | Percent Increase |
|---|---|---|
| 2016 | $53,333 | – |
| 2017 | $73,833 | 27.77% |
| 2018 | $82,500 | 10.51% |
| 2019 | $86,000 | 4.07% |
| 2020 | $96,333 | 10.73% |
| 2021 | $160,625 | 40.03% |
| 2022 | $220,000 | 36.96% |
| 2023 | $145,000 | -34.1% |
Given the incredible watchmaking innovation in this watch one would expect it would have been well received by the public and would have immediately traded well above its list price. However, this simply was not the case. In 2016, based on our sales data the 15407ST carried an average market price of approximately $53,000 which was roughly speaking around its retail price at the time. This goes back to the principle that prior to AP changing to a boutique only sales format, Royal Oaks simply did not have the same kind of pricing on the secondary market that we see today.
However, this was a model that witnessed a pretty quick and meteoric rise to popularity. In 2017, the 15407ST carried an average market price of approximately $74,000 – a near 28% jump from the previous year. The price increases continued in 2018, 2019 and 2020 with the 15407ST carrying an average market price of approximately $83,000, $86,000 and $96,000, respectively. Prices for this watch really started exploding towards the end of 2020 and the beginning of 2021, prices really soared achieving an average market price of approximately $160,000 – a 40% increase in comparison to the previous year. This trend continued in 2022 when the watch carried an average market price of approximately $220,000.
The jump in price of this watch, especially in recent years, is really attributable to a number of factors. Firstly, it’s just a good looking watch. In terms of skeletonized watches, it really doesn’t get much better than this watch and so overall it is a reference that is extremely popular with AP collectors and watch collectors in general. Secondly, it’s a rarer model from AP, who only makes 40,000 watches total per year and only makes at most a few hundred examples of this watch on a yearly basis. The supply is also made smaller given this is a popular choice for jewelers to bust down and set it with aftermarket diamonds further limiting the supply of this model in original condition. Lastly, this watch was not only popular among watch collectors but especially popular among some of the biggest celebrities, actors and athletes in the world. With the help of social media, this watch really became a sort of status symbol for watch collectors to flex with.
Investment Return
Based on it current price, this Audemars Piguet watch experienced an average annual return of approximately 22% over 7 years. For context, over the last 5 years, the S&P 500 has provided an average annual return of approximately 9%. However, what this graph most importantly showcases is that in any given year, a watch may be subject to price fluctuations, but over time it has a proven track record of steady growth – not unlike that of the stock market. So not only do you get to wear a badass watch that has been spotted on the wrist of some of the biggest celebrities in the world, but also get a watch that has proven to be quite a lucrative alternative asset.
AP Royal Oak 15407ST Specifications
| Case Diameter: | 41mm |
| Case Thickness: | 9.90mm |
| Case Metal: | Brushed and Polished Stainless Steel |
| Bracelet Metal: | Brushed and Polished Stainless Steel |
| Dial: | Skeleton Dial, rose gold lume-filled applied hour indices and hour and minute hands |
| Movement: | Caliber AP 3132 ⇒ In-House Movement – 38 Jewels, 245 components |
| Power Reserve: | 45 hours |
| Complications: | Hours, Minutes, Central Seconds |
| Retail Price (2024): | $74,100 USD |
Audemars Piguet Royal Oak Offshore 26210OI – Lebron James
The Audemars Piguet Royal Oak Offshore was originally designed by Emmanuel Gueit in 1989 and was later finalized and released in 1992 to commemorate the 20th anniversary of the release of the original Royal Oak. Similarly to the Royal Oak, the Offshore line was a shocking release in that it was a huge watch for its time. However, as size trends increased over time, the Offshore line became rather popular and a fantastic blank canvas for AP to work with. As a result, we saw a plethora of limited edition Offshore models which featured various complications, materials, and also brand ambassadors which helped bring new eyes to the brand and popularize Audemars Piguet more broadly in mainstream popular culture.
One such ambassador which had a limited edition Offshore done for him is the greatest basketball player of the 20th century and arguably one of the greatest basketball players ever – Lebron James. In 2013, Audemars Piguet released the Royal Oak Offshore 26210OI Lebron James in a limited edition of 600 pieces. The watch featured the typical 44mm Offshore case size at the time with a stunning two tone combination given the watch’s rose gold case and titanium bezel. The watch was a beast – not unlike Lebron James on the basketball court – with a case thickness measuring 17mm. The crown and pushers were made of ceramic and the top chronograph pusher featured 14 diamonds set within it. The watch featured a display caseback exposing the watch’s movement with Lebron James signature in blue on the inside of the crystal.
