Audemars Piguet certified pre-owned launches this month
What has been reported, what has not, and why it matters to anyone shopping for a Royal Oak.
Audemars Piguet is expected to launch its certified pre-owned program before the end of October 2026, according to an exclusive report from trade publication WatchPro on October 20. If you are shopping for a used Royal Oak, expect to see two prices for the same watch very soon: the open-market price, and a higher one with AP's paperwork attached.
Sources describe a program run by the brand itself, likely including online sales, built by a dedicated CPO team in Le Brassus. AP owns its own retail network of boutiques and AP Houses, so the brand will be the seller. Rolex's model is different, because its independent authorized dealers do the selling.
We can look at Rolex's CPO program is the template to see what we can expect from AP's own CPO program. And the numbers tell the biggest story.
Rolex Certified Pre-Owned had its best quarter ever in the three months to September 2026, with an estimated $229 million in sales. Buyers paid a median 23.1% more for those watches than for the same references from reputable non-certified dealers.
That premium is the part no brand will put in a press release. We walk through it below, with the math.
The short version
AP's long-delayed CPO program is finally arriving, and Rolex has already shown what certified pricing looks like.
- Launch is expected before October 31, 2026, but an exact date is unconfirmed.
- AP first floated brand-run pre-owned sales in 2018 and piloted it in Switzerland, Japan and the United States before it stalled.
- Rolex CPO sells through about 167 authorized retailers who set their own prices. AP is expected to sell direct and set the price itself.
- Rolex CPO watches cost a median 23.1% more than the same references from reputable non-certified dealers as of Q3 2026.
- On a $40,000 Royal Oak, a Rolex-style premium plus Los Angeles sales tax adds about $10,000 to the out-the-door price.
- The catch: resale offers come from the open market, so most of that premium is gone the day you buy.
How AP's CPO program got here, eight years late
From a Geneva pilot to a director of certified pre-owned, the long road to launch.
AP has been talking about selling its own used watches since 2018. It took eight years, two CEOs and one paused pilot to get a program out the door.
2018, the first pilot
Then-CEO François-Henry Bennahmias said at SIHH 2018 that "second-hand is the next big thing in the watch industry." AP started taking trade-ins and selling pre-owned pieces from its own boutiques, beginning in Geneva. Pilots followed in Switzerland, Japan and the United States.
Then it went quiet. The program drew criticism for selling the same watch twice, once new and again used. Managing a global inventory of used watches also proved harder than AP expected, and the project stalled.
2023, the second announcement
Rolex announced its certified pre-owned program in December 2022. About a month later, Bennahmias told a luxury recruitment conference in Paris that AP would launch its own CPO program by the end of 2023. He also predicted the certified business would grow bigger than new watch sales. He left at the end of that year, and Ilaria Resta took over as CEO in January 2024. The 2023 launch never happened.
2024 to 2026, building the team
In October 2024, AP named Marc Montagne director of certified pre-owned. He spent seven years running digital marketing and e-commerce at Vacheron Constantin, wrote the 2022 book Invest in Watches, and founded the Watch Auction HQ platform. Reports in 2025 pointed to an online launch that year covering modern pieces and pre-1970 vintage, with stock seeded by a collection AP bought from a prominent American collector. That date slipped as well.
So when we call this program long-awaited, we mean it literally. What buyers should watch for at launch is whether AP prices like Rolex.
Audemars Piguet certified pre-owned vs Rolex CPO
Same idea, different machinery. Here is what we know side by side.
The biggest difference is who sells the watch. Rolex lets its authorized dealers run CPO and set their own prices. AP is expected to run it directly, which means AP sets the price, keeps the margin, and carries the cost.
| Feature | Audemars Piguet CPO | Rolex CPO |
|---|---|---|
| Launch | Expected late October 2026 | December 2022, with Bucherer first |
| Who sells | AP directly, online expected | About 167 authorized retailers |
| Who sets the price | AP | Each retailer |
| Authentication and service | AP's CPO team, process not yet published | Retailers' accredited watchmakers, to Rolex standards |
| Warranty | Not yet announced | Two-year international guarantee |
| Eligible watches | Earlier reports cited modern and pre-1970 vintage | Watches more than three years old |
| Sales so far | Not launched | About $550 million in the first nine months of 2026 |
| Share of secondary market, 2025 | About 4% | About 33% |
Rolex sales figures are Morgan Stanley and WatchCharts estimates through Q3 2026. Market share figures from Chrono24 and Fratello for 2025. AP details reflect press reports as of October 20, 2026 and may change at launch.
Why selling direct changes the math
AP owns its stores, so every certified sale lands with AP. Rolex's program mostly feeds its dealers, including Bucherer, which Rolex now owns. The trade-off is cost. AP has to buy, authenticate, service and repackage every watch itself, which is the same logistics problem that sank its first pilot.
For buyers, one seller means one price. With Rolex you can shop the spread, because The 1916 Company prices certified watches closer to the open market than Bucherer or Watches of Switzerland do. With AP, there will probably be no cheaper certified option across town.
Why both brands want this
Rolex CEO Jean-Frédéric Dufour said in November 2025 that years earlier he noticed something at some points of sale. The second-biggest brand after Rolex was used Rolex, sold with no brand guarantee behind it. CPO was his answer to fakes, frankenwatches and buyers who get burned once and leave the hobby.
The Royal Oak has the same problem. It is one of the most copied designs in watchmaking, and a used one with swapped parts can look perfect in listing photos. A brand certificate fixes that for buyers who cannot check a watch themselves.
What is your Audemars Piguet worth today?
