The Most Expensive Audemars Piguet Watches in History
The Most Expensive Audemars Piguet Watches in History
The most expensive Audemars Piguet fake watches ever auctioned are stories in themselves, chronicling the brand’s glorious achievements, rich heritage, and the finest timepieces from its long history. Their exorbitant prices, in a sense, reflect their profound heritage; and when collectors are willing to pay for the stories behind the watches, their value becomes self-evident. To gain a deeper understanding of the sources of these watches’ extraordinary value, we will delve into every aspect of the most expensive Audemars Piguet watches.
- Royal Oak Jubilée Ref. 14802PT
In 1992, to celebrate the 20th anniversary of the Royal Oak collection, Audemars Piguet released a limited-edition anniversary watch, whose key details have captivated collectors. Ranking twelfth on our list of the most expensive Audemars Piguet watches is this anniversary edition. Only 20 pieces were produced in platinum, and only a few of them feature a special “Tuscan” dial. This extremely rare hand-hammered dial, unlike the classic “checkered” decoration, has a rougher, more irregular surface and was used only on the Royal Oak Perpetual Calendar watch and some classic perpetual calendar watches, especially in the 1990s.
What makes this watch even more precious is that it is the only Royal Oak Jumbo watch to use a “Tuscan” dial without any other complications. All other versions with a “Tuscan” dial are equipped with a perpetual calendar function. Because the dial only features a simple time and date display, its unique texture can be fully appreciated.
- Karl Lagerfeld’s Royal Oak fake watch, model 5402ST
Karl Lagerfeld’s rise from Fendi womenswear designer to Chanel’s chief designer, ultimately becoming a pivotal figure in the international fashion world, is one of the most amazing stories in fashion history. His signature white braids, high collar, black sunglasses, and fan made him a fashion icon; even after his death in 2019, these characteristics remain closely associated with him.
These iconic features also include a black Royal Oak watch, which the fashion designer was known to have a particular fondness for. Phillips auction house claims that, through joint research with Audemars Piguet, they discovered that the watch ranked 11th on our list of the most expensive Audemars Piguet watches is actually one of Lagerfeld’s own Royal Oaks. According to their research, this watch, model 5402ST, was sold in Italy in 1973 and immediately underwent PVD finishing afterward. Therefore, this watch, originally made of stainless steel, has a completely black appearance.
It is said that Lagerfeld acquired this watch by chance while working as creative director for Fendi in Rome. Numerous images, including photographs taken during the 1974 Chloé fashion show, show Lagerfeld wearing a black Royal Oak watch with the brand logo at 6 o’clock, identical to the one on our list.
- Code 11.59 Tourbillon Skeleton Watch Only Watch 2019 Special Edition
Ranking tenth on the list of the most expensive Audemars Piguet watches is the Code 11.59 Tourbillon Skeleton Only Watch Special Edition, model number 26600CR.OO.D002CR.99. This unique timepiece was specially created by Audemars Piguet for the 2019 Only Watch charity auction. The case is 41mm in diameter and 10.7mm thick, crafted from 18K rose gold and 18K white gold: the middle case and hands are rose gold, while the bezel, lugs, case back, and folding clasp are white gold. The watch features anti-reflective sapphire crystal glass on both the front and back and is water-resistant to 30 meters.
- Royal Oak Perpetual Calendar, Model 25654PT
One of Audemars Piguet’s most expensive watches, ranking ninth at the 2022 “Royal Oak 50th Anniversary” auction, it won over numerous potential buyers with its platinum case, copper-brown dial adorned with the Royal Oak’s classic “Tapisserie” pattern, and sunburst sub-dials. This watch belongs to model 25654, which replaced the first Royal Oak Perpetual Calendar, 25554, in 1987 and remained in production until 1998. - Royal Oak “A2” Series, Model 5402ST
Hailed by Gerald Genta as “a masterpiece of his career,” this Royal Oak watch was created overnight at the request of Georges Golay, who served as General Manager of Audemars Piguet from 1966 until his death in 1987. The Royal Oak thus acquired its unique and iconic features: an octagonal bezel with eight hexagonal screws and a unibody case, all contributing to its aesthetic appeal and making it stand out as the most expensive stainless steel watch in history. Genta’s unwavering pursuit of geometric aesthetics, combined with the brand’s exquisite watchmaking craftsmanship, resulted in the Royal Oak, making it the “world’s first luxury sports watch.” For the first time in history, a timepiece perfectly blended powerful functionality with the prestigious watchmaking reputation of the Vallée de Joux, while also laying the foundation for luxury stainless steel sports watches with integrated bracelets.
However, the true power of Genta’s Royal Oak design lies far beyond its innovation; it was only years later that its universality and timelessness became apparent. As a well-designed, fully functional, and aesthetically pleasing watch, the Royal Oak continues to evolve, spawning numerous new models that expand and deepen upon its fundamental concepts. In 1993, the Royal Oak Offshore was born, providing designers with boundless creative freedom. Responding to market demand, this timepiece featured a larger case and a more masculine appearance, earning its first model, Ref. 25721ST, the nickname “The Beast.” In 2002, to celebrate the 30th anniversary of the Royal Oak, Audemars Piguet launched the Royal Oak Concept Watch No. 1 (Ref. 25980). This watch not only stunned the watchmaking world with its futuristic design but was also renowned for its unique material composition. The case alloy was primarily composed of cobalt and chromium, an alloy previously used only in the aerospace and medical industries.