The movement powering the watch was the typical caliber AP 3126 which uses the base AP Caliber 3120 with an added Dubois-Depraz chronograph module. This was typical at the time for AP to use this chronograph module which in fairness is unreliable and very prone to breaking. AP have since updated their movements in the newer Offshore lines which is a welcome sight to see. The original retail price of the Lebron James Offshore was $51,900
AP Royal Oak Offshore Lebron James Historical Price Chart
| Year | Average Price | Percent Increase |
|---|---|---|
| 2016 | $53,000 | – |
| 2017 | $66,000 | 19.70% |
| 2018 | $74,000 | 10.81% |
| 2019 | $75,500 | 1.99% |
| 2020 | $65,000 | -16.15% |
| 2021 | $67,500 | 3.70% |
| 2022 | $61,000 | -9.63% |
| 2023 | $67,000 | 9.8% |
Given this watch’s connection to the King Lebron James and its overall fairly limited production with only 600 pieces ever made, one would expect it to command a pretty hefty premium on the secondary market. However, this watch rather than following the trend of most Royal Oaks and even most Offshore models for that matter, has really been a model for consistency and a good store of value. In 2016, based on our sales data the Lebron James Offshore carried an average market price of approximately $53,000 which was right around its retail price after tax.
Investment Return
The watch increased in value in 2017 and 2018 as these models became much rarer to find and simply traded hands far less often achieving an average market price of approximately $66,000 and $74,000, respectively. In 2019, prices remained relatively steady trading around the $76,000 mark before witnessing a decline in 2020 by about 15% due to the pandemic trading for an average market price of approximately $65,000. In 2021 and 2022, prices have fluctuated slightly, but even the market price today is right around the $65,000 mark.
The reason that we wanted to showcase this model in particular was to demonstrate that not all Audemars Piguet watches have skyrocketed in value over the last 7 years. Rather some show themselves to be good overall stores of value over time. Based on it current price, this Audemars Piguet watch experienced an average annual return of approximately 2% over 7 years. It’s about as close as you can get to a stable riser and a great store of value overall over time in the Audemars Piguet Offshore line.
AP ROO LeBron James Specs
| Case Diameter: | 44mm |
| Case Thickness: | 17mm |
| Case Metal: | Brushed and Polished Rose Gold Case, Brushed and Polished Titanium Bezel, Ceramic Chronograph Pushers and Crown with 14 diamonds set on the upper chronograph pusher |
| Bracelet Metal: | Leather Strap |
| Dial: | Grey with “Mega Tapisserie” Pattern, Applied rose gold arabic numerals and rose gold lume-filled hour, minute and seconds hands |
| Movement: | Caliber AP 3126 ⇒ Uses the base AP Caliber 3120 with an added Dubois-Depraz chronograph module – 59 Jewels, 365 components |
| Power Reserve: | 50 hours |
| Complications: | Hours, Minutes, Small Seconds, Date, Chronograph |
| Last Retail Price: (now discontinued) | $51,900 USD |
Audemars Piguet Royal Oak 15400ST
To cap off this list, we wanted to showcase one of the less complicated and one of the least popular time and date Royal Oak models. The 15400 reference is an interesting one for many reasons. Although from the outside it may seem like just another 41mm Royal Oak model, there are a few qualities that do make it special in my opinion.
The first is actually its case size of 41mm. Prior to the 15400’s release in 2012, Audemars Piguet typically kept Royal Oak sizing in the 39mm or under range as this was the original case size of the Royal Oak as designed by Gerald Genta. The 15400 is, of sorts, a transitional reference for AP and really one of the first modernly sized 41mm Royal Oak references. This is made true given the fact the 15400 is the successor to the 15300 which featured a case size of 39mm and the predecessor to the 15500 and now the 15510, both of which feature 41mm case sizes. The 15400 also features the same base movement as the 15300 which was the first in-house movement ever featured in a time and date Royal Oak model.
These combination of factors to me make the 15400 a potential future collectible, especially given it is very under-appreciated in comparison to its modern counterparts like the 15500 or 15510.
In terms of design, the 15500ST features a 41mm case size and the case, bracelet and bezel feature all the traditional brushed and beveled surfaces of a Royal Oak along with a grande tapisserie dial pattern. The watch has a great overall profile with a case thickness of 9.8mm which added to the luxurious feel of the watch. It was a bigger, slightly bulkier feeling Royal Oak model which made it feel more like a luxury sports watch than perhaps its thinner and smaller Royal Oak Jumbo 15202ST counterpart. The model we decided to focus our analysis on was the 15400ST with the black dial. This is simply due to the fact that the blue is more popular and so we really wanted to analyze a model that is simply not the most popular from AP.
