Patek Philippe and Audemars Piguet are the two family-owned Geneva-region houses whose steel sports watches, the Nautilus and the Royal Oak, define the top of the market, and the choice between them usually comes down to three things: Patek Philippe makes the finer dress watches and the more valuable steel sports watch, Audemars Piguet makes the more varied and more obtainable sports range, and a steel Royal Oak costs roughly half to two thirds of a comparable steel Nautilus on the secondary market in 2026. This guide compares the two brands on history and output, the Nautilus and Royal Oak lines as they stand today, what each house makes beyond the sports watch, dated prices, retail availability, value retention and what to check before buying. Bizak & Co. sources both brands to order; the Nautilus collection and the Royal Oak collection show the references we can seek.
Last reviewed on September 21, 2026 by Filip Biczak. Prices are dated observations, not quotes.
Patek Philippe vs Audemars Piguet: what each brand is
| Patek Philippe | Audemars Piguet | |
|---|---|---|
| Founded | 1839, Geneva; Stern family since 1932 | 1875, Le Brassus in the Vallée de Joux; still controlled by the founding families |
| Annual output | A few tens of thousands | A few tens of thousands; slightly fewer than Patek by most estimates |
| Sports lines | Nautilus (1976) and Aquanaut (1997) | Royal Oak (1972), Royal Oak Offshore (1993), Royal Oak Concept |
| Dress and complications | Calatrava, Complications, Grand Complications; the deepest catalogue of calendars, chronographs and minute repeaters in production | Code 11.59 (2019) and a smaller range of complications, including Royal Oak perpetual calendars and openworked pieces |
| Quality standard | Patek Philippe Seal, in-house since 2009 | In-house standards; no external certificate |
| Retail model | Authorised dealers and salons; steel sports watches allocated to established clients | Mostly brand-owned boutiques and AP Houses; steel Royal Oaks allocated to existing clients |
| Design link | Both the Royal Oak (1972) and the Nautilus (1976) were designed by Gérald Genta, and the original 5402 and 3700 shared the same ultra-thin automatic base calibre from Jaeger-LeCoultre | |
Sources: the Patek Philippe Nautilus collection and the Audemars Piguet watch collection for the current references.
Nautilus vs Royal Oak: the two Genta designs
The Royal Oak came first, in 1972, as reference 5402ST: a 39 mm steel case with an octagonal bezel held by eight hexagonal screws, an integrated bracelet, a Tapisserie dial and a 3.05 mm thick automatic movement. It was the first steel watch priced like gold and it saved Audemars Piguet. Patek Philippe answered in 1976 with the Nautilus 3700/1A: a 42 mm two-piece case with rounded "ears" at 3 and 9 that recalled a ship's porthole, a horizontally embossed dial and the same base calibre. Both were slow sellers for a decade and both are now the most requested watches their makers produce. The Royal Oak is the more angular and the more varied, with five case sizes and every metal from steel to ceramic; the Nautilus is the softer shape, made in fewer references and, since Patek withdrew the steel time-and-date 5711 in 2021, no longer available new in steel as a simple three-hander.
Current steel references compared
| Role | Patek Philippe Nautilus | Audemars Piguet Royal Oak |
|---|---|---|
| Time and date, steel | None current; the 5711/1A was discontinued in 2021 and its successor, the 5811/1G, is white gold only | 16202ST 39 mm extra-thin (calibre 7121) and 15510ST 41 mm (calibre 4302), plus the 15550ST 37 mm |
| Moon phase or calendar, steel | 5712/1A power reserve and moon phase (calibre 240); 5726/1A annual calendar | Royal Oak perpetual calendar and openworked references, mostly in gold or ceramic |
| Chronograph, steel | 5990/1A travel time chronograph (calibre CH 28-520); the 5980/1A steel chronograph is discontinued | 26240ST 41 mm chronograph (calibre 4401); 26331ST in earlier form |
| Smaller size | 7118 at 35.2 mm, mostly gold | 15550ST 37 mm, 34 mm 77450 series |
| Water resistance | 120 m on the 5711 and 5811; 60 m on the 5712 | 50 m on the Royal Oak; 100 m on the Offshore |
The practical difference is availability of references. A buyer who wants a steel three-hander must choose the Royal Oak, because Patek no longer makes one. A buyer who wants a complication in a steel sports case has more choice from Patek, whose 5712, 5726 and 5990 are all in production.
Beyond the sports watch: dress watches and complications
This is where the brands separate. Patek Philippe's Calatrava, Complications and Grand Complications lines run from the 6119 manual dress watch to perpetual calendar chronographs and minute repeaters, and Patek dress watches pre-owned are among the best value in fine watchmaking because demand concentrates on the sports lines. Audemars Piguet replaced most of its round watches with the Code 11.59 in 2019, which has found a following but does not carry the market weight of a Calatrava, and its complications are mostly built into Royal Oak cases. If you want one brand to cover a sports watch and a dress watch, Patek Philippe is the deeper catalogue; if you want the sports watch and only the sports watch, Audemars Piguet offers more versions of it.
