The Audemars Piguet Royal Oak Chronograph comes in two recent generations that look alike at a glance and differ substantially inside: the 26240, introduced in 2021 for the Royal Oak's 50th anniversary with the manufacture's own integrated flyback calibre 4401, and the 26331, made from 2017 to 2019 on the modular calibre 2385 that had powered the Royal Oak Chronograph since 1997. Both are 41 mm, both carry the Grande Tapisserie dial with the date at 4:30, and both come in steel, pink gold, yellow gold and white gold. This guide covers the specifications of each, what changed between them, how the dial layouts and cases differ, how they wear, hedged retail bands and what our sourced catalogue asked for both on 21 September 2026, and what to check before buying. Bizak & Co. sources the Royal Oak Chronograph 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.
Royal Oak Chronograph 26240 and 26331 specifications
| Attribute | 26240 (2021 to date) | 26331 (2017 to 2019) |
|---|---|---|
| Case | 41 mm, about 12.4 mm thick; steel, pink gold, yellow gold, white gold; sapphire caseback | 41 mm, about 11 mm thick; steel, pink gold, yellow gold, white gold; solid caseback |
| Movement | Calibre 4401, in-house integrated flyback chronograph, column wheel, vertical clutch, 70 hours power reserve, 4 Hz | Calibre 2385, modular chronograph on a Frédéric Piguet 1185 base, 40 hours power reserve, 3 Hz |
| Dial layout | Chronograph minutes at 3, small seconds at 6, chronograph hours at 9; date at 4:30 | Small seconds at 12, chronograph hours at 6, chronograph minutes at 9; date at 4:30 |
| Dial | Grande Tapisserie, applied gold markers, Royal Oak hands; blue, black, silver, green and grey depending on metal | Grande Tapisserie; blue, black, silver and the 2018 panda and reverse-panda editions |
| Water resistance | 50 m | 50 m |
| Bracelet | Integrated, AP folding clasp; strap versions on gold references | Integrated, AP folding clasp; strap versions on gold references |
| Predecessor | 26331 | 26320 (2012 to 2017), same calibre with smaller sub-dials |
The Audemars Piguet watch collection page carries the manufacture's own specifications for the current 26240 references, and Audemars Piguet services covers servicing intervals and the extract of archives for a discontinued 26331.
What changed from the 26331 to the 26240?
- The movement. The 26331's calibre 2385 was a well-regarded but outsourced modular chronograph with 40 hours of reserve and a cam-and-lever mechanism. The 26240's calibre 4401 is Audemars Piguet's own integrated chronograph, developed for the Code 11.59 in 2019: column wheel, vertical clutch for a stutter-free start, flyback so the chronograph resets and restarts with one press while running, and 70 hours of reserve.
- The dial layout. The 2385's small seconds at 12 with counters at 6 and 9 gave the 26331 an asymmetrical face; the 4401 puts the counters at 3, 6 and 9, the conventional tri-compax layout, and moves the running seconds to 6.
- The caseback. The 26240 shows the movement through sapphire, with a 22 ct gold rotor; the first 2022 examples carried a "50-years" anniversary rotor. The 26331 has a solid back.
- The case. The 26240 is about 1.4 mm thicker to accommodate the integrated movement and the display back. The 26331 is the slimmer watch and, on the wrist, the more Royal Oak-like of the two.
- Finishing details. The 26240 updated the hands, markers and the bezel profile in line with the 2022 anniversary refresh of the whole Royal Oak line.
Neither is a better watch in every respect. The 26240 has the movement collectors wanted for twenty years; the 26331 is thinner, has the layout that older Royal Oak Chronographs used, and costs a good deal less.
Royal Oak Chronograph secondary asks, 21 September 2026
| Reference | Bizak catalogue ask, 21 Sep 2026 | Note |
|---|---|---|
| 26240ST steel, blue dial | US$70,040 | About twice the low-to-mid US$30,000s retail band |
| 26331ST steel, blue dial | US$49,858 to 51,500 | Roughly 30 percent below the 26240ST for a similar-looking watch |
| 26240OR pink gold on strap | US$69,749 green dial; US$85,490 blue dial | A gold chronograph on a strap for the price of a steel one on a bracelet |
| 26240OR pink gold on bracelet | US$118,550 silver, US$119,479 black, US$121,025 black, US$127,719 green, US$128,750 blue, US$142,398 blue | The gold bracelet roughly doubles the strap ask; dial colour and dial code move the price |
| 26240BA yellow gold on bracelet | US$135,703; limited edition US$169,949 | Yellow gold returned to the Royal Oak line in 2022 |
| 26240BC white gold on bracelet | US$134,929 blue dial; US$203,940 purple dial | White gold is the scarcest metal on the bracelet chronographs |
Those are asks for watches sourced to order, brand new unless noted, and they will move. The steel 26240ST is the reference the boutiques allocate most strictly, which is why it asks about twice its list band while the discontinued 26331ST, which cost in the mid US$20,000s when it left the catalogue in 2019, asks in the low US$50,000s. Our Royal Oak price guide sets these figures beside the rest of the Royal Oak line.
How much is a Royal Oak Chronograph at retail?
Audemars Piguet publishes list prices and revises them roughly once a year; treat these bands as orientation for 2025 to 2026 and confirm with a boutique. The steel 26240ST has sat in the low-to-mid US$30,000s, gold references on straps in the US$50,000s to US$60,000s and gold references on bracelets from the US$80,000s to over US$100,000. The 26331ST is no longer sold new; its last list price was in the mid US$20,000s in 2019. Getting a steel 26240ST at list requires a purchase history with the boutique; gold versions on straps are easier to be offered, which is one reason their secondary asks sit close to list while the steel watch does not.
