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This article summarises the appeal of Audemars Piguet (AP) in easy-to-understand terms , with terminology hints provided for technical terms.
table of contents
- First, a summary of the three lines
- Brand story (history, independence, "the holy trinity")
- What you can tell by looking at the Royal Oak
- Easy to understand AP technology (sound, thinness, super complexity)
- AP House and the strategy of "not over-producing"
- Market prices for the six representative models and trends over the past three years
- What are the differences between regions (Japan/Hong Kong/US/Middle East)?
- Which channel do you buy through? (Store/CPO/Auction)
- 10 things to check before buying & 7 things to check before selling
- Reasons for price movements (exchange rates, interest rates, seasons, photos)
- Basics of daily care and overhaul (OH)
- Mini Glossary (Quick Review)
- Frequently asked questions (very specific)
- Reference Links & Next Actions
First, a summary of the three lines
- AP's value = "rarity" : Independent management x Royal Oak's design and asset value x RD#'s talkable technology .
- Promotional method : DTC ( Direct to Consumer ) × AP House enhances the experience while controlling supply to ensure value and brand.
- How to read the market : The Royal Oak Jumbo Extra-Thin is "unwaveringly popular," while the Royal Oak is "extremely stable."
Brand story (history, independence, "the holy trinity")
Audemars Piguet was founded in 1875 in Le Brassus , in the Vallée de Joux mountain range in Switzerland. Its founders were Jules-Louis Audemars and Edouard-Auguste Piguet . They upheld the principle of "quality over quantity," and continued to develop complex mechanisms and produce small-scale watches. Being an independent maison that is not part of a corporate group allows them to make decisions with a long-term perspective, which is one of its strengths.
In the world of luxury watches, it is one of the " holy trinity" ( the world's three major watch brands ) alongside Patek Philippe and Vacheron Constantin . This is not because of its high price, but because of its reputation as a result of its comprehensive accumulation of history, technology, finish, and customer experience .
Related Topics: AP's "Records and Evidence Stacking"
- 1892: Involved in the creation of the first minute repeater for wristwatches.
- 1934: Launch of the skeleton watch.
- 1972: The Royal Oak overturns the notion that luxury equals solid gold.
- Modern: RD# advances sound, thinness and ultra-complications. "Since 2015, Audemars Piguet's Research & Development (RD) series has embodied groundbreaking advances in watchmaking, combining technical innovation with timeless design."
Royal Oak "design" (shape, texture, story)
① Octagonal bezel and screws
The face of the Royal Oak is its octagonal bezel and the screws visible on the front . These are not merely decorative, but represent a concept that combines function and design . The perfectly aligned screws speak to the precision of the design and finish .
② Integrated bracelet
Rather than treating the case and bracelet as separate parts, they are designed as a single piece from the start . The chamfering (polishing of the corners) and the direction of the hairline on the links are aligned, which gives the watch a refined look in the way light passes through it. The sharpness of the lines in the finish is what makes the Royal Oak so appealing.
③ “Tapestry” Dial
The rectangular indentations on the dial are known as tapestry (a type of guilloche). The minute engravings change appearance as the light catches them. Depending on the model, the scale of the pattern varies from "Petite (small)" to "Grande (large)" to "Mega (even larger)", completely changing the impression.
④ What is “Jumbo 16202”?
The Jumbo is a classic model with a 39mm size, inheriting the design of the original. The 16202, released in 2022 to mark the 50th anniversary, inherits the same appearance but replaces the movement with an in-house caliber. Its balance of traditional appearance and modern heart is popular.
Terminology explanation: Hairline / Surface roughness / Mirror finish
- Hairline: Fine lines that run straight down the surface. When they are aligned, they look high quality.
- Sharpness of the surface: The edges (corners) are sharp. If polished too much, the corners will become flat.
- Mirror finish: A polished surface that reflects light brilliantly. The beautiful transition to the hairline creates a luxurious feel.
Easy to understand AP technology (sound, thinness, super complexity)
Supersonnerie (RD#1) — A minute repeater with a different sound
The minute repeater is the "art of sound." AP has devised a case structure that produces a loud, clear sound even when the watch is worn. The idea is to make the case itself resonate like a musical instrument .
Ultra-thin Perpetual Calendar (RD#2) — A challenge to be "thin yet tough"
Perpetual calendars tend to be thick due to their complex mechanisms and the large number of parts. RD#2's mechanism has been cleverly positioned to make the movement itself extremely thin . Going beyond the image of thinness as being fragile, it also achieves rigidity that can withstand everyday use .
