An openworked Royal Oak is a Royal Oak whose dial has been removed and whose movement has been cut away to the bare bridges, so the wheels, barrel and balance are visible from both sides. Audemars Piguet has offered the skeleton Royal Oak in three families since 2012: the 39 mm Extra-Thin Openworked (15204, then the 16204 from 2022), the 41 mm Double Balance Wheel Openworked (15407 in steel, 15467 in rose gold, 15416 in black ceramic) and the 37 mm Double Balance Wheel Openworked (15468). This guide sets out the references, the calibres behind them, how each one wears, what the secondary market asks for them in 2026 and what to check before buying. Bizak & Co. sources every reference below to order; the Royal Oak collection lists the configurations we can seek.
Last reviewed on September 21, 2026 by Filip Biczak. Prices are dated observations, not quotes.
Which Royal Oak references are openworked?
| Reference | Size and metal | Calibre | Years |
|---|---|---|---|
| 15305ST | 39 mm steel; the first steel openworked Royal Oak | 3120 openworked, about 60 h reserve | 2012 to about 2015 |
| 15204 | 39 mm rose gold, white gold or platinum, Extra-Thin Openworked | 5122, hand-finished, about 40 h reserve | 2012 to 2022 |
| 16204 | 39 mm steel, rose gold, yellow gold, white gold; Extra-Thin Openworked | 7124, the openworked 7121, about 55 h reserve | 2022 to date |
| 15407ST | 41 mm steel, Double Balance Wheel Openworked | 3132, twin balances, about 45 h reserve | 2016 to date |
| 15467OR | 41 mm rose gold, Double Balance Wheel Openworked with gold-toned movement | 3132 | 2021 to date |
| 15416CE | 41 mm black ceramic, Double Balance Wheel Openworked | 3132 | 2022 to date |
| 15468 | 37 mm rose gold, yellow gold or white gold, Double Balance Wheel Openworked | 3132 | 2020 to date |
Source: the Audemars Piguet watch collection lists the current openworked references with case sizes and calibres; the Audemars Piguet services page covers servicing and the extract from the archives for discontinued pieces. Year ranges above are approximate where the brand has not published an end date.
What is the difference between openworked and skeleton?
Nothing mechanical. Skeleton is the general trade term for a movement with its plates and bridges cut away; openworked is the word Audemars Piguet uses on its own dials and catalogues. Both describe the same idea. What matters for value is how the openworking is done. On the 15204 and 16204 the calibre is designed from the start as an openworked movement, with bridges shaped and bevelled by hand and a slate-grey or rose-gold finish that sets off the polished anglage. On the 15407 the twin balance wheels sit at 6 o'clock on a common bridge and the rest of the movement is opened around them. On the 15305 the standard 3120 was skeletonised, which gives a denser, more industrial look than the later references. When a listing says "skeleton Royal Oak" without a reference number, ask for the number before you value it.
Royal Oak 15204 and 16204: the Extra-Thin Openworked
The 15204 was launched in 2012 for the Royal Oak's 40th anniversary and is the openworked version of the 15202 "Jumbo": a 39 mm case, about 8.1 mm thick, on the tapering integrated bracelet. It was offered only in precious metal, with the calibre 5122 finished in slate grey. In 2022, for the 50th anniversary, the 16204 replaced it with the new calibre 7124, a 50th-anniversary rotor and, for the first time, a steel version (16204ST). Rose gold, yellow gold and white gold 16204 models followed, and the 16204 remains the reference to ask for if you want the slim case and the classic Jumbo proportions with a view of the movement. The 16204ST is one of the hardest current Royal Oaks to obtain through a boutique, which is why the secondary market asks well above the precious-metal 15204.
Royal Oak 15407, 15467 and 15416: the Double Balance Wheel
The Double Balance Wheel Openworked arrived in 2016 with the 15407ST. Its calibre 3132 carries two balance wheels and two hairsprings on the same axis, an arrangement Audemars Piguet says improves rate stability by averaging out positional errors. On the wrist the effect is the two balances oscillating together at 6 o'clock, seen through a 41 mm case about 9.9 mm thick. The steel 15407ST has had a slate-grey movement finish and, later, a variation with a different bridge tone, so ask for the full reference suffix when comparing. The 15467OR of 2021 is the rose-gold version with a matching rose-gold-toned movement, and the 15416CE of 2022 puts the same calibre into an all-black ceramic case and bracelet. The 15407ST is the openworked Royal Oak most often available on the secondary market, which makes it the sensible starting point for a first skeleton Royal Oak.
Royal Oak 15468: the 37 mm openworked
The 15468 of 2020 brought the double balance wheel calibre to a 37 mm case, sold in rose gold, yellow gold and white gold, in most versions with diamonds on the bezel or a frosted finish. It is the openworked Royal Oak for smaller wrists and the one most often bought as a couple's pair with a 41 mm 15407. The movement is the same 3132, so the view through the dial is identical; the difference is the case, which sits under 10 mm thick and wears close to a 15450 in footprint. Because it is precious metal only, it is priced above the steel 15407 despite the smaller size.