Ranked eighth on our list of the most expensive Audemars Piguet watches is a Royal Oak watch from its heyday, perfectly embodying what Gerald Genta called “the wondrous realization of his childhood dream,” and it holds a special connection to this story. This watch is the second piece in the Royal Oak collection.
- Royal Oak “Complication” Watch, Model: 26605CE.00.1248CE.98 Long before the Royal Oak ushered in a new era for Audemars Piguet (AP), the brand was renowned for its complications, with the perpetual calendar being the most representative of its features. Even before Jules Louis Audemars and Edward Auguste Piguet co-founded Audemars in 1875, Audemars had to create an extremely challenging piece to demonstrate his exceptional skills honed during his master watchmaking training. This masterpiece was an 18K red gold pocket watch that combined a quarter-hour chime function with—as you might expect—a perpetual calendar. It wasn’t until decades later, in 1948, that Audemars Piguet launched its first perpetual calendar wristwatch—model 5516, some of which were the first perpetual calendar watches to feature a leap year display on the dial. Considering that for much of the 20th century, only Patek Philippe and Audemars Piguet mass-produced perpetual calendar watches, the significance of this complication is all the more extraordinary.
Ranked seventh on the list of the most expensive Audemars Piguet watches in auction history, this timepiece not only features a perpetual calendar but also a minute repeater and a split-seconds chronograph, placing it among the “high-complication” fashion men watches. What’s particularly noteworthy is that, despite its Royal Oak-style black ceramic case, the choice of font and hands clearly pays homage to earlier versions.
- Triple Calendar Chronograph with Moon Phase Display, Model 5503
In the world of vintage watches, rare timepieces abound—but those crafted only by top watchmakers like Patek Philippe or Audemars Piguet are extremely rare. For example, this Audemars Piguet full calendar chronograph, featuring a moon phase display and the 13VZAQ movement, was produced in a limited run of only 20 pieces between 1941 and 1943, encompassing various case shapes, sizes, dials, and materials.
One of these watches ranks among Audemars Piguet’s most expensive timepieces. According to the book Audemars Piguet 20th Century Complications, its original number was 1534, and it was renamed 5503 in 1951. These models all feature a chronograph movement based on the Valjoux caliber, equipped with a full calendar module designed by Alfred Aubert.
Model 5503 was produced from 1941 to 1943 and sold from 1945 to 1959. This model features a 36mm case, considered large for its time, and its extremely narrow bezel and elegant teardrop-shaped lugs make it appear even larger. Only five pieces of this model were ever produced. All watches were originally made with stainless steel cases, while the bezel, pushers, and crown were crafted from 14K rose gold. The use of gold for the bezel and pushers was likely due to the limited gold supply during World War II.
However, one of these five two-tone case watches was re-cased in a gold case and sold in 1959, meaning only four two-tone case watches remain. According to Audemars Piguet archives, this watch, with movement and case number 46’538, was manufactured in 1942 and sold in 1945 to Roehrich, Audemars Piguet’s then-representative in the United States. It will be featured at the Phillips Geneva Watch Auction: 23rd on May 10, 2026.
- Gerald Genta, Royal Oak “Jumbo” Ref. 5402. Gerald Genta was born on May 1, 1931, in Geneva to a Swiss mother and an Italian father. After training as a goldsmith and jeweler, he was hired by Universal Genève, a watch company renowned for its chronographs. At the age of 23, he designed the SAS Polerouter watch, inspired by the polar flights of the Scandinavian Airlines (SAS).
After working for Universal Genève until the mid-1960s, several Swiss copy watch companies extended offers to the young designer. First, Omega, for which he redesigned the Constellation series. In 1970, Audemars Piguet commissioned him to design the Royal Oak, now one of Audemars Piguet’s most iconic timepieces. Patek Philippe, hoping to leverage Genta’s talent and creativity in balanced design, also collaborated with him, ultimately creating the Patek Philippe Nautilus. From then on, people gradually realized that some of the world’s most expensive watches were made of stainless steel.
Ranked fifth on the list of the most expensive Audemars Piguet watches is a Royal Oak, considered the pinnacle of Gerard Genta’s career. However, this is no ordinary watch; it was Genta’s own Royal Oak—and therefore the only one on the market that he ever owned. Audemars Piguet’s archives confirm that Genta purchased the watch on May 15, 1978. Furthermore, it is the only 5402 Royal Oak watch with a stainless steel case and gold bezel to have appeared at auction. According to Phillips, the bezel was crafted in Gerard Genta’s workshop.