Universelle (RD#4) — The answer to “usable supercomplexity”
It's not enough to just have a lot of features. AP is designed with operability and visibility in mind, aiming for ultra-complexity that users can master . This is the idea that UI/UX ( user interface/user experience ) is especially important at the high end.
AP House and the "not over-producing" strategy (a system to protect value)
AP operates directly managed stores, AP House , in various cities. These are salons where you can experience the brand , rather than just a place to sell. They are special places that are built on the premise of a long-term relationship, offering attentive customer service, after-sales service, and suggestions for limited edition models.
At the same time, AP adheres to a policy of not increasing production numbers too much , which helps to maintain a stable supply and demand balance, making it easier for value to be maintained in the secondary market.
Market prices of the six representative models and trends over the past three years
When looking at the numbers, keep in mind that the "playing field" is different: used estimates = current median value , dealer listings = desired price before negotiations , and auctions = the result of a single bet . The median sale price (number of days) indicates good turnover, and volatility indicates the degree of fluctuation.
| Ref. | Model | Used Estimate (USD) | 1-year rise and fall | Dealer listing | Recent auction examples | Median sale price | mullet |
|---|---|---|---|---|---|---|---|
| 15550ST | RO Selfwinding 37 | $40,609 | +3.5% | $49k–$60k | — | 93 days | 11.6% |
| 16202ST | RO Jumbo 39 | $68,133 | -5.8% | $69k–$86k | CHF 113,400 (2022) | 100 days | 9.4% |
| 26240ST | RO Chronograph 41 | $49,918 | -1.2% | $60k–$76k | — | 43 days | 10.7% |
| 26331ST | RO Chronograph 41 (previous model) | $39,564 | +1.1% | $34k–$100k | $33,990 (2025) | 34th | 5.3% |
| 26586IP | RO QP Ultra-Thin | $159,409 | -15.5% | $175k–$188k | $239k (2022) ~ CHF 138.6k (2024) | 73.5 days | 15.3% |
| 26591TI | RO Minute Repeater | — | — | $280k–$473k | $330.2k (2025) | — | — |
The personality of each model in one word
- 16202 (Jumbo): Highly stable. Winning or losing depends on individual differences (exterior finish, accessories, etc.).
- 26240 (current chronograph): Stability is good . Dial color affects popularity.
- 26331 (previous Chrono): Low volatility and easy to handle . Good specimens are stable.
- 15550 (37mm): High demand. Dial color and model year determine the popularity.
- 26586/26591 (High complication): Values fluctuate greatly depending on the channel .
Numerical "pitfalls" and how to avoid them
- The listed price is not the final price: The listed price is before negotiations . The final price (actual market price) may be several to several tens of percent lower.
- Auctions are a one-off deal: Prices fluctuate greatly depending on the photo, individual item, and timing. Prices tend not to average out.
- Used price estimates are based on the "current median" value: outliers tend to be excluded. Items in poor condition or missing accessories are rated low.
What are the differences between regions (Japan/Hong Kong/US/Middle East)?
Regional differences arise from factors such as exchange rates, travel demand, tax systems, and inventory turnover. The same brand may have a different feel depending on the location —this idea is important.
| region | Current atmosphere | Features | Tips |
|---|---|---|---|
| Japan | Somewhat strong | Weak yen × inbound tourism. Individuals with explanatory power are strong | Entry/exit fixed in dollar terms |
| Hong Kong/China | Weak to Neutral | Buyers have the advantage. Selection is strict | Good individuals are prioritized through speedy decision-making |
| US | Large fluctuation | Policy, events, and tariffs affect supply and demand | Shorten inventory cycles and stock lightly before events |
| Middle East (UAE) | High price range | There is a large capacity for CPO and consignment | High compression is channel optimization |
Which channel do you buy through? (Store/CPO/Auction)
| medium | Price Trends | Good points | Points to note | A compatible model |
|---|---|---|---|---|
| auction | Wide vertical width | Rare and highly proven individuals are the best | It's a one-point battle. Fees, time, and photos are all important. | 26591/Limited/First release |
| Dealer listing | Slightly high (before negotiation) | Exposure x Rotation | Creating a flow (inquiry → negotiation → decision) is key | 15550/26240/26331 |
| CPO (certified pre-owned) | Expensive (including safety fee) | Transparency of maintenance and warranty | Trade-in difference and margin management required | A superb specimen of 16202 |
10 things to check before buying & 7 things to check before selling (copy and paste OK)
Check before you buy (10)
- ①Includes : box, warranty card, links, booklet, tag.