How does an openworked Royal Oak wear?
| 16204 (39 mm) | 15407 (41 mm) | 15468 (37 mm) | |
|---|---|---|---|
| Thickness | About 8.1 mm; the slimmest | About 9.9 mm | Under 10 mm |
| Legibility | Lowest; slim hands over a busy movement | Better; the balances anchor the dial | As the 15407, at smaller scale |
| Wrist | Best from about 16 cm up | Best from about 17 cm up | Works from about 15 cm |
| Character | Collector's Jumbo | Technical showpiece | Jewelled or frosted, dress leaning |
Every openworked Royal Oak is harder to read than the dial versions, and the rose-gold movement of the 15467OR is the hardest of all in bright light. Try one on before committing; the trade-off between view and legibility is personal.
How much is an openworked Royal Oak? Prices in 2026
- Retail. Audemars Piguet publishes prices by market on its own site, and openworked references sit well above the equivalent dial models because of the hand finishing involved. Boutique allocation of the 16204ST and 15407ST is limited, so most buyers go to the secondary market.
- Bizak catalogue asks, 21 September 2026. Our sourced catalogue listed the steel 15407ST at US$164,800 and US$222,068 depending on suffix and set, the rose-gold 15467OR at US$154,500, the 16204ST at US$254,410, the 16204OR from US$245,410, the 16204BA at US$195,700, the 16204BC at US$242,050, the 15468 in gold from US$195,299 to US$249,774, the 15416CE black ceramic at US$319,300, a pre-owned 15305ST from US$98,579 to US$138,807 and a rose-gold 15204OR at US$139,499, all sourced to order.
- What moves the price. Full set with warranty card, unpolished case edges, a bracelet without stretch and the more requested suffix each add. The discontinued 15305ST and 15204 trade on condition and completeness more than on year.
Those figures describe what we saw and will move. Ask for a dated quote for the exact reference and set; our Audemars Piguet price guide explains how to compare quotes.
Is an openworked Royal Oak a good investment?
The openworked references have held value at least as well as the dial versions, and the steel 16204ST and 15407ST have traded at a premium to retail throughout 2025 and 2026 because of restricted supply. The discontinued 15305ST and 15204 have a fixed supply and a collector following. That said, a skeleton movement is also more expensive to service and easier to damage through careless handling, so the running cost is higher. Buy the view of the movement because you want it; if resale matters, ask for a written cash-buy assessment before you commit.
Buying an openworked Royal Oak: what to check
- Reference suffix. Royal Oak references end in a dial and bracelet code (for example 15407ST.OO.1220ST.01). The suffix identifies the movement finish and case variant; make sure the card matches it.
- Bridges and anglage. Look at the bevelled inner angles under a loupe. Chipped or rounded bevels point to a movement that has been opened by someone other than the manufacture.
- Balance wheels. On a 3132 both balances should run at the same amplitude; a visibly lazy balance is a service flag.
- Case and bracelet. The Royal Oak's brushed flats and polished bevels should meet at a crisp line. Soft transitions mean polishing, which matters more on the slim 16204.
- Warranty card and archive extract. Current references carry a warranty; for a 15305ST or 15204 ask for the original card, or budget for an extract from the archives.
- Service history. Skeleton movements collect dust and fingerprints through any gap; ask when the watch was last serviced and by whom.
- Price against the band. A full-set 16204ST or 15407ST 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 Royal Oak Openworked?
A Royal Oak with no dial and a movement cut back to its bridges so the mechanism is visible. Current references are the 39 mm 16204, the 41 mm 15407, 15467 and 15416 with the double balance wheel, and the 37 mm 15468.
What is the difference between openworked and skeleton?
None in mechanical terms. Openworked is Audemars Piguet's own term; skeleton is the general trade word. Both mean a movement whose plates and bridges have been cut away for visibility.
How much is a Royal Oak Openworked?
Bizak's sourced catalogue listed the steel 15407ST from US$164,800, the 16204ST at US$254,410 and a pre-owned 15305ST from US$98,579 on 21 September 2026, sourced to order. Prices vary with reference, metal and set.
What movement is in the Royal Oak Double Balance Wheel Openworked?
Calibre 3132, an automatic with two balance wheels and two hairsprings on one axis, about 45 hours of power reserve, used in the 15407, 15467, 15416 and 15468.
Is the 15407ST still in production?
Audemars Piguet still lists the 41 mm Double Balance Wheel Openworked in steel in 2026. Allocation through boutiques is limited, so most examples change hands on the secondary market.
Request an openworked Royal Oak sourcing quote
Tell us the reference, metal, preferred year range, condition and whether the warranty card 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: 15407ST steel, 15467OR rose gold, 16204ST steel, 15468OR 37 mm, pre-owned 15305ST; browse the Royal Oak collection, the Audemars Piguet collection, or sell or trade your Royal Oak.
Related reading: Royal Oak authentication and collecting guide · Audemars Piguet price guide · Patek Philippe Nautilus 5990 guide · Watch nicknames explained.
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