Patek Philippe vs Audemars Piguet: Which Holds Value Better

In the Patek Philippe vs Audemars Piguet debate on value, Patek Philippe currently holds value better. A Morgan Stanley report using WatchCharts data found that Patek watches still in production traded at an average 15.4% above retail at the end of June 2026, against 3% for Audemars Piguet. The gap is driven by Patek’s Nautilus and Aquanaut.

The answer depends heavily on the model. The Audemars Piguet Royal Oak holds value well, while the Patek Calatrava and the Audemars Piguet Code 11.59 trade well below retail.

Which brand holds value better, Patek Philippe or Audemars Piguet?

Patek Philippe holds value better at brand level. Morgan Stanley’s July 2026 report, based on WatchCharts data for watches still in production, put Patek at +15.4% versus retail, Rolex at +9.8% and Audemars Piguet at +3%.

Also readRolex Price Guide 2026: What Every Model Costs

The brand averages hide wide differences between collections:

In plain terms, a steel Patek sports watch has held its value best, and the Royal Oak is a close match for most buyers. Patek’s Calatrava and Audemars Piguet’s Code 11.59 trade well below retail.

Patek Philippe vs Audemars Piguet: how do their histories compare?

Patek Philippe is the older house, founded in Geneva in 1839, and has been owned by the Stern family since 1932. Audemars Piguet was founded in 1875 by Jules-Louis Audemars and Edward-Auguste Piguet in Le Brassus, Switzerland.

Both brands’ best-known sports watches were designed by Gérald Genta. He drew the Audemars Piguet Royal Oak, launched in 1972, and the Patek Philippe Nautilus, launched in 1976.

Patek also has a strong auction record. The Henry Graves Supercomplication pocket watch sold for 23.2 million Swiss francs, or $24,073,532, at Sotheby’s in Geneva on 11 November 2014, a record for a pocket watch according to Guinness World Records. For more auction records, see our list of the most expensive watches.

What are the flagship models and how much do they cost?

Patek’s core lines are the Nautilus, Aquanaut and Calatrava. Audemars Piguet’s are the Royal Oak, Royal Oak Offshore and Code 11.59. Retail prices for steel and gold models in these lines range from about $27,000 to more than $80,000.

Prices as of October 2026. Retail and market figures for the 5811/1G are from WatchCharts; all others are from Loupe. Market prices change daily and depend on condition, box and papers.

Patek Philippe Nautilus, Aquanaut and Calatrava

The Nautilus is the strongest performer. The steel 5711/1A, discontinued in 2021, trades at about three times its last retail price. A limited Tiffany blue dial 5711, one of 170 made with a retail price of about $52,000, sold for $6.5 million at Phillips in New York in December 2021. The Aquanaut, launched in 1997, has a lower entry price and the highest collection-level premium in the Morgan Stanley data. The Calatrava line traces back to the Reference 96 of 1932, the year the Stern family bought the company. It is Patek’s classic dress watch and trades below retail.

Audemars Piguet Royal Oak, Offshore and Code 11.59

Within the Royal Oak line, results vary by reference. The 41mm steel 15510ST holds a healthy premium, while the 41mm 15210ST with a green dial trades below retail. The Royal Oak Offshore, introduced in 1993 and designed by Emmanuel Gueit, now trades below retail on average. The Code 11.59, launched in 2019, trades about a third below retail on average, close to Patek’s Calatrava as the weakest core line from either brand.

How have secondary-market prices moved since 2022?

Both brands fell sharply after the 2022 peak, and Patek has recovered faster. WatchPro reported in July 2025 that the most-traded Patek and Audemars Piguet watches had dropped more than 70% from their 2022 highs, against about 40% for Rolex.

In July 2025, Audemars Piguet’s average secondary price slipped below retail for the first time since 2022. It has since moved back above retail, but only just. Patek’s price index, by contrast, rose 18.1% in the 12 months to September 2026, according to WatchCharts’ September 2026 market update.

How many watches do Patek Philippe and Audemars Piguet make?

Patek Philippe makes more watches. Patek targeted about 72,000 pieces in 2025, according to WorldTempus. Audemars Piguet chief executive Ilaria Resta told Bilanz in December 2025 that the brand makes around 50,000 watches a year, and that demand is 10 to 30 times higher than output.

Revenue figures are estimates, not numbers reported by the brands. Morgan Stanley and LuxeConsult estimate 2025 turnover of CHF 2.6 billion for Audemars Piguet and CHF 2.5 billion for Patek Philippe, ranking them third and fourth among Swiss watch companies behind Rolex and Cartier. Because Audemars Piguet makes fewer watches for similar estimated revenue, these figures imply a higher average selling price than Patek.

Which should you buy for value retention?

On resale value, the Patek Philippe vs Audemars Piguet choice comes down to the model. For value retention alone, a steel or gold Patek Nautilus or Aquanaut has the strongest record. The Royal Oak, and in particular the 15510ST, is the best choice from Audemars Piguet.

• Best value retention: Patek Philippe Aquanaut and Nautilus, both well above retail.
• Strong alternative: Audemars Piguet Royal Oak 15510ST, about 71% above retail in October 2026.
• Weakest resale: Code 11.59 and Patek Calatrava, both around 30% to 50% below retail.
• Buy pre-owned: Models trading below retail, such as the Offshore and Code 11.59, are cheaper on the secondary market than new.

Where a model trades well above retail, the premium shows that demand exceeds supply at authorised dealers, so many buyers end up paying the market price. Past performance does not guarantee future prices. For a comparison with Rolex, see our Rolex price guide and our list of the most expensive Rolex watches.