The short answer
The Audemars Piguet Royal Oak is the last steel sports watch still trading above retail in 2026, and that tells you most of what you need to know about the brand. The Royal Oak is the value anchor. Almost everything else AP makes, especially the Code 11.59, sells for a steep discount the day it leaves the boutique.
So if you want an AP, the question is not really which one. It is the Royal Oak, bought pre-owned, eyes open about the premium. The rest is for people buying with their heart, not their head.
AP is essentially a one-model brand on the secondary market. The Royal Oak holds, the Code 11.59 bleeds, and the gap between them is enormous.
All images in this post are AI-generated and may not perfectly represent the actual watch references discussed. They are intended for illustration only.
The Royal Oak is the one that holds
Gerald Genta drew the Royal Oak in 1972 and invented the luxury steel sports watch in the process. Fifty years later it is still the reference the whole category is measured against, and the market treats it accordingly.
The steel Royal Oak is the only AP line still commanding a premium over retail in 2026.
Even as the wider market cooled, the steel Royal Oak kept its head above water. WatchPro reported that while Code 11.59 and Royal Oak Offshore prices slipped below retail, dealers were still charging roughly a 24% premium over retail on the standard Royal Oak. WatchCharts has the bestselling 15500ST up about 9% over the past year, with the Jumbo 16202ST up around 10%.
That is the anchor. Now the catch.
The catch: retail is theoretical
You almost certainly cannot walk into an AP boutique and buy a steel Royal Oak at list. Allocation goes to established clients, so the secondary market is the real entry point, and it is not cheap.
| Reference | What it is | Secondary market |
|---|---|---|
| 15510ST | Selfwinding 41mm | ~$38,000 to $50,000 |
| 16202ST | Jumbo Extra-Thin | ~$70,000 to $85,000 |
| 26240ST | Chronograph 41mm | ~$45,000 to $58,000 |
Secondary ranges from WatchGuys. Retail on the Jumbo is around $40,100, so the Jumbo's secondary premium is steep. You are paying for access as much as the watch.
The honest read: the Royal Oak holds value better than nearly anything, but you enter at a premium, so do not expect to flip it for a gain. You are buying the best-holding AP, not a profit machine.
The Code 11.59 is the cautionary tale
If the Royal Oak is why people respect AP's resale, the Code 11.59 is why people stayed wary of everything else.
A full set with box and papers protects resale, but on a Code 11.59 it cannot offset the depreciation.
Launched in 2019, the Code 11.59 has been a steady depreciator. The white-gold automatic 15210BC trades around $19,875 against a $76,700 retail, about 74% below list. The steel 15210ST shed roughly a third of its value, and across the line discounts have widened. It is a technically excellent, beautifully finished watch that the secondary market simply has not embraced.
For a buyer, that is a flashing signal: a Code 11.59 will cost far less used than new, which is great if you love it and plan to keep it, and painful if you expected it to behave like a Royal Oak.
Be honest: even the Royal Oak is not a sure thing
A good dealer does not oversell the anchor either.
The Royal Oak is the strongest holder in the lineup, not a guaranteed appreciator.
The broad AP index was roughly flat over the past year, down about 1.3% on Loupe's read, and even the 15500ST carries a high short-term risk score on WatchCharts. Strong relative to its siblings does not mean immune. Buy the Royal Oak because you want to wear one of the defining designs in watchmaking, not because you are counting on the premium to grow.
This is the same lesson from our brand-by-brand value map: value concentrates in specific references, and the Royal Oak is AP's.
How to buy an AP well
- Buy the Royal Oak, in steel. The 15500/15510 Selfwinding is the sweet spot for most buyers; the Jumbo 16202 is the purist's pick at a much higher premium.
- Use the secondary market. Retail is effectively closed, so a reputable pre-owned dealer is the realistic path.
- Demand a full set. Box, papers, and service history matter on every six-figure-adjacent watch.
- Buy the Code 11.59 only for love. If you genuinely want one, the used discount is your friend. Just never frame it as a value play.
The dealer take
AP makes some of the finest watches in the world, and the market rewards exactly one line of them. The Royal Oak is the watch, the value, and the reason the brand matters on the secondary market.
Buy the steel Royal Oak to wear and keep, and you own the watch that defined a category.
Buy the steel Royal Oak, pre-owned, with a full set, and accept that you are paying a premium for one of the great designs rather than chasing a return. Want a Code 11.59? Buy it because it moves you, at the steep discount the used market offers, and never confuse it with the Royal Oak.
You can browse the pre-owned Audemars Piguet collection at 5dwatches.com.