Watch Buyer Guide — Mozeris Fine Antiques
Audemars Piguet: Royal Oak, Offshore & Beyond — The Complete Seller's Guide
The Royal Oak changed watchmaking in 1972. Today AP commands some of the most dramatic premiums in the entire watch market. We cover what your Audemars Piguet is worth, which references are most sought after, and how to sell for the best return. Strictly by appointment only.
Sell Your Audemars Piguet
Send photographs for a free, no-obligation valuation — same-day response. Strictly by appointment only.
The Watch That Broke Every Rule — and Created a Category
In 1972, a luxury watch made entirely from stainless steel, designed by a man given just a few days to do it, retailed for more than many gold watches of the era. It was Gerald Genta's Royal Oak — and it made Audemars Piguet one of the most influential names in 20th-century horology.
Before the Royal Oak, stainless steel was considered unsuitable for luxury watches. The Royal Oak used steel as a statement. Its octagonal bezel secured with eight hexagonal screws, its integrated bracelet, its distinctive "tapisserie" (small squares) dial — everything about it was a deliberate provocation. It worked. The watch became one of the most successful references ever made, and the AP Royal Oak is today one of the most desirable watches in the world.
AP's pedigree is older than most realise. Founded in Le Brassus, Switzerland in 1875 by Jules-Louis Audemars and Edward-Auguste Piguet, the company has remained family-controlled since its founding — one of very few prestigious Swiss houses that can make this claim alongside Patek Philippe.
"The Royal Oak ref. 5402 from 1972 — the original 'Jumbo' — has sold at auction for over £400,000. A modern stainless steel Royal Oak bought new for £20,000–£25,000 can resell for £35,000–£60,000 within years of purchase."
— Mozeris Fine Antiques, Watch Buying Team
Early Royal Oak references from the 1970s and 1980s are among the most actively sought watches by serious collectors worldwide.
Royal Oak, Offshore and Code 11.59: What Sets Each Apart
AP's range is broader than most buyers realise. The Royal Oak family dominates the market, but each reference within it has distinct characteristics and a separate collector following.
Royal Oak "Jumbo" (Ref. 5402, 15202)
The original. 39mm steel case, ultra-thin. The ref. 15202 in steel is one of the most liquid watches in the entire market — buyers queue for them. Range: £40,000–£120,000+.
Royal Oak (Ref. 15400, 15500)
The standard modern Royal Oak, 41mm. Ref. 15500 released 2020. Steel: £28,000–£60,000. Rose gold: £50,000–£90,000+. Demand consistently exceeds supply.
Royal Oak Chronograph (Ref. 26320, 26331)
Adds flyback chronograph to the classic Royal Oak case. Steel: £30,000–£55,000. Highly collectible and growing in the secondary market.
Royal Oak Offshore (Ref. 25721, 26400)
The bigger, bolder Offshore — introduced 1993, designed for sports use. More accessible market entry. Steel: £18,000–£40,000. Special editions significantly more.
Royal Oak Perpetual Calendar
The complication benchmark. Self-winding perpetual calendar in the iconic case. Range £60,000–£150,000+ depending on metal and reference.
Code 11.59
Launched 2019, controversial but growing acceptance. Round case, complex dial architecture. Range: £20,000–£50,000. Complications (tourbillon, minute repeater) significantly more.
Audemars Piguet Value Guide 2025
Indicative resale ranges — final values depend on reference, condition, box and papers, and whether limited edition.