Patek Philippe vs Audemars Piguet prices in 2026
The table shows Bizak's sourced catalogue asks on September 21, 2026, all sourced to order. They are asks, not sales, and they move.
| Role | Patek Philippe, 21 Sep 2026 | Audemars Piguet, 21 Sep 2026 |
|---|---|---|
| Steel sports, time and date | Nautilus 5711/1A-010, discontinued, US$152,440; Aquanaut 5167A-001, US$86,519 | Royal Oak 15510ST, US$53,457 to US$70,555 by dial, brand new |
| Steel sports, complication | Nautilus 5712/1A-001, US$89,100; Nautilus 5990/1A-001, US$124,063 | Royal Oak Chronograph 26331ST, US$51,500; Offshore 26400SO chronograph, US$74,399 |
| Precious metal sports | Nautilus 5811/1G-001 white gold, US$212,175; Nautilus 5712/1R-001 rose gold, US$288,400 | Royal Oak 15202OR extra-thin rose gold, US$119,480; Royal Oak 26240BA chronograph yellow gold, US$135,703; Royal Oak 16202OR, US$150,535 |
| Dress watch | Calatrava 6119G-001, US$33,681; Calatrava 5227R-001, US$46,041 | No directly comparable reference in the catalogue that day; Code 11.59 references trade below the Royal Oak |
Read across the rows and the pattern is consistent: the Patek Philippe equivalent costs one and a half to two and a half times the Audemars Piguet. The Patek Philippe price guide and the Audemars Piguet price guide break each brand down by reference.
Which is easier to buy at retail?
Neither is easy for steel, but Audemars Piguet is the more achievable. AP makes the Royal Oak in far more references and sizes, so a client with a purchase history at an AP boutique can often be offered a 37 mm, a gold model or a Code 11.59 quickly and a steel 15510ST within a year or two. Patek Philippe allocates the 5712, 5726 and 5990 to long-standing clients, and the 5811 in white gold has its own list. A first-time buyer at either house should expect to start with something other than the steel sports watch.
Which holds its value better?
Patek Philippe, for steel sports watches. The discontinued 5711 remains the most valuable production steel sports watch in the world, and the 5712 and 5990 trade at large multiples of retail. The Royal Oak also trades above retail in steel, but at a smaller multiple, and it fell further in percentage terms from the 2022 peak because more of them exist. In precious metal both brands trade closer to retail, and Patek dress watches trade below it. Over ten years, a steel Nautilus has been the better investment; over the next ten, nobody knows, and the safer purchase is the watch you will wear.
Which should you buy?
- You want a steel three-hander. Royal Oak 16202ST or 15510ST; Patek does not make one. Compare the sizes in the Royal Oak collecting guide.
- You want a steel sports complication. Nautilus 5712/1A for the moon phase, 5726/1A for the annual calendar, 5990/1A for the travel chronograph; the 5990 guide and 5726 guide cover them.
- You want the entry to either brand in steel. Aquanaut 5167A at Patek, Royal Oak 15550ST or Offshore 26420SO at AP.
- You want a sports watch and a dress watch from one house. Patek Philippe; a Calatrava and an Aquanaut cover both.
- You want value retention above all. A steel Nautilus complication, bought with complete papers, has the longer record.
Both houses service their own watches and both will refuse non-original parts. Patek recommends a service interval of several years on complicated calibres and services any watch it has ever made; AP's service terms are on its services page. Royal Oak case refinishing is a specialist job and adds to the running cost.
Buying a Nautilus or Royal Oak: what to check
- Papers. A Patek certificate of origin should match the case and movement numbers; an AP warranty card should match the case number on the caseback. Extracts from the archives exist for both brands.
- Case finishing. On both watches the bevel between brushed and polished surfaces should be crisp; a refinished bracelet shows rounded edges and uneven brushing.
- Bezel screws. Royal Oak bezel screws should be aligned; Nautilus "ears" should show no gap to the case.
- Dial. Nautilus dials are embossed with horizontal grooves and Royal Oak dials with Tapisserie; both should be free of dust and the lume should match on hands and markers.
- Bracelet. Both integrated bracelets wear at the pins and screws; hold the watch by the clasp and check for sag.
- Movement. Ask for a timing print and, on Patek, whether the watch has been serviced by Patek only.
- Price against the band. A full-set steel Nautilus or Royal Oak offered well under the going rate is the single most reliable warning sign.
Our authentication process describes what we inspect before dispatch, and our Patek authentication guide goes deeper on papers and archives.
Quick answers
Is Patek Philippe better than Audemars Piguet?
Patek Philippe has the deeper catalogue of dress watches and complications and its steel sports watches hold value better; Audemars Piguet makes the more varied and more obtainable steel sports range. Movement finishing is comparable at the top of both houses.
Which is more expensive, Nautilus or Royal Oak?
The Nautilus. Bizak's sourced catalogue listed the Nautilus 5712/1A at US$89,100 and the discontinued 5711/1A at US$152,440 against US$53,457 to US$70,555 for a Royal Oak 15510ST on September 21, 2026, sourced to order.
Did Gérald Genta design both the Nautilus and the Royal Oak?
Yes. Genta designed the Royal Oak for Audemars Piguet in 1972 and the Nautilus for Patek Philippe in 1976, and the original references shared the same ultra-thin automatic base calibre.
Can you still buy a steel Nautilus new?
Not as a time-and-date watch. Patek discontinued the 5711/1A in 2021 and the 5811 successor is white gold only; the 5712/1A, 5726/1A and 5990/1A remain in production in steel.
Which holds value better, Patek Philippe or Audemars Piguet?
Steel Nautilus references have held value better than steel Royal Oaks over the last decade, with larger multiples of retail. Both fell from the 2022 peak; the Royal Oak fell further in percentage terms.
Request a Nautilus or Royal Oak sourcing quote
Tell us the reference, metal and dial, preferred condition and year range, whether papers are required, and your budget and timing, through our sourcing enquiry form. We confirm the specific watch, photographs, papers and final price before you commit. Catalogue entries: Nautilus 5811/1G-001, Nautilus 5712/1A-001, Royal Oak 15510ST blue dial, Royal Oak 15202OR; browse the Nautilus collection, the Royal Oak collection, the watches over US$50,000, or sell or trade your watch.
Related reading: Nautilus 5990 guide · Nautilus 5726 guide · Royal Oak collecting guide · Patek Philippe price guide.
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