Audemars Piguet announced a collaboration with Swatch over the weekend, creating a plastic version of its Royal Oak watch for approximately $500. This move angered many high-end collectors, particularly crypto investors who once regarded AP timepieces as a definitive symbol of wealth and exclusivity.
The partnership, dubbed "Royal Pop," introduces an entry-level timepiece inspired by AP's iconic Royal Oak design. The Royal Oak has long sold for more than $30,000, with rare models like the 15202ST reselling for six figures. Collectors who expected AP to maintain its exclusive brand now see the collaboration as a dilution of prestige. Both companies called the venture a "disruptive collaboration that fuses joyful boldness," a statement many luxury watch owners interpreted as a brand "rug-pull." Two watch resellers reported receiving a surge of complaints from existing Audemars Piguet owners following the announcement.
High-end AP watches gained significant attention from newly enriched crypto influencers. Their appeal stemmed from scarce supply, strong cultural cachet, and a secondary market value that consistently climbed. From 2019 to early 2022, AP prices tracked closely with the crypto market's upward trajectory. The Royal Oak 15202ST Jumbo, for instance, averaged about $21,800 on the secondary market in 2016, according to dealer data. By 2021, its average price reached $69,000, peaking near $106,000 in 2022. This peak coincided with the crypto bull market, which topped out in November 2021 before losing two-thirds of its value within 12 months.
Even before the Swatch collaboration, AP's secondary market performance had begun to weaken. Dealer data indicated that 15202ST watches were changing hands at roughly one-third less than their 2022 peak. Compared to its major Swiss peers, Audemars Piguet has performed the worst this year in resales. Data from SwissWatchExpo and Le Watch Buyers, cited by Borro, showed AP resales up only 3.4%. In contrast, Patek Philippe saw a 16% gain, and Rolex added 8% in secondary market value during the same period.
The news quickly spread across social media platforms popular with crypto investors. One commentator quipped, "Imagine owning a Royal Oak and a dude in a Swatch comes up to you like hey man nice watch I got one too 10/10 for crypto influencers all over again lmao." Another observed, "The crypto bros can finally get their AP. Even the ones who roundtripped their entire port or are down 96.69%. Shoutout to Swatch." An NFT veteran with over 277,000 followers wrote, "Can’t wait to buy my black royal oak x swatch so I can act like a cool kid at my next crypto event." These reactions highlight a sense of irony and the perceived loss of exclusivity.
Swatch Group has a history of successful collaborations that introduce accessible versions of luxury designs, such as the Omega x Swatch MoonSwatch. That partnership, which offered a plastic Speedmaster tribute, generally avoided diluting Omega's core brand, partly because of distinct material choices and clear market positioning. The "Royal Pop" collaboration, however, directly applies the Royal Oak's iconic design to a plastic, $500 watch, a stark contrast to its traditional precious metal construction and high price point. This approach has led to a different reception among Audemars Piguet collectors.
The "Royal Pop" collection, featuring the plastic Royal Oak tribute, is scheduled to release on Saturday, May 16, for approximately $500.