An Audemars Piguet Royal Oak costs from the mid US$20,000s at retail for a 37 mm steel Selfwinding to well over US$100,000 for a gold Chronograph or an openworked reference, and on the secondary market almost every steel Royal Oak asks a premium to its list price because the boutiques allocate the steel references rather than sell them to walk-in clients. This guide sets out the current Royal Oak line by reference, gives an approximate retail band for each so you know what the boutique would charge if it had one for you, shows what our sourced catalogue asked for the same references on 21 September 2026, and explains what moves the price between two examples of the same watch. Bizak & Co. sources the Royal Oak 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 is which? The current references
| Reference | Model | Size and movement | Years |
|---|---|---|---|
| 16202ST | Jumbo Extra-Thin | 39 mm, 8.1 mm thick, calibre 7121, 55 h reserve | 2022 to date; replaced the 15202ST (2012 to 2021, calibre 2121) |
| 15510ST | Selfwinding 41 mm | 41 mm, 10.4 mm thick, calibre 4302, 70 h reserve, date | 2022 to date; replaced the 15500ST (2019 to 2021, same calibre) and 15400ST (2012 to 2019, calibre 3120) |
| 15550ST | Selfwinding 37 mm | 37 mm, calibre 5900, 60 h reserve, date | 2022 to date; replaced the 15450ST (2012 to 2022, calibre 3120) |
| 26240ST | Selfwinding Chronograph 41 mm | 41 mm, calibre 4401 integrated flyback chronograph, 70 h | 2021 to date; replaced the 26331ST (2017 to 2019) and 26320ST (2012 to 2017), both calibre 2385 |
| 77450 series | Selfwinding 34 mm | 34 mm, calibre 5800, 50 h | 2022 to date |
| 15407ST, 15416CE | Double Balance Wheel Openworked | 41 mm, calibre 3132, twin balance wheels | 2016 to date in steel; black ceramic from 2020 |
The reference suffix tells you the case metal: ST is steel, OR pink gold, BA yellow gold, BC white gold, CE black ceramic, TI titanium, SR two-tone steel and pink gold. The dial code after the bracelet reference gives the colour. The Audemars Piguet watch collection page lists the current line with the manufacture's own specifications, and Audemars Piguet services covers servicing and the extract of archives for older watches.
How much is a Royal Oak at retail?
Audemars Piguet publishes list prices on its site and revises them roughly once a year, so treat the bands below as orientation for 2025 to 2026 rather than as quotes; confirm the current figure with the boutique. In steel, the 37 mm Selfwinding 15550ST has sat in the mid US$20,000s, the 41 mm Selfwinding 15510ST in the high US$20,000s to low US$30,000s, the 41 mm Chronograph 26240ST in the low-to-mid US$30,000s and the 39 mm Jumbo 16202ST around US$40,000. Pink gold on a bracelet roughly doubles the steel figure; white gold sits higher still; a Double Balance Wheel Openworked in steel starts in the US$60,000s and the ceramic version far above that. The problem is not the list price but the allocation. Boutiques offer steel Royal Oaks to clients with a purchase history, and a first-time buyer without one is usually told to buy something else first or to wait without a date. The Audemars Piguet price guide covers the other collections; this one stays with the Royal Oak.
Royal Oak secondary asks by reference, 21 September 2026
| Reference | Bizak catalogue ask, 21 Sep 2026 | Against retail band |
|---|---|---|
| 15550ST 37 mm Selfwinding | US$45,320 grey dial to US$63,601 blue dial | Roughly 1.7 to 2.4 times the mid US$20,000s list |
| 15510ST 41 mm Selfwinding | US$48,924 silver dial to US$70,555 blue dial; black US$56,650, green US$59,740 to 61,594, grey US$53,457 to 53,560 | Roughly 1.6 to 2.3 times list; blue and green carry the largest premiums |
| 15500ST 41 mm, previous generation | US$46,350 silver or black to US$56,341 blue | The cheaper route to the same case and calibre |
| 26240ST 41 mm Chronograph | US$70,040 blue dial | About twice the list band |
| 26331ST Chronograph, 2017 to 2019 | US$49,858 to 51,500 | Well under the 26240ST for a similar-looking watch |
| 16202ST 39 mm Jumbo Extra-Thin | US$95,687 to 99,807 | About 2.4 times list; the most sought-after steel Royal Oak |
| 15202ST Jumbo, discontinued 2021 | US$86,005 | Below the 16202ST despite the collector following for the calibre 2121 |
| 15407ST Double Balance Wheel Openworked | US$164,800 to 222,068 | The steel openworked models trade far above list |
| 15510OR pink gold 41 mm | US$56,650 on strap to US$105,575 on bracelet | Strap versions sit near or below the steel bracelet asks |
| 26240OR and 26240BA gold Chronograph | US$85,490 on strap to US$142,398 on bracelet; yellow gold US$135,703 | Gold bracelets, not gold cases, carry the premium |
| 15510BC and 26240BC white gold | US$118,450 to 203,940 | White gold is the scarcest metal on the bracelet models |
| 77450 34 mm, two-tone and pink gold | US$48,821 two-tone; US$111,550 pink gold | The 34 mm has its own market and is easier to source |
Those are asks on the day for watches sourced to order, brand new unless noted, and they will move. A specific example with a full set and a recent warranty date asks more than the bottom of each band; a pre-owned watch with a polished case asks less.
Why does a steel Royal Oak cost more than retail?
