The results of the first two auctions dedicated to the 50th anniversary of Audemars Piguet's Royal Oak proved people are far more interested in wearing these iconic watches than investing in them.
Geneva's big watchmaking weekend in May was an overall success. Turnout was high for the Royal Oak 50th auction celebrating the golden anniversary of Audemars Piguet's iconic Royal Oak and this year's first major auction, the Geneva Watch Auction: XV, both conveniently held one after the other at Hôtel La Réserve from May 6-8.
Suffice to say, 430 major collectors did the Royal Oak 50th auction the honor of attending in person, who competed with over a thousand online bidders. And that's just the dedicated anniversary auction. Over the weekend, 1800 online bidders from 67 different countries competed with around 600 in-person collectors at the Geneva Watch Auction: XV.
Needless to say, both auctions ended as white-glove sales, i.e. all the listed lots were sold. Royal Oak 50th realized a sales total of CHF 22,303,780/ USD 22,616,032/ EUR 21,538,760: more than triple the pre-sale estimate of CHF 6.8 million.
We predicted battles over the historic second Royal Oak ever made, Ref. 5402ST "the A2", and Ref. 5402ST Royal Oak Jumbo "Karl Lagerfeld" which once belonged to the famous German creative director who adored Royal Oak's first black PVD-coated A-series.
Both auctions ended as white-glove sales, i.e. all the listed lots were sold.
We also placed our bets on the Royal Oak Tourbillon Ref. 25831ST in stainless steel made in 1997, which was number one in its limited edition series. Other top contenders were Royal Oak Grande Complication models with 1/1 on their casebacks, Ref. 25865ST and Ref. 25990BC, which both feature the rare combination of a minute repeater, perpetual calendar and split-seconds chronograph.
We got it right for the first two models, which lived up to our predictions: "the A2" sold for CHF 1,058,500 as the most expensive lot, while the Jumbo “Karl Lagerfeld” sold for CHF 937,500 to take third place.
Audemars Piguet Royal Oak Jumbo "Karl Lagerfeld", Ref. 5402ST
The others didn't even make the top 10. The tourbillon bearing the number one with an estimate of CHF 120,000-240,000 sold for CHF 352,800, while Grande Complication Ref. 25865ST sold for the same sum of CHF 352,800 and Grande Complication Ref. 25990BC went for CHF 541,800.
Perpetual calendars attracted greater attention from collectors, which isn't much of a surprise. After all, ultra-thin perpetual calendar wristwatches are Audemars Piguet's forte. We predicted interest in the Openwork Perpetual Calendar Ref. 25636PT, which is one of the earliest variants to feature a skeletonized dial from a 41-piece series in platinum.
Audemars Piguet Royal Oak A series "The A2" Ref. 5402ST
Audemars Piguet Royal Oak A series "The A2" Ref. 5402ST
Audemars Piguet Royal Oak A series "The A2" Ref. 5402ST
We also predicted interest in another almost identical perpetual calendar encased in tantalum and platinum: Ref. 25829TP Openwork Perpetual Calendar from a 16-piece series. They both lived up to expectations. The bimetallic Ref. 25829TP sold for CHF 768,100 to occupy fifth place, while Ref. 25636PT also achieved a fairly decent result in seventh place with a hammer price of CHF 680,400.
Second place was unsurprisingly taken by a very rare perpetual calendar in platinum with a brown dial: Audemars Piguet Royal Oak Ref. 25654PT (lot 40: only 38 examples of 25654 were produced in platinum). It sold for CHF 1,022,200. That's a world record!
Audemars Piguet Royal Oak Ref. 25654PT was sold for CHF 1,022,200. That's a world record.
No one has ever paid such a hefty sum for a perpetual calendar Royal Oak before. Another world record for the model was set by a platinum limited edition launched to mark Royal Oak's 20th anniversary called Ref. 14802PT Royal Oak “Tuscan” Jubilée. It went under the hammer for an impressive CHF 804,400 to secure fourth place.
All in all, the organizers were happy with the results of this year's first major auctions. Historic and valuable Audemars Piguet Royal Oak models may have barely made it over the million mark, Audemars Piguet is firmly maintaining its lead position on the pre-owned watch market.
Audemars Piguet Royal Oak Jubilée Ref. 14802PT
This was actually confirmed at Ineichen's anniversary auction that took place on May 28. The results from Ineichen's Royal 50 are also impressive. All 50 lots found new owners, and there was much greater demand for tourbillons.
Take the Royal Oak Tourbillon Ref. 26530ST for example, which was given an estimate of CHF 400,000 - 450,000 and took first place when it sold for CHF 575,000. Compare that to the historic number-one Ref. 25831ST tourbillon sold at the Royal Oak 50th auction on May 6 for CHF 352,800, bearing in mind that Ineichen doesn't traditionally charge high buyer's premiums.
Second place in Ineichen's Royal 50 was taken by another platinum tourbillon which went for CHF 540,000: Royal Oak Tourbillon Skeleton Ref. 25902PT.OO.1110PT.01. These results prove Audemars Piguet Royal Oak isn't just a collector's watch.
First and foremost, it's a watch for active everyday wear which is even more enjoyable than watch collecting. After all, Ineichen's top lot hadn't even marked its first birthday yet. The model was released over the last year in a series of just ten pieces, each priced around USD 330,000.
The approximate price difference of around CHF 215,000 proves the successful bidder was more interested in owning this freshly minted model than investing money in watches. And that’s a privilege that doesn't come cheap either.