Text photos and the reference number for a written offer based on the open market, with same-day payment.
Will the AP CPO program succeed?
Our call, and the reasons it could go wrong.
Yes, on the Royal Oak. AP will sell every good certified Royal Oak it can source. The rest of the catalog will be a harder sell.
Why it will work
Rolex proved the demand. Its certified program sold about 10,300 watches in Q3 2026, up 61% on the year. The first nine months brought in about $550 million, more than the roughly $490 million estimated for all of 2025. EveryWatch also found that certified Rolex sales overtook open-market sales of new and unworn Rolexes in the first half of 2026.
AP is entering a rising market. Pre-owned AP prices rose 8.5% over the past year, according to Morgan Stanley and WatchCharts. A steel Royal Oak is a large purchase for a first-time AP owner, and that buyer is exactly who pays for certainty.
Why it might not
Scale is the first problem. AP held about 4% of the secondary market in 2025, against Rolex's 33%. Rolex's certified channel alone is forecast to pass 50,000 watches next year, which would put more certified Rolexes on wrists than AP makes in total. AP's certified business will be a small fraction of that.
Supply is the second. Royal Oak owners who want to sell already have plenty of buyers, us included, paying the same day. To source good stock, AP has to match open-market offers and then add its premium on top. If its buy prices come in low, the best watches will go elsewhere.
The third is the split catalog. A meaningful premium on an Offshore or Code 11.59 pushes the certified price close to boutique retail. Buyers will notice.
What it means for the grey market
Less than the headlines will suggest. Almost four years in, Rolex CPO has become a large business without pulling open-market prices up to meet it. Expect the same with AP. Certified prices will sit above the market, and the open market will keep setting resale values.
Where it will hurt is among sellers of questionable Royal Oaks with swapped dials and aftermarket parts. That is good for everyone.
Want to compare a Royal Oak in person?
Book a time at our downtown Los Angeles showroom and we will walk you through condition, papers and price.
Should you buy Audemars Piguet certified pre-owned?
Who the certified premium makes sense for, and who should look elsewhere.
Buy certified if you cannot verify a watch yourself and have no dealer you trust. Everyone else should compare the certified price against the open market first, and most will find the gap too wide.
Who AP CPO makes sense for
- First-time AP buyers who have never handled a Royal Oak and want the brand to vouch for every part.
- Vintage buyers shopping six-figure pre-1970 pieces, where AP's own archive check is worth real money.
- Buyers who plan to keep the watch for decades, so resale value does not matter.
Who should look elsewhere
- Anyone who might sell within a few years. You will pay the premium and not get it back.
- Royal Oak Offshore and Code 11.59 buyers, where the open market already discounts heavily and a premium erases the discount.
- Buyers who already use a reputable dealer with its own authentication and warranty.
On that last point, every watch we sell goes through our authenticity guarantee and comes with our own two-year warranty. That does not carry AP's name. It also does not carry a 23% markup.
If you are selling
AP's program will need trade-ins to stock its shelves. Before you hand a Royal Oak to a boutique as part-exchange, get an open-market number. A brand that plans to resell at a premium has every reason to buy low.
Audemars Piguet certified pre-owned FAQ
When does the Audemars Piguet certified pre-owned program launch?
Audemars Piguet's certified pre-owned program is expected to launch before the end of October 2026, according to a WatchPro report published on October 20, 2026. AP declined to confirm the date or details when asked.
Will Audemars Piguet CPO watches cost more than grey market watches?
Almost certainly. AP has not announced pricing, but Rolex Certified Pre-Owned watches sold for a median 23.1% more than the same references from reputable non-certified dealers in Q3 2026, according to Morgan Stanley and WatchCharts. Brand certification prices in the inspection, service and warranty.
How much more does Rolex CPO cost than the grey market?
As of Q3 2026, the median Rolex Certified Pre-Owned premium was 23.1% over the same references sold by reputable non-certified dealers, according to Morgan Stanley and WatchCharts. It ranged from 17.5% on the Daytona and Day-Date to 33.2% on the Lady-Datejust. Early in the program, premiums near 40% were common.
What is the difference between AP CPO and Rolex CPO?
Rolex CPO is sold through about 167 authorized retailers who each set their own prices. The Audemars Piguet program is expected to be run by the brand directly, likely starting online, so AP would set prices itself. Rolex CPO includes a two-year international guarantee, while AP had not published warranty terms as of October 20, 2026.
Is a certified pre-owned Audemars Piguet worth it?
It is worth it for buyers who cannot authenticate a watch themselves and plan to keep it for many years. It is usually not worth it for buyers who may sell within a few years, because resale offers are based on open-market prices. Royal Oak Offshore and Code 11.59 buyers face the steepest relative premium, because those models already trade below retail.
Does a CPO certificate increase a watch's resale value?
Not by much. Dealers price a used watch on comparable open-market sales for that reference, condition and set. A recent service adds some value, but most of the certified premium is not recovered at resale. Rolex's record certified sales in Q3 2026 came while open-market Rolex prices rose only 0.5%.
Who runs the Audemars Piguet CPO program?
Marc Montagne has been director of certified pre-owned at Audemars Piguet since October 2024. He previously led digital marketing and e-commerce at Vacheron Constantin for seven years. Ilaria Resta has been CEO of Audemars Piguet since January 2024.
Can I sell my Audemars Piguet instead of trading it in to AP?
Yes. Any Audemars Piguet can be sold outright to an independent dealer. Getting an open-market offer before trading in at a boutique tells you whether the trade-in value is fair. WatchGuys buys Audemars Piguet watches with no fees and same-day payment.
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