You’ve probably seen it on a celebrity’s wrist or in a blurry Instagram shot from a private jet. It’s unmistakable. That skeletal, metallic web under a sapphire crystal. The AP Royal Oak Openworked isn't just a watch; it's a statement that you’ve reached a level of collecting where "telling time" is basically an afterthought. Honestly, at this price point, you aren't buying a tool. You’re buying 500 hours of a master watchmaker’s life spent filing down tiny bits of steel until they’re almost invisible.
It’s polarizing. Some people think it’s too busy. Others see it as the pinnacle of Swiss "Haute Horlogerie." But if you’re looking to understand why people wait years on a list just for the chance to drop six figures on one, you have to look past the hype. It’s about the architecture.
What Most People Get Wrong About the Skeletonized Royal Oak
There is a huge misconception that "openworked" is just another word for "skeletonized." Technically, they’re cousins, but the AP Royal Oak Openworked is a different beast entirely. In a standard skeleton watch, a brand might just take a stock movement and laser-cut some holes in it to show the gears. It looks okay from a distance, but under a loupe, it’s messy.
Audemars Piguet doesn't do that. They design the movement to be open from the ground up. This means the structural integrity of the watch is maintained even though 70% of the metal is gone. It’s a balancing act. If you cut too much, the watch stops working or breaks if you bump it against a door frame. If you cut too little, it looks chunky and uninspired. AP finds that sweet spot where the movement looks like a spiderweb but remains as robust as a tank.
The 15407ST, for example—the double balance wheel version—is a masterclass in this. They didn't just hollow it out. They added a second balance wheel and hairspring on the same axis. Why? Because it improves precision by tackling stability issues. But mostly? Because it looks incredible when those two wheels beat in perfect synchronization. It’s mechanical theater.
The Brutal Reality of Owning a Piece of Le Brassus
Buying an AP Royal Oak Openworked isn't like walking into a mall and picking out a Seiko. It’s a gauntlet. If you walk into an AP Boutique today and ask for a 15407ST or the newer 16204ST "Jumbo" Openworked, the sales associate will probably be very polite while essentially telling you "no."
💡 You might also like: Human DNA Found in Hot Dogs: What Really Happened and Why You Shouldn’t Panic
The production numbers are tiny. We’re talking a few hundred pieces a year for the entire world. This scarcity creates a secondary market that is, frankly, insane. You might see a steel Openworked retailing for around $70,000, but on the gray market, they often trade for double or triple that. It’s a "flex" watch, sure, but it's also a serious financial asset. That’s why you see guys like Kevin Hart or LeBron James wearing them—it’s a signal of "allocation status." You didn't just have the money; you had the relationship.
Let’s Talk About the Finishing
The real magic is in the "anglage." That’s the fancy French term for the beveled edges of the bridges. On a Royal Oak Openworked, every single one of those tiny, internal angles is polished by hand using a piece of gentian wood. You can’t do this with a machine. A machine leaves rounded edges or jagged marks. A human hand creates a mirror-bright, 45-degree surface that catches the light every time you move your wrist.
When you look at the 3132 calibre, there are dozens of these internal angles. Each one represents hours of manual labor. If the artisan slips even a fraction of a millimeter, the entire bridge is ruined. It goes in the scrap bin. That’s where the cost comes from. You’re paying for the risk of failure.
The 16204ST vs. The 15407ST: Which One Actually Matters?
If you’re a purist, you go for the "Jumbo." The 16204ST was released for the 50th anniversary of the Royal Oak, and it’s basically the ultimate version of the watch Gérald Genta designed in 1972, just... hollowed out. It’s thin. It’s 39mm, which is the "Goldilocks" size for most wrists. It feels like a second skin.
The 15407ST is thicker and more aggressive at 41mm. It has that double balance wheel I mentioned earlier. Honestly, the 15407 is the one people notice across a room. It’s got more depth. The 16204 is the "if you know, you know" watch. It’s more subtle, despite being an openworked piece.
