Royal Oak Offshore: value and pre-owned prices (25721ST, 26470ST, 26420)

The Royal Oak Offshore is the Royal Oak that Audemars Piguet dared to scale up. Unveiled in 1993 and judged too massive by part of the watch world, it has become a collection in its own right, with chronographs in steel, titanium, ceramic and gold, divers and countless colourful series. Its value does not track the "classic" Royal Oak: it rose less during the 2021-2022 frenzy, then fell back, and many references now trade below retail. You still need to know which Offshore you are talking about.

Three decades, three architectures

The story of the Offshore is best read through its calibres, because they determine reliability, servicing and therefore price.

• 25721ST, "The Beast" (1993): designed by Emmanuel Gueit and presented in Basel in 1993, the first Offshore measures 42 mm, an unusual size at the time. Its calibre 2126/2840 combines a base automatic movement with a chronograph module. It was produced for several years, in steel and then in other metals. See the 25721ST page.
• 26020ST then 26170ST (mid-2000s): the 42 mm chronograph of the 2000s, whose reference became 26170ST in 2007 with the switch to calibre 3126/3840. This generation multiplied dial and strap variants (Safari, Navy, Panda…).
• 26470ST (2014 to 2021): presented at SIHH 2014, it redesigned the dial and kept calibre 3126/3840; early examples have rubber-clad pushers, later replaced by ceramic pushers. For years the core reference of the line. See the 26470ST page.
• 26400 (44 mm): the large chronograph with a ceramic bezel of the 2010s, still on calibre 3126/3840, offered in steel, black ceramic (26405) and colourful editions.
• The 2021 generation: in spring 2021, the 43 mm chronograph (26420) adopted the in-house calibre 4401, with integrated flyback and column wheel, plus an interchangeable strap system. The 42 mm (26238) followed in September, on calibre 4404. See the pages for the 26420SO and the 26238ST.
• The Offshore Diver: the diver with an internal rotating bezel, as the 15710ST in the 2010s and the 15720ST since 2021. See the 15720ST page.

Audemars Piguet's reference code is easy to read: ST for steel, TI for titanium, CE for ceramic, OR for rose gold, SO for steel combined with ceramic; the rest specifies dial and strap. Note it in full from the certificate: two Offshores that look alike can be several thousand euros apart.

2026 price guide by reference

Our October 2026 data covers more than a hundred Offshores: about three quarters private-party listings, mostly American and converted into euros, and one quarter prices displayed by certified dealers. Retail prices come from our catalogue and should be confirmed with a boutique.

Across the whole model, the median private listing sits around €23,700. The dealer median, around €42,000, is not directly comparable: dealer stock leans towards gold, limited editions and recent watches. For the 26470ST we have about a dozen listings, with extremes from €14,600 to €24,600 depending on dial and condition; rows with one or two data points are orders of magnitude. For a dated estimate, the Royal Oak Offshore page and the valuation tool refine by year, condition and accessories.

What the price guide tells us

1. Pre-2021 steel is the way in. A 26170ST or 26470ST trades privately at around €15,000 to €22,000, roughly half the median of a "classic" Royal Oak in our data. The gap between the two families is explained in our article on the value of the Royal Oak 15500 and 16202.
2. The 2021 generation resells below retail. Based on the prices in our catalogue, a 26420SO trades 6 to 30% below new depending on the dial, a 15720ST about 15% below. The titanium versions, cheaper pre-owned than steel and ceramic, are an option for anyone who wants the recent calibre. Our article Rolex, Patek or Audemars: which holds its value best? puts this depreciation in the context of the brand.
3. Limited editions live their own lives. Ambassador, racing-driver or athlete editions, gold or composite series: our dealer data ranges from €22,000 to more than €60,000 for these pieces, each with its own audience. A limited edition is not valued on the model average; we return to these series, and the culture that carried them, in footballers' and rappers' watches.

Ceramic, titanium, steel: what the material changes

Ceramic barely scratches, but it cannot be refinished like steel: a chip on a bezel or case usually means replacing the part. On a 26405CE or 26420CE, have the edges examined under a loupe. Titanium, lighter, marks more easily than steel and restores poorly.

Steel raises the question of polishing. The Offshore alternates brushed surfaces and polished bevels: clumsy polishing erases that contrast and costs you at resale. Our article to polish or not to polish your watch details what an informed buyer will refuse.

Servicing, a cost to anticipate

This is the cost people forget at purchase. For an Audemars Piguet chronograph, our benchmarks put a full service at €1,500 to €4,000 or more, depending on the calibre and the parts to replace; the breakdown by brand is in luxury watch servicing: cost and frequency. Three items often push up an Offshore's bill:

• The rubber sleeves on the pushers and crown guard, which harden and crack over time.
• Calibre 3126/3840 of the 2007-2021 generations, with an added chronograph module, more demanding to service than the integrated 2021 calibre.
• The strap or bracelet: an original rubber strap or steel bracelet is expensive to replace.

A recent service invoice from the brand's after-sales department therefore adds clear value at resale, and its absence is a negotiating point.

Checks before you buy

• The chronograph: start, stop and reset; on calibre 4401 or 4404, test the flyback too.
• The [screw-down crown](/glossaire/couronne-vissee) and water resistance: on a Diver, a check before payment is essential.
• The papers: the serial number engraved on the caseback must match the certificate. A full set carries real weight on such a widely counterfeited watch; we quantified it in box and papers: impact on price.
• [Authentication](/glossaire/authentification): the Offshore is among the most copied models. Have a watchmaker open the watch, or buy from a dealer who guarantees authenticity.

Selling a Royal Oak Offshore in 2026

• State the full reference, suffix included: a 26470ST with a rare dial, a colourful Diver or a limited edition lose their audience if the listing stays vague.
• Include the latest service invoice and the original straps.
• Compare the channels: at this price level, the gap between a direct sale and a dealer trade-in runs to thousands of euros. See our comparison of sales channels and why trade-in prices sit below market value.

In France, the sale of an Offshore always exceeds the €5,000 threshold: it falls under the 6.5% flat-rate tax or, by option and with proof of purchase, the capital gains regime, reduced by 5% per year of ownership beyond the second. The details are in our article on the taxation of selling a watch, and the steps on the sell your watch page. If you live elsewhere, check the rules that apply in your country.

In summary

The Royal Oak Offshore does not hold value like the Royal Oak: pre-2021 steel references trade privately between €15,000 and €22,000, and the 2021 generation resells below retail. Calibre, material and service history account for most of the gap between two examples. Before buying or selling, calculate the value of your Offshore from its reference, year and condition.