- “Coussin Tortue” Single-Button Chronograph
In 1930, Audemars Piguet began producing six movements for its first chronograph watches, all based on movement blanks from LeCoultre & Cie. The first three movements were housed in a cushion-shaped Art Deco case, referred to in Audemars Piguet’s archives as the “Coussin Tortue.” This watch ranks among the most expensive Audemars Piguet timepieces because it is one of the first three “Coussin Tortue” chronographs and the only one publicly revealed since its inception approximately 100 years ago.
The first finished piece was sold in 1930, featuring an 18K white gold case. This chronograph is one of only two platinum-cased versions, sold in 1935 and 1937 respectively. It houses the 11GCCV movement—one of the smallest chronograph movements Audemars Piguet ever used for commercial purposes—which can be started, stopped, and reset by simply pressing the crown. This movement was tuned by Robert Piguet in Le Brassus, a key figure at Audemars Piguet who worked there for 55 years, from 1914 to 1969.
Following its initial sale in 1930, the watchmaker began to expand production of chronographs: 14 were delivered in 1934, followed by 39 over the next four years. 1937 is particularly noteworthy, a record year for the manufacturer: 20 chronographs were delivered, 19 of which were powered by the 13-ligne Valjoux movement, while only one—the one discussed in this article—was powered by the 11GCCV movement.
At the time, Audemars Piguet had only 14 employees and an annual production of slightly over 250 pieces, explaining the extremely limited capacity of the factory during this period. This makes this watch a rare gem among rare gems: according to Christie’s, from 1930 to the early 1980s, Audemars Piguet’s total production of chronographs was only 307 pieces.
- Royal Oak 15202 “Jumbo” Ultra-Thin Watch, Model: 15202XT.GG.1240XT.99
The Royal Oak 15202 “Jumbo” Ultra-Thin Watch is a unique masterpiece, marking not only the end of an era but also a new beginning. This watch is powered by the 15202 caliber movement and its 2121 caliber movement, which was used for the last time before its official retirement from the brand’s history in 2021 and replacement by a new generation of movements. Particularly noteworthy is that the 2121 caliber movement, when it debuted in 1972, was the thinnest automatic movement with a central rotor and date display at the time.
This unique watch also introduces palladium-based alloy “bulk metallic glass” to the collection for the bezel and sapphire crystal case back. This alloy is highly strong and resistant to corrosion and scratches.
- Royal Oak Concept Flying Tourbillon “Black Panther” Watch
In 1999, a decisive idea from François-Henry Bennahmias profoundly influenced the future of Audemars Piguet (AP). Bennahmias served as Managing Director of AP from 1999 to 2012, then as interim CEO, before finally taking full control of the brand. He fully leveraged the universality of the iconic octagonal logo and collaborated with numerous celebrities to launch watches, helping the brand gain international recognition. This all began with the “Royal Oak Offshore End of Days Limited Edition” in 1999, a collaboration with Arnold Schwarzenegger. The “Royal Oak Offshore Jay-Z 10th Anniversary Edition,” launched in 2005, marked AP’s first foray into hip-hop culture. Despite their diverse collaborators, these watches share a common thread: Ben Namibias grants collaborators considerable autonomy, allowing them to incorporate elements reflecting their individual personalities into the watch’s design, sometimes even directly into its construction.
However, in 2021, something extraordinary happened: the brand announced a collaboration with Marvel. This collaboration is unique in that it merges two seemingly unrelated worlds for the first time. The Royal Oak Concept “Black Panther” Flying Tourbillon watch is one such result, a limited edition that perfectly combines a miniature sculpture of the fictional Wakanda king and protector, the Black Panther, with the exquisite craftsmanship of traditional watchmaking.
In addition, Audemars Piguet replica also launched a unique timepiece with a white gold case engraved with Wakanda’s iconic motif, featuring a Black Panther image accented with purple.
- Royal Oak Concept Tourbillon “Spider-Man” Watch The most expensive watch ever sold at Audemars Piguet auction shares the same design concept as the aforementioned Black Panther special edition watch. Similarly, the Royal Oak concept watch also served as a platform for Audemars Piguet to experiment with new materials and complex functions. However, this time the focus wasn’t on Black Panther, but on Spider-Man.
This watch is powered by the caliber 2948, a manual-winding tourbillon movement some watch enthusiasts may have seen in the Code 11.59 series launched in 2019. After further development, Spider-Man’s image seems to emerge dynamically from the dial. The miniature sculpture of Spider-Man was originally a solid gold block weighing 100 grams, but after precise CNC machining, its weight was reduced to only 4 to 5 grams, and it was meticulously hand-painted, presenting a stunning visual depth.
This Spider-Man special edition watch is a limited edition. One particularly unique piece features Spider-Man in his black suit printed on the dial. Unlike the titanium version, this special edition watch uses a white gold case, with luminescent elements on the case, dial, and Spider-Man’s black suit.
Spider-Man’s black suit, later revealed to be a living symbiote, initially granted Peter Parker new superpowers, but gradually led to his personality decline. When Spider-Man realized the symbiote was trying to completely control him, he successfully broke free using the sound of church bells. However, this battle gave birth to his nemesis, Venom. Thus, the black suit symbolizes the allure of power and Peter Parker’s inner struggles.