📖 Related: The Gospel of Matthew: What Most People Get Wrong About the First Book of the New Testament
Which is better? It depends on your ego. If you want the technical "wow" factor, the double balance wheel wins every time. If you want the heritage and the slim profile that fits under a suit sleeve, the Jumbo is the king.
The Problem With Gold
Everyone wants the steel version because it’s the "original" vibe of the Royal Oak. But the 18-carat pink gold or the frosted gold versions are something else. The contrast between the gold case and the dark, slate-grey NAC-treated bridges of the movement is stunning. It’s high-contrast luxury.
However, gold is soft. If you’re wearing an AP Royal Oak Openworked in gold as a daily watch, it’s going to get "character" (scratches) very quickly. The steel is a bit more forgiving, but let’s be real—none of these are "beaters." You don’t wear these to fix a car.
Maintenance Is a Nightmare (Be Prepared)
Nobody mentions this in the glossy brochures, but servicing an openworked AP is an ordeal. Because the movement is so delicate and exposed, you can’t just take it to a local jeweler. It has to go back to Switzerland.
A full service can take six months. It can cost several thousand dollars. And because there is no dial to hide anything, any speck of dust that gets inside during a repair will be visible to everyone. It’s a high-maintenance relationship. You have to love it to put up with it.
👉 See also: God Willing and the Creek Don't Rise: The True Story Behind the Phrase Most People Get Wrong
Also, water resistance is... optimistic. It’s rated to 50 meters usually, but please, don't swim in it. The gaskets are great, but the risk of a crown leak ruining a hand-finished openworked movement is a nightmare no one wants to live through.
Why It Still Matters in 2026
In a world of smartwatches and digital everything, the AP Royal Oak Openworked is a middle finger to obsolescence. It doesn’t have a battery. It won’t need a software update. It’s a purely mechanical solution to a problem we solved 100 years ago.
There’s something deeply human about it. You can see the mainspring tighten when you wind it. You can see the escapement ticking away like a heartbeat. It’s transparent in a way that most things in modern life aren’t. It shows you exactly how it works, with nothing to hide.
How to Actually Get Your Hands on One
If you are serious about adding an AP Royal Oak Openworked to your collection, stop looking at "Buy Now" buttons on random websites. That’s how you get scammed with a high-end "superclone" that looks 95% right but has a cheap movement inside.
- The Boutique Route: Go to an AP House or Boutique. Don't ask for the watch on day one. Buy a Code 11.59 or a standard Royal Oak first. Show them you’re a fan of the brand, not just a flipper looking for a quick profit.
- The Trusted Dealer: if you have the cash and no patience, use reputable secondary dealers like WatchBox, DavidSW, or Bucherer’s certified pre-owned program. You will pay a premium, but you get peace of mind and an authentication guarantee.
- The Inspection: If buying pre-owned, check the "sink" of the screws on the bezel. They should be perfectly flush and made of white gold. Look at the edges of the bridges under a 10x loupe. If you see tool marks or "burrs," walk away.
The market for the AP Royal Oak Openworked is cooling slightly compared to the fever dream of 2021, but it’s still one of the hardest watches to acquire in the world. It’s the "final boss" of watch collecting. Once you have one, there isn't much further up you can go without getting into custom-piece territory.
Actionable Insights for Collectors
- Prioritize the Calibre: If you're buying for investment, the 15407 (Double Balance) has historically held value better because of its unique mechanical USP.
- Check the NAC Coating: On older or poorly maintained pieces, the dark coating on the bridges can sometimes flake or discolor. Inspect this under bright, natural light.
- Verify the "Full Set": Never buy an openworked AP without the original warranty card and the specific "Extra-Thin" or "Complication" box. The box alone is worth hundreds, and the card is your only link to the factory's digital ledger.
- Wear It: These watches are meant to be seen. The way the light passes through the movement and hits your skin underneath is the whole point of the design. Don't leave it in a safe.