26240 or 26331: which Royal Oak Chronograph should you buy?
| If you want | Choose | Why |
|---|---|---|
| The in-house flyback movement | 26240 | Calibre 4401 is the reason the reference exists; the 26331 cannot offer it |
| The thinnest Royal Oak Chronograph | 26331 | About 11 mm against 12.4 mm, and lighter on the wrist |
| A display caseback | 26240 | The 26331's back is solid |
| The best value in steel | 26331 | About 30 percent less than the 26240ST on 21 September 2026 for the same case size and dial pattern |
| A current warranty | 26240 | Every 26331 is out of its original warranty; the 26240 carries up to five years from purchase |
| The panda dial | 26331 | The 2018 white-and-black and black-and-white editions have a collector following |
| Gold without the bracelet premium | 26240 on strap | Pink gold on a strap asked US$69,749 to 85,490, close to steel on a bracelet |
How does the Royal Oak Chronograph wear?
At 41 mm with the Royal Oak's short integrated lugs, both references wear smaller than the diameter suggests, and the bracelet is the reason: it drapes closely and puts the weight around the wrist rather than on top of it. The 26331 at about 11 mm sits nearly as flat as the 41 mm Selfwinding; the 26240 at 12.4 mm is noticeably taller under a cuff, though still slim for an integrated automatic chronograph with 70 hours of reserve. The 4401's vertical clutch gives the 26240's chronograph seconds hand a clean start with no jump, and the flyback is a genuine convenience for timing laps or intervals. The 26331's pushers have a lighter, longer action. Gold versions on straps weigh less than steel on the bracelet, which surprises buyers who expect gold to be the heavier watch.
Is the Royal Oak Chronograph a good investment?
The 26240ST has held a premium of roughly twice list since 2022, in line with the other steel Royal Oaks, and that premium has already been through one correction from the 2022 peak. The 26331ST, being discontinued and cheaper, has a fixed supply and a lower entry point, and the panda editions in particular have held well. Gold chronographs on bracelets are expensive to buy and carry a smaller percentage premium, so they lose less if the market softens and gain less if it firms. Buy the generation whose movement and thickness you prefer; if resale matters, buy a full set with a late warranty card, keep every bracelet link, and ask for a written cash-buy assessment before you commit through our sell your watch page.
Buying a Royal Oak Chronograph: what to check
- Reference and layout. Counters at 3, 6 and 9 with a sapphire back mean a 26240; small seconds at 12 with a solid back mean a 26331. The warranty card and caseback confirm the full reference and the dial code.
- Chronograph function. Start, stop and reset should be crisp with the hands returning exactly to zero; on the 26240 the flyback should reset and restart with one press while running. A chronograph seconds hand that jumps on start is a fault on the 26240 and normal on the 26331.
- Bezel screws. Eight hexagonal screws in white gold, all aligned, with clean slots; marked screws mean the bezel has been off.
- Finish. Brushed surfaces and polished bevels should meet at a sharp line on case and bracelet; softened transitions mean polishing outside the manufacture, and the Royal Oak's value rests on those lines.
- Bracelet and links. Links should be tight and the clasp should close with a firm click; ask how many links were removed and whether they come with the watch. Missing links are expensive.
- Service history. Every 26331 is out of warranty and some are due a service; a calibre 2385 with no service record in eight years should be budgeted for one. The 26240 carries a warranty from its purchase date.
- Price against the band. A full-set 26240ST 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 guide goes through the case, dial and bracelet tells in detail.
Quick answers
How much is an Audemars Piguet Royal Oak Chronograph?
The steel 26240ST has listed in the low-to-mid US$30,000s at retail. On 21 September 2026 Bizak's sourced catalogue asked US$70,040 for a blue-dial 26240ST, US$49,858 to 51,500 for the discontinued 26331ST and US$69,749 to 142,398 for pink gold 26240 references on strap or bracelet, sourced to order.
What is the difference between the Royal Oak Chronograph 26240 and 26331?
The 26240 has the in-house integrated flyback calibre 4401 with 70 hours of reserve, counters at 3, 6 and 9 and a sapphire caseback; the 26331 has the modular calibre 2385 with 40 hours, small seconds at 12 and a solid back, and is about 1.4 mm thinner.
What movement is in the Royal Oak Chronograph 26240?
Calibre 4401, Audemars Piguet's integrated automatic flyback chronograph with column wheel, vertical clutch and 70 hours of power reserve, first used in the Code 11.59 in 2019.
When was the Royal Oak Chronograph 26331 made?
From 2017 to 2019, replacing the 26320 of 2012 to 2017 and replaced in turn by the 26240 in 2021.
Is the Royal Oak Chronograph hard to get at retail?
In steel, yes; the 26240ST is allocated to established boutique clients, which is why it asks about twice its list price on the secondary market. Gold versions on straps are easier to be offered and ask close to list.
Request a Royal Oak Chronograph sourcing quote
Tell us the reference, metal, dial colour 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: 26240ST blue dial, 26331ST blue dial, 26331ST.OO.1220ST.01, 26240OR pink gold on strap, 26240OR pink gold on bracelet; browse the Royal Oak collection, the Audemars Piguet collection, the chronographs collection, or sell or trade your Royal Oak Chronograph.
Related reading: Royal Oak price guide · Royal Oak Offshore buying guide · Royal Oak authentication and collecting guide · Rolex Daytona 126500LN guide.
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