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Is an Audemars Piguet Watch a Good Investment? Resale Value and Risks Explained

Some Audemars Piguet Royal Oak references hold much of their retail value, but resale is not a guaranteed return. Here is what the index and collection data show, and what owners actually keep.
Estimate6–8 min Catalogued SpecialistWatchRanker Team
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Not reliably. Some Audemars Piguet Royal Oak references have held a large share of their retail price on the secondary market, but that is a market observation, not a dependable investment return. Published figures move in both directions depending on the model, the period and the data provider, and none of them guarantees what a specific watch will sell for.

What “good investment” would have to mean for this watch

A watch can be a good investment only if you can buy it at a known price, keep it without losing condition or documentation, and sell it later for more than your total cost after fees and taxes. For Audemars Piguet, the evidence supports the first step being possible for some models at some times, but it does not show that the whole brand reliably produces that outcome. The sections below separate the figures that describe resale markets from the costs and risks that determine what an owner actually keeps.

What the Royal Oak index shows

WatchCharts publishes a Royal Oak market index that tracks 30 Royal Oak models, weighted by transaction value and rebalanced once a year on January 1. The index is quoted in US dollars. As of October 5, 2026, it stood at USD 98,723. Its reported movements were:

Period Index change
1 month +0.3%
3 months +1.2%
6 months +3.1%
1 year +9.5%
3 years −3.1%
5 years −4.9%
Since inception +143.0%

The one-year gain and the three- and five-year declines describe the same index over different windows. A buyer who entered in 2021 and sold in 2026 would have seen a different result from one who entered in 2025. These are nominal index changes, not inflation-adjusted returns, and they describe a basket of selected models, not an offer or appraisal for any single reference. Source: WatchCharts, Audemars Piguet Royal Oak Market Index, data as of October 5, 2026.

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Why “AP resale value” is not one number

Resale performance varies sharply by collection. In its Q2 2025 report, EveryWatch compared secondary-market prices with retail for three collections and for the brand as a whole:

Collection or group (Q2 2025) Reported position versus retail
Royal Oak 62.6% above retail
Royal Oak Offshore 4.9% above retail
CODE 11.59 3.8% below retail
All current-catalogue AP watches (227 references) 41.2% above retail on average

These are EveryWatch’s own calculations for one quarter, using its definitions and its sample. They describe how prices compared with retail at that time, not a rule that a given watch will keep a premium. The same report said the Royal Oak accounted for 52.6% of AP secondary-market sales value in Q2 2025, which means the brand-wide average is heavily shaped by one collection. An Offshore or CODE 11.59 buyer should not borrow the Royal Oak figure.

Sales volume, speed and price are different signals

EveryWatch also reported that AP’s average days on market improved from 177 days in Q1 2025 to 156 days in Q2 2025. In the same period, the average price of Royal Oak listings in its tracked sold data fell 4.4% quarter over quarter, while sales volume rose 43.2%. More trading can happen while average prices slip, so volume should not be read as appreciation. Days on market describe the provider’s observed listings; they do not tell a seller how quickly a particular watch will sell at a chosen price.

What an owner keeps: ownership costs

Resale figures are usually quoted before the costs of owning and selling the watch. Audemars Piguet’s Geneva boutique price list gives two examples, both before tax:

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  • Complete maintenance, selfwinding Royal Oak: CHF 950.
  • Refinishing a Royal Oak case with bracelet and buckle: CHF 450.

The list applies to mechanical watches produced within the previous 25 years. It is a Geneva boutique price, not a worldwide quote. Authorized independent providers set their own customer prices, so service cost can differ by location and by the work required. Over a long hold, these bills, plus insurance and the fees and taxes charged when you sell, reduce the net figure you receive. Source: Audemars Piguet Geneva boutique price list, accessed October 2026.

Risks to weigh before buying

  • Reference risk. Strength concentrated in selected Royal Oak models does not carry over to every Royal Oak configuration, or to Offshore or CODE 11.59 models.
  • Time-horizon risk. The same index can show gains over one year and losses over three or five. Your start and end dates determine the story.
  • Measurement risk. An index, an asking price, a sold-listing average, a dealer bid, an auction result and your own net proceeds are different numbers. Check which one any quoted figure represents.
  • Condition and originality risk. Physical condition, non-original parts, missing papers and gaps in service history can lower offers. The sources reviewed for this article do not establish a standard percentage discount for these factors, so treat any such adjustment as a negotiation outcome rather than a known rule.
  • Liquidity risk. A typical days-on-market figure does not guarantee that you can sell by a given date or at a given price.
  • Retail-comparison risk. “Above retail” compares a secondary price with today’s retail price. It does not show what you paid, whether you bought at retail, or what you will pay in selling costs.

Official ownership terms

Official terms affect what an owner can rely on, but they do not affect resale value directly. Audemars Piguet’s page for the Royal Oak Selfwinding, reference 15510ST.OO.1320ST.01, describes a 41 mm stainless-steel model with a steel bracelet. The international sales warranty gives two years of coverage for manufacturing defects, and a five-year warranty applies to qualifying purchases made through the AP network since January 1, 2017. Eligibility depends on the warranty conditions on that page.

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The AP Coverage Service, described on its Hi-Care page, is a two-year complimentary service for eligible watches first acquired in 2024, 2025 or 2026 through the official AP network. It requires registration and is subject to its terms. It is not investment protection or general insurance.

AP says its after-sales network uses watchmakers and polishers certified by the brand, who receive ongoing training and use genuine parts. AP’s service terms also state that it does not appraise the market value of an individual watch. For that, use reference-specific sold data or a qualified dealer. The brand’s own service language is worth reading for what it covers:

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“Each watch marks the beginning of a relationship dedicated to exclusive, personalised services.” Audemars Piguet, customer-service page. This is brand language, not evidence about resale value.

Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Support on Ko-Fi

How to test a specific watch

  1. Identify the exact reference number, case material, dial, bracelet and any variant, then search only comparables that match them.
  2. Record the price, the date and the measure behind each comparable: asking price, sold price, dealer offer or auction result.
  3. Compare against what you paid, including dealer premium, taxes and any accessories, rather than against today’s retail price alone.
  4. Assess the condition, originality and documentation. Note any polishing, replaced parts or missing papers, because each one will affect the offer.
  5. Estimate the service needs over your holding period using current published prices or a quote from an authorized provider.
  6. Subtract selling fees, taxes and the cost of a realistic sale timeline from the expected price to arrive at a net figure.
  7. If the net figure is below what you paid, or depends on one favorable year, treat the purchase as a cost of ownership rather than a return.

When resale value is a reasonable consideration

Resale value can matter for a buyer who wants a watch they will enjoy, expects to keep for a long time, and is comfortable with the possibility of a net loss. It is a weaker reason to buy if the main goal is a predictable gain. The figures above show that outcomes depend heavily on which Royal Oak reference you choose, when you buy and sell, and what you spend along the way.

The Bottom Line

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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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