Audemars Piguet Chronographs Compared: Royal Oak, Offshore and Code 11.59

Audemars Piguet makes chronographs in three families: the Royal Oak Chronograph (41 mm 26240 with the integrated calibre 4401, preceded by the 26320 and 26331 with the calibre 2385, and a 38 mm 26315), the Royal Oak Offshore Chronograph (42 mm 26238, 43 mm 26420 and 37 mm 26231, preceded by the 26470 and 26400) and the Code 11.59 Selfwinding Chronograph (41 mm 26393). All current 41 mm, 42 mm and 43 mm models share the calibre 4401, so the choice is about case, thickness and price rather than movement; the older 2385 and 3126/3840 references are the value route. This guide compares the three families on specifications, calibres, wrist fit and dated 2026 catalogue asks, and lists what to check before buying. Bizak & Co. sources every reference below to order; the Royal Oak Offshore collection lists the configurations we can seek.

Last reviewed on September 21, 2026 by Filip Biczak. Prices are dated observations, not quotes.

Audemars Piguet chronograph references compared

Source: the Audemars Piguet watch collection lists each current chronograph with its calibre and dimensions; the Audemars Piguet services page covers servicing and the warranty. Years for discontinued references are approximate.

Calibre 4401 vs 2385 vs 3126/3840: what changed

The calibre 4401 of 2019 is Audemars Piguet's first integrated automatic chronograph: column wheel, vertical clutch, flyback, 4 Hz and 70 hours of reserve, with a seconds hand that resets without the jump older designs show. The 2385, used in the Royal Oak Chronograph until 2021 and still in the 37 mm Offshore, is a slim column-wheel movement on the Frederic Piguet 1185 base with 40 hours of reserve and a 3 Hz balance; it is thin, which is why the 26331 is slimmer than the 26240. The 3126/3840 in the 42 mm and 44 mm Offshores until 2021 is the 3120 automatic with a Dubois Depraz chronograph module on top, robust and serviceable but thicker, cam-actuated and without flyback. For daily use the 4401's reserve and flyback are the practical gains; for a slim case, the 2385 references remain the answer.

Royal Oak Chronograph 26240, 26331 and 26320

The 26240 of 2022 is the current Royal Oak Chronograph: 41 mm, about 12.4 mm thick, three subdials at 3, 6 and 9 on a Grande Tapisserie dial, in steel with blue, black, grey, silver and green dials and in rose gold, yellow gold, white gold, platinum and black ceramic. The 26331 of 2017 to 2021 is the same size in a case about 11 mm thick with the 2385 and the two-tone subdial rings collectors like; the 26320 of 2012 to 2017 is the earlier dial with plain subdials. The 26240 is the one to buy new; the 26331 is the value route to a steel Royal Oak Chronograph and the one to choose if thickness matters. The 26315 38 mm is the small Royal Oak Chronograph with the 2385, made in steel, two-tone and gold, and the least expensive way into a Royal Oak with pushers.

Royal Oak Offshore Chronograph 26238, 26420, 26470 and 26231

The Offshore is the Royal Oak enlarged and toughened, with a rubber-clad crown and pushers and a thicker case. The 26238 of 2021 is the 42 mm Offshore with the 4401 and a ceramic bezel on later versions, in steel, titanium, ceramic and gold, on rubber or bracelet, and it replaced the 26470, the 42 mm Offshore with the 3126/3840 that had run since 2014. The 26420 of 2021 is the 43 mm Offshore with the 4401 and a ceramic bezel and pushers, and the 26400 is the 44 mm Offshore that continues the larger case with the modular movement. The 26231 is the 37 mm Offshore with the 2385, usually with a diamond bezel, and the chronograph most women buy. A pre-owned 26470ST in steel is the least expensive current-era Audemars Piguet chronograph in our experience, and the 26238ST is the one to buy new.

Code 11.59 Selfwinding Chronograph 26393

The Code 11.59 Chronograph of 2019 puts the 4401 into the round 41 mm case with its octagonal middle, open lugs and double-curved sapphire crystal, in rose gold, white gold, steel from 2023 and combinations with ceramic. It is about 12.6 mm thick and wears more like a dress chronograph than a Royal Oak. Because the Code 11.59 has fewer buyers than the Royal Oak, the 26393 trades below the 26240 with the same movement, and the steel 26393ST is the least expensive way to own the 4401. It is also the chronograph to choose if the Royal Oak's integrated bracelet is not wanted.

Which Audemars Piguet chronograph wears best?

Try all three on. The Royal Oak sits flattest for a chronograph with an integrated bracelet, the Offshore is heavy and thick but wears securely on rubber, and the Code 11.59 sits lightest because of the strap.