| Reference / Model | Configuration | Indicative Resale Range |
|---|---|---|
| Royal Oak 15202 "Jumbo" | Stainless steel, 39mm | £45,000 – £120,000+ |
| Royal Oak 15500 | Stainless steel, blue or grey dial | £30,000 – £60,000 |
| Royal Oak 15400 | Stainless steel, 41mm | £22,000 – £45,000 |
| Royal Oak (rose gold) | 18ct pink gold, any ref. | £45,000 – £90,000 |
| Royal Oak Chronograph 26331 | Steel, flyback | £28,000 – £55,000 |
| Royal Oak Offshore 26400 | Steel, 44mm | £18,000 – £38,000 |
| Royal Oak Perpetual Calendar | Steel or gold | £60,000 – £150,000+ |
| Royal Oak (vintage, 1970s–80s) | Steel, original bracelet and dial | £20,000 – £400,000+ |
| Code 11.59 | Steel or gold, various | £18,000 – £50,000 |
| Limited editions / special ref. | Various — assessed individually | Strong premiums — contact us |
What Makes an AP Worth More
Reference and condition are the dominant value factors for Audemars Piguet — more so than for most other brands. The difference between a well-preserved, unpolished Royal Oak with an original bracelet and papers, versus one that has been polished, bracelet replaced and papers lost, can be 30–50%.
Factors that strongly increase value:
- Original box and papers — AP's blue leather box and certificate add significant value
- Unpolished case — original brushed and polished surfaces intact; never touched by a polishing wheel
- Original bracelet — AP bracelets are expensive and sought after; replaced bracelets reduce value
- Original dial — not refinished, repainted or replaced
- Limited edition or special commission status — documented in papers
- Low production numbers — certain early references were made in very small quantities
- Tropical dial — brown-toned dials that have developed colour with age are highly sought after
⚠️ Strictly by appointment only — please contact us before visiting either showroom.
Selling Your AP: What to Prepare
When you contact Mozeris Fine Antiques with an Audemars Piguet, the information that speeds up the process and maximises your offer:
- Reference number — on the caseback, or on the papers if present
- Serial number — confirms production year
- Case condition — scratches, dents, polishing history
- Bracelet — original AP bracelet? Any additional links? Clasp function?
- Dial condition — any fading, damage, or restoration?
- Box and papers — original box, inner and outer? Guarantee card? Hang tags?
- Service history — when was it last serviced and by whom?
If you do not know some of these details, that is fine — send us clear photographs of the dial, caseback, bracelet clasp, and any documentation you have. We will assess from there and come back to you with questions if needed.
Frequently Asked Questions
Is the Royal Oak worth more than a Rolex?
For most steel sport references, yes — significantly so. A stainless steel Royal Oak 15500 currently resells for £30,000–£60,000; a steel Rolex Daytona might fetch £18,000–£35,000. At the top of the market, original Royal Oaks from the 1970s have sold for hundreds of thousands, putting them well above any comparable Rolex reference from the same era.
I have a Royal Oak Offshore — is it worth less than a standard Royal Oak?
Generally yes — the original Royal Oak commands a higher premium than the Offshore in most configurations. However, certain Offshore limited editions, particularly those in rose gold or with unusual dials, can rival or exceed standard Royal Oak prices. The Offshore is extremely liquid and still worth very significant sums.
My AP was polished by a jeweller years ago — does this matter?
It does reduce the value compared to an unpolished example, but it does not make the watch unsellable — far from it. An over-polished Royal Oak is still worth considerably more than most other watches. We factor polish history into our assessment and explain clearly how it affects the price we can offer.
Do you buy AP watches that need servicing?
Yes — we buy AP in all conditions, including those that need service. We factor the likely service cost into our offer. Do not have the watch serviced just before selling — you will not recoup the cost, and an AP service done by a non-authorised watchmaker can sometimes reduce value further.
How quickly can you make an offer?
Same day for email valuations during business hours. We respond to most enquiries within a few hours. For unusual references or limited editions we may take slightly longer to research the specific market — but we always update you promptly.
Sell Your Audemars Piguet
Free valuation, immediate payment, no commission. Strictly by appointment only — please do not visit without booking.
Get in Touch
Strictly by appointment only — no walk-ins at either showroom.
Mayfair Showroom
47 Maddox Street
Mayfair, London W1S 2PG
By appointment only
Essex Showroom
Unit 20B Lakes Industrial Park
Braintree, Essex CM7 3RU
By appointment only