- ② Provenance: Where was it purchased (direct/regular/parallel)? Paper history, email, invoice.
- ③Exterior: Check for polishing and scratches.
- ④Bracelet: Stretching, rattle, and buckle engagement.
- ⑤Hands and calendar: Are they misaligned or stuck?
- ⑥ Luminescence: Unevenness or discoloration.
- ⑦ Daily rate: Actual measurement (checked with a timegrapher).
- 8. Waterproofing: Check the display. Don't rely too much on older models.
- 9. Size: Compare sizes 37, 39, and 41. Does it fit the cuffs and wrist bone structure?
- 10. Sales expectations: Understand the expected range when selling (store/CPO/auction) in advance.
Check before selling (7)
- ① Current condition photo: Photos are taken including any scratches to make the approximate appraisal more accurate.
- ②Condition comments: Whether polished or not, etc.
- 3) Summary of history: when, where, how much, and maintenance history.
- 4) Channel selection: In-store/consignment/CPO/auction.
- ⑤Timing: Compare quotes before and after exchange rates and events.
- ⑥ Minimum line: Check your take-home pay including taxes and fees.
- 7) Security: Safety during shipping and arrival (delivery insurance).
Reasons for price movements (exchange rates, interest rates, seasons, photos)
The price of a watch depends not only on the quality of the item , but also on the external environment . If you keep the following in mind, your judgment will be less likely to waver.
- Exchange rate: Weak yen → overseas demand flows in. Strong yen → domestic selling should be done with caution.
- Interest rates: Low interest rates → tailwind / High interest rates → calming down due to preference for cash.
- Gold price: Impact on primary prices of solid gold. There may be a return to stainless steel.
- Seasonality: Bonuses/end of the year (gifts, auctions, etc.) drive activity.
- Photos: If the photos are good, the number of inquiries you receive can be reflected in the price . It is also important to take photos of the property as it is to prevent any problems later on.
Basics of daily care and overhaul (OH)
The condition of the bezel, case, and bracelet is crucial for a Royal Oak. Wipe off any dirt with a soft cloth , and rinse off any sweat or dust with a light shower before drying completely.
- Not recommended: Abrasive cloths, strong ultrasonic waves, and excessive polishing.
- OH guideline: 3 to 5 years (frequency of use and individual differences may apply). Genuine OH is expensive, but it directly leads to value and peace of mind .
- Waterproofing: Don't rely too much on older models and be careful not to get them wet in the rain or when washing your hands.
Mini Glossary (Quick Review)
| term | Meaning (very roughly) |
|---|---|
| Tapestry | Royal Oak lattice dial finish (a type of guilloche) |
| Hairline | Fine grain on the metal surface. When the grain is aligned, it is of high quality. |
| Face shape | Sharp edges and smooth corners |
| Minute repeater | A mechanism that tells the time by sound using an internal hammer and gong |
| Perpetual calendar (QP) | A high-quality calendar that automatically adjusts to leap years |
| Jumbo | Nickname for the Royal Oak's 39mm classic size |
| mullet | Volatility. The range of price movements. |
| Median sale price | The "middle" of the period until it sells. The smaller the number, the better the turnover. |
| CPO | Certified used. Maintenance and warranty included with an additional "peace of mind" fee. |
FAQ
Q1. For your first AP, which one should you get, 16202 or 15550?
A. The 16202 is "true to the original" at 39mm, and is highly valued, so choosing the right one is difficult. The 15550 is easy to use at 37mm, and its thickness is appealing for practical use . If your wrist is on the slimmer side, choose the 15550, but if you want something "right in the heart of history," choose the 16202.
Q2. What is the difference between 26240 and 26331?
A. The current 26240 has good rotation and benefits from minor design changes and updated moves. The 26331 is the previous model with low volatility and an easy-to-hold price. If you prioritize rotation, go for the 26240 , and if you prioritize stability and cost performance, go for the 26331 .
Q3. Is high compression (26586/26591) scary?
A. Choosing the right channel is everything. It is important to find the channel that is most advantageous for you : direct management, CPO, consignment, or auction. The same goes for selling.
Q4. How often is maintenance performed?
A. The guideline is 3 to 5 years . The waterproof packing will deteriorate, so be careful with older models that come into contact with water. Although a genuine overhaul is more expensive, it is effective in preserving the value.
Helpful Links & Next Actions
*The figures in the text are estimates at the time of writing. They may vary depending on exchange rates, stock availability, and the condition of the individual item. Actual sales vary greatly depending on the channel.