Because Audemars Piguet makes fewer steel Royal Oaks than there are people who want them at the list price, and the boutique network distributes them by relationship rather than by queue. The manufacture produces on the order of 50,000 watches a year across all collections and has said publicly that it does not intend to increase production to meet demand. The result is a two-tier market: a list price that most buyers cannot access and a secondary price that clears. The premium peaked in early 2022, fell through 2023 and 2024 as the broader watch market cooled, and has been comparatively stable since, with the Jumbo and the blue and green dial 41 mm models holding the largest gaps to list. Gold references on straps, the 34 mm and the previous-generation 15500ST and 26331ST are where a buyer who wants the design rather than the exact reference finds value.
What moves the price between two of the same Royal Oak?
- Dial colour. Blue is the Royal Oak colour and asks the most, followed by green; grey, silver and black dials on the same reference can be 15 to 25 percent cheaper on our catalogue.
- Warranty date. A watch with a 2025 or 2026 warranty card asks more than a 2022 example of the same reference; the warranty runs for five years from purchase, and a late date signals a lightly worn watch.
- Set. Box, warranty card, booklets and every bracelet link. Royal Oak bracelets are sized by removing links, and missing links are expensive to replace.
- Case and bracelet finish. The Royal Oak's brushed surfaces and polished bevels are the point of the watch. A polished case loses the crisp transitions and costs real money at resale; a refinish at the manufacture restores them, but at a price and with a wait.
- Bracelet versus strap. On gold references, the bracelet is a large part of the price; a strap version of the same watch can cost half as much.
- Generation. The current 15510ST asks more than the 15500ST it replaced, though the two share a calibre; the 16202ST asks more than the 15202ST despite the older watch's cult status.
Is the Royal Oak a good investment?
A steel Royal Oak bought at retail has been one of the best-performing purchases in modern watches, which is precisely why retail is hard to get. Bought on the secondary market at 1.5 to 2.5 times list, it is a different proposition: you are paying today's scarcity premium, and that premium has already fallen from its 2022 peak once. The references that have held best are the Jumbo and the openworked models; the 41 mm Selfwinding in a common dial colour is the most liquid but also the most exposed if supply improves. Buy the reference you will wear; if resale matters, buy a full set with a late warranty card and ask for a written cash-buy assessment before you commit, and read how we buy before you need it.
Buying a Royal Oak: what to check
- Reference and serial. The full reference is on the warranty card and the caseback; the serial on the case should match the card. Audemars Piguet can confirm a watch's details through its service network, and our Royal Oak authentication guide goes through the case, dial and bracelet tells in detail.
- Bezel screws. The eight hexagonal screws are white gold on steel models and should all align the same way, with clean slots; scarred screws mean the bezel has been off.
- Finish. Brushed surfaces should be even and the polished bevels should meet them at a sharp line. Softened edges mean polishing outside the manufacture.
- Bracelet. Links should be tight, the AP clasp should close with a firm click, and the number of links should match a full set. Ask how many links were removed and whether they are included.
- Dial. The Grande Tapisserie pattern should be crisp under a loupe, with even printing and applied markers seated flat.
- Movement. The date should change cleanly near midnight and the rotor should wind without noise; on a chronograph the flyback should reset cleanly while running.
- Price against the band. A full-set blue 15510ST or 16202ST offered well under the market is the single most reliable warning sign.
Our authentication process describes what we inspect before dispatch.
Quick answers
How much is an Audemars Piguet Royal Oak?
At retail, from the mid US$20,000s for the 37 mm steel Selfwinding to around US$40,000 for the steel Jumbo and far more in gold, if the boutique will allocate one. On 21 September 2026 Bizak's sourced catalogue asked US$45,320 to 70,555 for steel 37 and 41 mm Selfwinding models and US$95,687 to 99,807 for the 16202ST Jumbo, sourced to order.
Why is the Royal Oak so expensive on the secondary market?
Because Audemars Piguet allocates steel Royal Oaks to existing clients and does not increase production to meet demand, so most buyers can only obtain one at a secondary price that has run at roughly 1.5 to 2.5 times list since 2022.
What is the cheapest Royal Oak?
Among current models, the 34 mm and the 37 mm Selfwinding in steel have the lowest list prices; on the secondary market, previous-generation references such as the 15500ST and 26331ST and gold models on straps ask the least for the design.
What is the difference between the 15510ST and the 16202ST?
The 15510ST is the 41 mm Selfwinding with a date and the 70-hour calibre 4302; the 16202ST is the 39 mm Jumbo Extra-Thin with the 8.1 mm case and calibre 7121, the reference closest to the original 1972 5402ST, and it asks considerably more.
Does a Royal Oak hold its value?
Steel Royal Oaks bought at retail have appreciated; bought at a secondary premium they follow the market, which fell from its 2022 peak and has been comparatively stable since. Full sets with late warranty dates hold best.
Request a Royal Oak sourcing quote
Tell us the reference, size, dial colour, metal and bracelet or strap, 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: 15510ST blue dial, 15510ST black dial, 16202ST Jumbo, 15550ST 37 mm blue dial, 26240ST Chronograph; browse the Royal Oak collection, the Audemars Piguet collection, the watches over US$50,000 collection, or sell or trade your Royal Oak.
Related reading: Audemars Piguet price guide · Royal Oak authentication and collecting guide · Patek Philippe Nautilus 5990 guide · Rolex price guide.
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