How much is an Audemars Piguet chronograph? Prices in 2026

• Retail. Audemars Piguet publishes prices by market on its own site. At retail the Royal Oak Chronograph sits above the Offshore and Code 11.59 in the same metal; on the secondary market the gap widens because the Royal Oak has the most buyers.
• Bizak catalogue asks, 21 September 2026. Our sourced catalogue listed the Royal Oak Chronograph 26240ST from US$50,343 silver, US$59,740 black, US$67,929 green and US$68,392 to US$70,040 blue, a pre-owned 26240ST silver at US$42,779, the 26331ST blue at US$51,500, the 26240OR from US$85,490 on strap to US$128,750 on bracelet, the 26240BA at US$135,703, the 26240BC from US$134,929, the black ceramic 26240CE from US$102,299 and the platinum 26325PL at US$111,599. In Offshores, the 26238ST at US$49,092 to US$49,131, the 26238TI from US$42,126, the 26238CE black ceramic from US$93,720, the 26238OK pink gold at US$64,375, a pre-owned 26470ST at US$29,613, a 26470OR on strap at US$41,128, the 43 mm 26420SO at US$48,920 and the 37 mm 26231ST with diamonds from US$34,410. In Code 11.59, the 26393ST from US$29,099 green and US$33,480 blue, the 26393QT at US$32,960, the 26393OR from US$37,027 to US$46,221 and the 26393BC at US$79,608. All sourced to order.
• What moves the price. Blue dials, full sets with warranty card, unpolished cases and bracelets with all links each add; rubber-strap Offshores sit below bracelet versions, and gold Code 11.59s on strap are the softest.

Those figures describe what we saw and will move. Ask for a dated quote for the exact reference, dial and set; our Audemars Piguet price guide explains how to compare quotes.

Which Audemars Piguet chronograph holds value best?

The steel Royal Oak Chronograph, especially with a blue dial, has the deepest market and has carried a premium over retail since 2020; the discontinued 26331ST has held up because it is the last slim Royal Oak Chronograph. Offshores trade closer to retail and pre-owned 26470s well below it, which makes them the value buy for a wearer. The Code 11.59 Chronograph has been the softest of the three and is the best value for a buyer who plans to keep the watch. Buy the case you will wear; if resale matters, ask for a written cash-buy assessment before you commit. Our Daytona 126500LN guide covers the steel chronograph most buyers compare against the Royal Oak.

Buying an Audemars Piguet chronograph: what to check

• Pushers and reset. Start, stop and reset should feel crisp; on a 4401 the seconds hand should return to zero without a jump, and the flyback should restart from a single press while running.
• Subdials. The minute and hour counters should reset exactly to their markers; a counter that stops short means a service.
• Case edges and bezel. Crisp bevels on the case and links, eight aligned bezel screws on a Royal Oak, and on an Offshore an unchipped ceramic bezel and intact rubber on the crown and pushers.
• Reference suffix. The full reference identifies dial, strap and bracelet; confirm it against the card.
• Bracelet or strap. Count links on a bracelet; on an Offshore, check that the quick-change straps and their clasp are present.
• Warranty and service. Current references carry the manufacture warranty; for a 26320, 26331 or 26470 ask for the last service receipt.
• Price against the band. A full-set steel Royal Oak Chronograph offered well under the market is the single most reliable warning sign.

Our authentication process describes what we inspect before dispatch, and our Royal Oak authentication and collecting guide goes deeper on cases, bracelets and paperwork.

Quick answers

What is the difference between the Royal Oak Chronograph and the Offshore Chronograph?

The Royal Oak Chronograph 26240 is 41 mm and about 12.4 mm thick on an integrated bracelet; the Offshore 26238 is 42 mm and about 14 mm thick with rubber-clad pushers and interchangeable straps. Both use the calibre 4401.

What movement is in the Audemars Piguet chronograph?

Current 41 mm to 43 mm models use the calibre 4401, an integrated automatic flyback chronograph with column wheel, vertical clutch and 70 hours of reserve. Older Royal Oak Chronographs and the 37 mm Offshore use the 2385; older Offshores use the 3126/3840.

How much is an Audemars Piguet chronograph?

Bizak's sourced catalogue listed the Code 11.59 26393ST from US$29,099, the Offshore 26238ST from US$49,092 and the Royal Oak Chronograph 26240ST from US$50,343 to US$70,040 depending on dial on 21 September 2026, sourced to order.

Which is the cheapest Audemars Piguet chronograph?

On the secondary market, a pre-owned Offshore 26470ST or a steel Code 11.59 26393ST; our catalogue listed examples from US$29,099 to US$29,613 on 21 September 2026. The 37 mm Offshore 26231ST with diamonds follows.

Is the 26331 discontinued?

Yes. The Royal Oak Chronograph 26331 ran from 2017 to 2021 and was replaced by the 26240 with the calibre 4401 in 2022. It remains the slimmest 41 mm Royal Oak Chronograph.

Request an Audemars Piguet chronograph sourcing quote

Tell us the model, reference, dial colour, metal, strap or bracelet, preferred condition and whether the full set is required, plus your budget and timing, through our sourcing enquiry form. We confirm the specific watch, photographs, card and final price before you commit. Catalogue entries: Royal Oak Chronograph 26240ST blue, 26331ST blue, Offshore 26238ST, pre-owned Offshore 26470ST, Offshore 43 mm 26420SO, Code 11.59 Chronograph 26393ST; browse the Royal Oak collection, the Royal Oak Offshore collection, the Code 11.59 collection, the chronographs collection, or sell or trade your Audemars Piguet.

Related reading: Audemars Piguet price guide · Royal Oak authentication and collecting guide · Rolex Daytona 126500LN guide · Rolex Daytona 116500LN Panda guide.