Audemars Piguet Royal Oak 15202BC

Premiered at the 2019 SIHH, hailing above the public outrage over the CODE 11.59, the White Gold Ultra thin Royal Jumbo was set to hit the public stage with nothing short of a standing ovation.

In a sense it most definitely did, but there was also a slight misunderstanding regarding the production and quantities of the watch which upset more than a few collectors I’d talked to at the time. The Royal Oak 15202ST is already a rather difficult watch to obtain, but with this Audemars Piguet decided to limit its production to a mere 75 pieces per annum. 

As most of you must already know, the Royal Oak Jumbo was introduced into the Audemars Piguet lineage in 1972, in the midst of the Quartz crisis under the reference number 5402. The Royal Oak is the brainchild of the late Gerald Genta, commissioned by Mr. Georges Golay Managing Director of the Maison at the time.

It is worth noting that two tone, yellow gold and white gold 5402 don’t have any letter series like the steel models. However, earlier two tone and yellow gold have dials with the AP logo at 6 o’clock like A, B and early C series Steel models. However, let’s not get into detail of different dial types as that will be for a whole other article on the 5402. 

Reference 15202 was introduced in 2012 for the 40th Anniversary of the Royal Oak Jumbo with its fresh face and dial with the AP logo at 6 o’clock. It has since become a staple for many collectors to own and wear, many owners of the classic 5402 also opting for the modern take to wear daily. 

Currently, the 15202 remains a regular production piece in the Audemars Piguet catalog in Steel, Yellow Gold, Rose Gold and the limited White Gold. Limited editions were made like the 15202IP in Titanium and Platinum, and the Yellow Gold with green dial made for The Hour Glass Singapore. A fully gem set variant also exists in a White Gold case. 

On paper, the 15202 is nothing more than a 5402 with a sapphire case back (in terms of case design). However, many nuances make it look and feel very different on the wrist. 

First and foremost, the polishing is different - the 15202 has much sharper angles on both the case and bracelet, making for a much louder and shinier watch. It also makes for a slightly uncomfortable bracelet due to how sharp the edges are. This will with no doubt be dulled down by the wear and tear of sporting the watch daily, but should be noted nonetheless. I do feel this could have easily been remedied with a finishing polish - but it can be argued the sharp edges help the consumer understand the sharp brutal design of the Royal Oak.

The bracelet links are also much thicker than on the 5402, however it somehow feels lighter in hand. 

The case is equipped with a sapphire case-back, allowing for a clear view of the Manufacture Movement Cal. 2121 - the exact same movement used in the 5402. This makes the case and bezel slightly thicker.

The arch of the bracelet joining the case makes the watch sit a little awkwardly on smaller wrists, but if your wrist is flatter than it is round, the watch sits very nicely on the wrist. When sized correctly the watch slips away unnoticed thanks to the delightful ultra thin case.

The watch is equipped with a double deployant clasp - which has to be closed following a certain order. Very accustomed to vintage pieces with single folding clasps, this took me a little getting used to. 

The manufacture caliber 2121 is the exact same movement used in the original ref. 5402. The movement was originally sourced from Jaeger LeCoultre, also used by Patek Philippe in the Nautilus 3700. The rights to the 2121 were subsequently bought up by Audemars Piguet, who has since reworked and redecorated it into what keeps the 15202 ticking today.

The dial is referred to by many as being salmon, but truly has more of a gold hue to it. The date wheel is salmon - the difference is clearly noticeable in Remy’s picture here. 

It is a certainty AP to capitalise on the salmon hype with this piece, and they rightfully did. There is historical precedent in making a salmon dial Royal Oak, throwing it back to the ref. 14802ST introduced in 1992 for the 20th Anniversary of the 5402. 

The 15202BC is priced at 67’560 EUR after the recent price increase Audemars Piguet instilled as of early October. Now, the easiest comparison to make here is with an all gold Patek Philippe Nautilus ref. 5711R, currently priced at 51’500 EUR. 

Now whether the gold is white, rose of yellow, it shouldn’t change the price of the watch significantly. However, when I look at this 15202BC, I simply don’t understand the pricing. Sure, the resale value of these watches is high - but when brands try to match the second hand market, they’re also pushing owners to sell as they had to pay significantly more to attain the piece in the first place. Consequently, holding onto the watch has a much higher cost. The new trend of yearly price hikes to ‘fight’ the secondary market unwantingly fuels it.

The 15202BC is a fantastic watch, and I think all of us would be over the moon to get a call from the Audemars Piguet boutique to pick one up. Due to its limited production, it remains difficult to obtain and is a fabulous addition to AP’s modern lineup with inspiration from the brand’s rich history rooting it as an instant classic. The slightly uncomfortable bracelet will certainly disappear with use - which is absolutely what you should be doing if you’re lucky enough to pick one of these up - wear it !