IntroducingAudemars Piguet's New 38mm Royal Oak And Code 11.59 Perpetual Calendars

Today is a day a lot of fans of Audemars Piguet have been waiting for: the return of a downsized Royal Oak Perpetual Calendar, now in a 38mm and just 9.4mm thick. It joins the new 38mm by 9.9mm Code 11.59 perpetual calendar, both powered by the brand's recently-released Calibre 7138-based variant called the Caliber 7136. You'll notice the brand has ditched the week indication on the Royal Oaks. Many collectors found it unnecessary, and the function's omission makes for a watch that looks much more classically styled, reminiscent of the 1990s and early 2000s Royal Oak Perpetual Calendars.

The Royal Oaks come in stainless steel with a light blue "Grand Tapisserie" dial or in 18k rose gold with a beige dial with the same texture. As mentioned, the Royal Oaks now ditch the week indicator, and that also means that the watch uses a new variant of the Caliber 7138, which is itself a variant of the 7121 in the Jumbo 16202 Royal Oak. The specifications between the latest 7136 and previous 7138 (including sizing) are otherwise identical, with 55 hours of power reserve and all functions controlled by the crown.

The Code 11.59, however, has been slimmed down and still has the week indicator without the updated caliber. That's a bit surprising, as it shows how much room AP had to play with the 7138 in terms of size. Now the case is 38mm by 9.9mm with 100m of water resistance. The watch features a rose gold case and mid-case, shaped and hollowed lugs, and green embossed counters. The hour markers are in 18-carat pink gold, and the hands are made of 18-carat pink gold with luminescent material. Additionally, it has a snailed green inner bezel. 

That makes the watch all the more interesting, in my eyes, as it's just a straight-up shrunk version but now in a very Green Bay Packers color palette, with a nice contrast of soft green and rose gold. More than anything, the sizing will help Audemars Piguet reach an entirely new market of customers who would have been sized out of 41mm entirely before.

Finally, as the brand did earlier this year with the 41mm releases, they're also launching 150 units of each of today's new models that feature a historically reminiscent limited edition brand logo on the moonphase, replacing their serifed block logo that you see on the general production models. This was a divisive touch when the last release hit, but as a lover of vintage and antique watches, I quite like it and appreciate the fun twist. The cases also feature the 150th Anniversary logo on the caseback.

If you go to the brand's website, you'll see the price is on request. Don't worry, we've got you covered there, too. The steel Royal Oak 38mm Perpetual Calendar and the new Code 11.59 both come in at $110,900. We were only able to get the price of the yellow gold Royal Oak Perpetual Calendar in Swiss Francs, so you'll have to convert the CHF 120,000 price tag. At time of publication, that's just over $150,000.

This is a release some people probably saw coming. Let's go back and read the tea leaves now, with hindsight being our guide. When I spoke with AP's Head of Complications, Anne-Gaëlle Quinet, in 2023, shortly after she had taken on the role, I asked where she hoped to leave her mark.

"I love the mechanisms we're building because that really is my roots, but also I want to bring some feminine aesthetic. So I'm already starting to talk to research and development.... Because women love watches too," she said. Later, she also added, "Size is very important, of course. For example, I'm wearing the 41mm Royal Oak Perpetual Calendar [editors' note: in rose gold with a blue dial], and I really love it. I do. And I feel 41 is fine, but I would love to develop a complication that fits everyone, not only women but also men. The other day I had a chance to wear a 39mm perpetual calendar [the 2120 caliber Royal Oak], and for me, 39mm is just perfect."

Then, let's look back on my article about the recently-launched 41mm Royal Oak Perpetual Calendars with the new 7138. If you read through, you'll see I did some back-of-the-napkin math and guessed that the watches could reach nearly "Jumbo" sizing (39mm by 8.1mm). 

"The Caliber 7138 might theoretically fit down to a 39mm by 8.6mm case size with a solid caseback. It's not quite Jumbo sizing, but it's damn close." Sure enough, damn close it is, but this time they went even smaller in diameter to differentiate further from the 41mm versions, but didn't come all the way down on thickness. 

Enough tooting my own horn. The only pushback I have is that, in addition to differentiating on case size (and material, for the gold and Code 11.59), the brand also made some further aesthetic changes in dial color. I think the rose gold Royal Oak might have looked better in yellow gold, but more than that, I think that the baby blue dial on stainless steel makes the watch less unisex. 

If they had done the same blue dial as the launch earlier this year, it wouldn't have looked different enough for more market capture, but at the same time, it would have been a nearly perfect watch in my eyes. I'm not a baby blue guy, and so if I were in the market, I'd be torn. That said, I'm sure we're nearly guaranteed to see more dial options in the near future.

Brand: Audemars Piguet
Model: Royal Oak Perpetual Calendar and Code 11.59 by Audemars Piguet Perpetual Calendar
Reference Number: 26684ST (RO steel); 26684OR (RO Rose Gold); 26441OR (Code)

Diameter: 38mm (all)
Thickness: 9.4mm (Royal Oak); 9.9mm (Code)
Case Material: Steel and Rose Gold (Royal Oak); Rose Gold (Code 11.59)
Dial Color: Light blue "Grande Tapisserie" dial (Steel Royal Oak); Beige "Grand Tapisserie" dial (Rose RO); Green embossed (Code 11.59)
Indexes: Applied and color-matched to case
Lume: Yes
Water Resistance: 50m (Royal Oak); 100m (Code)
Strap/Bracelet: Material matched bracelets on Royal Oaks; Green large square scale alligator strap, 18-carat pink gold three-blade folding clasp on Code 11.59

Caliber: Caliber 7136 (Royal Oaks) and Caliber 7138 (Code 11.59)
Functions: Perpetual calendar with day, date, 24-hour, moon phase, month, leap year, hours and minutes (Caliber 7136); Added week indication (Caliber 7138)
Diameter: 29.6 mm
Thickness: 4.1mm
Power Reserve: 55 hours
Winding: Automatic
Frequency: 28,800 vibrations/hour
Jewels: 41
Chronometer Certified: No

Price: $110,900 for steel Royal Oak and Code 11.59; CHF 120,000 for the rose gold Royal Oak
Availability: Now
Limited Edition: The watch is a permanent part of the collection; however, 150 pieces of each model will be produced with the historic font for the brand logo to commemorate the brand's 150th Anniversary.

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