The watch is powered by Audemars Piguet’s calibre 3120 which, as mentioned previously, is the brand’s first in-house movement to be featured in a time and date Royal Oak with this movement originally powering the 15300 when it was released back in 2005. The caliber 3120 is self-winding and boasts a power reserve of 60 hours. The last known retail price for the Audemars Piguet 15400ST watch is $17,800.
AP Royal Oak 15400ST Historical Price Chart
| Year | Average Price | Percent Increase |
|---|---|---|
| 2016 | $13,333 | – |
| 2017 | $13,275 | -0.44% |
| 2018 | $15,700 | 15.45% |
| 2019 | $20,625 | 23.88% |
| 2020 | $24,625 | 16.24% |
| 2021 | $45,500 | 45.88% |
| 2022 | $42,667 | -6.23% |
| 2023 | $34,500 | -19.14% |
Given the fact the 15400ST is a transitional reference and the first of the 41mm case size time and date Royal Oak models, one would think it would become a super collectible reference and experience drastic price increases over time as we’ve witnessed with other Royal Oak models. However, the 15400ST has always been a laggard when compared to its more modern 15500 counterpart.
In 2016, based on our sales data the 15400ST carried an average market price of approximately $13,000 which was below this model’s retail price at the time. I am not going to lie, this price makes me shed a tear but it makes sense as this goes back to the principle that prior to AP changing to a boutique only sales format, Royal Oaks simply did not have the same kind of pricing and pull we see today. Prices remained stable in 2017 with an average market price of approximately $13,000. In 2018 is when this watch started increasing in popularity and in price carrying an average market price of approximately $16,000, a 15% jump from the previous year. The price of this model really shot up in 2019 when it was discontinued and achieved an average market price of approximately $21,000 – a near 25% increase as compared to 2018. Prices on this model continued to increase in 2020 to an average market price of approximately $25,000 before nearly doubling in value in 2021 to an average market price of approximately $46,000. The watch took a slight dip to an average market price of approximately $42,000 in 2022 and the current market price is approximately $33,000.
The decline in value of the 15400ST to its current market price is not all that surprising given how quickly this watch shot up in value after it was discontinued. This model never had the opportunity to reach its natural market equilibrium as it was discontinued right as the market really started to explode in popularity and in price. Given all the reasons mentioned above I do feel this model has good future collectability potential as a cult classic within the Royal Oak range.
Investment Return
Based on it current price, this Audemars Piguet watch experienced an average annual return of approximately 16% over 7 years. For context, over the last 5 years, the S&P 500 has provided an average annual return of approximately 9%. However, what this graph most importantly showcases is that in any given year, a watch may be subject to price fluctuations, but over time it has a proven track record of steady growth – not unlike that of the stock market. So not only do you get to wear a badass watch that has been spotted on the wrist of some of the biggest celebrities in the world, but also get a watch that has proven to be quite a lucrative alternative asset.
AP Royal Oak 15400ST Specs
| Case Diameter: | 41mm |
| Case Thickness: | 9.8mm |
| Case Metal: | Brushed and Polished Stainless Steel |
| Bracelet Metal: | Brushed and Polished Stainless Steel |
| Dial: | Black with “Grande Tapisserie” pattern, white gold lume-filled applied hour indices and hour and minute hands |
| Movement: | Calibre 3120 ⇒ In-house movement – 40 Jewels, 280 Components |
| Power Reserve: | 60 hours |
| Complications: | Hours, Minutes, Central Seconds, Date |
| Retail Price (2024): | $19,200 USD |
More articles from this series:
Patek Philippe Watches Prices: Historical and Current From Actual Sales Numbers
Real Prices of Patek Philippe & Audemars Piguet (based on actual sales)
What is the Price of an Omega Speedmaster?
What is the Price of a Rolex Daytona in 2024?
The “peak” of 2022 luxury watch pricing is clearly in the rearview mirror for now. While the thrill of seemingly-endlessly appreciating watches was exciting for a while, most watch dealers agree that current prices seem a bit more sustainable. We are not financial advisors and are not providing financial advice, nor suggesting you should invest in watches. Rather we seek to share our watch market knowledge that Luxury Bazaar has accumulated from buying, selling and trading luxury watches over the last 20 years.
More Price Guides from Grey Market:
How Much Can I Get for my used Rolex Submariner?
Patek Philippe Aquanaut Price Guide: How Much Does an Aquanaut Cost?
The Ultimate Rolex Day Date Price Guide
Rolex Prices: Retail vs. Actual Market for Top Models
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