Audemars Piguet Royal Oak Selfwinding 15510ST

The Origins

Launched in 1972 as the world’s first stainless steel luxury sports watch, the Audemars Piguet Royal Oak has undergone an incredible transformation over the decades from zero to hero that has put it at the epicentre of the watchmaking boom that has gripped the last 6+ years. Designed by the enigmatic Gerald Genta, the Royal Oak’s origin story is born in the midst of the Quartz Crisis, when mechanical timepieces were experiencing a steep decline in demand due to the cheaper, more accurate and far-trendier Japanese quartz watches flooding the market. 

In response to this, Audemars Piguet decided to create a new category of watch. So their Managing Director at the time, Georges Golay, sought the assistance of Gerald Genta in 1970, one day before Baselworld, to create a sports watch “that had never been done before,” and Genta certainly delivered. With its unique design, exceptional craftsmanship, and incredibly high price point, the Royal Oak was aesthetically unlike other sports watches from the time, but more importantly, it was also far more expensive. 

As a result, the Royal Oak failed to have the immediate impact on the market that AP had intended. However, this began to change after the first 1000 examples were sold by the one-year mark, and by the mid-1970s, the Royal Oak had begun to sink its teeth into the cultural zeitgeist within watchmaking. This is perhaps most prevalent with the release of the Patek Philippe Nautilus in 1976, which signalled that the Royal Oak was truly ahead of the curve. 

In the decades following, the Royal Oak collection continued to expand and grow, and today, it has come to symbolise the exceptional power of creating unique watches that break from convention. Arguably one of the most sought-after collections across the entire industry, not only AP’s catalogue, the Royal Oak boasts one of the longest waiting lists in all of watchmaking as collectors seek to add a piece of watchmaking heritage to their collections.

Case and Dial

While the Royal Oak was initially offered as a 39mm watch, the ref. 15510ST expands upon its sizing so as to inject its design with a more contemporary flair. First launching a 41mm Royal Oak variant in 2012 with the ref. 15400ST, it has remained one of the most popular case sizes within the collection thanks to its greater wrist presence and larger features, such as its octagonal bezel and integrated bracelet with its iconic 3-piece links. Boasting a dial decorated with a “Grande Tapisserie” engraved hobnail pattern, the Royal Oak ref. 15510ST showcases Audemars Piguet’s exceptional craftsmanship across its entire design.

The Movement

Powered by the automatic cal. 4302 that runs at 4Hz, the ref. 15510ST boasts an impressive power reserve of 70 hours alongside an abundance of elaborate finishing techniques across its bridges, baseplate and 22K gold winding rotor. 

Return of a Classic

Following the discontinuation of the 50th Anniversary version of the ref. 15510ST, the regular production ref. 15510ST took over in early 2023 as the 50th Anniversary model was only to be produced for one year. While there is no external changes to the watch, it has lost the 50th Anniversary model’s commemorative caseback. This has allowed Audemars Piguet to use a 22K yellow gold winding rotor that features AP’s logo front and centre, much like the winding rotors that AP collectors will be more familiar with. However, this small change does have an impact on the market value of the regular production ref. 15510ST, as we will get into. 

Market Performance

Offered across five different dial variants, the Royal Oak ref. 15510ST’s market performance is dependent on the dial in question and its respective popularity, as some dials are more sought-after, thus boasting longer wait times on the primary market, and a shorter supply on the secondary market which, of course, impacts the market value.

While each dial variant shares the same MSRP of $27,434, their market price ranges from as high as $54,675 for the blue dial variant (a premium of 99.3%) to as low as $41.8k for the silver dial variant – a 24% drop in market value, but still a premium over its MSRP of 52%.

In a similar vein, the green dial variant, which is the second most popular variant, commands a market value of $48k (a premium of 75%), while the black and grey both boast similar values of $46.6k (a premium of 70%) and $41.8k (a premium of 53%), respectively. Comparative to its 50th Anniversary sibling, the regular production ref. 15510ST never got the chance to record the same high auction results as the watch market had fallen in the year between 2022 and 2023.