Audemars Piguet Royal Oak Jumbo Price History

dr.kol · 2015-02-08T03:22:20Z

Explore the Audemars Piguet Royal Oak Jumbo's price evolution relative to salaries since 1972, with personal insights from dr.kol.

dr.kol

WPS member · Audemars Piguet forum

39 replies8328 views3 photos

Dr.kol offers a unique, personal perspective on the enduring value of the Audemars Piguet Royal Oak "Jumbo" by comparing its price relative to a sailor's salary across 43 years. This insightful post intertwines personal history with economic analysis, challenging perceptions of watch pricing and market changes.

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Royal Oak "Jumbo" has a very special meaning to me. In 1972 when 5402 was introduced, I started my shipping career in the mature age of 16. I took my first job on 15th June 1972 onboard m.s. "Finnriver" - a conventional dry cargo ship carrying wood pulp, paper and sawn timber from Scandinavia to Mediterranean and some bulk cargoes like fertilisers back to north.

Here is my first working place:

Those days life was quite tuff. When I stepped onboard the ship for the first time, an older AB beat me quite badly just to show who is the boss. But it's time for memories another time - this is a watch forum.

Anyhow, my salary as a deck boy was 480 Finnish Marks per month and it equalled 440 Swiss Francs. The seaman's tax was fixed 18% so my net salary was 361 Swiss Francs.

Those days the newly introduced Royal Oak 5402 was costing 3,200 Swiss Francs meaning that the watch was representing my 8 months 25 days salary.

At the same time I could have bought every month with my salary one Rolex 5513...

The new 15202 that is very very close to the original 5402 has a price tag in Europe of € 18,500 while Rolex 114060 is about € 6,200. Relatively speaking the prices of Rolex rose much faster than the ones of Royal Oak.

According to the current contracts, the lowest salary onboard vessels flying under Finnish flag is € 1,897.50 per month. In other words, the lowest paid Finnish sailor needs about 10 months to collect the money for a 15202 Royal Oak. Not so much has changed.

The issue with vessels under a flag of convenience is a bit different. The minimum salaries under the ITF contract are as follows:

- Ordinary seaman $ 1,375 per month

- Deck boy $ 1,132 per month

So today most of the deck boys would need to work for about 18.5 month to buy their new 15202 Royal Oak and they could not buy a Rolex 5513 every month but would need to work some half a year to buy their Rolex 114060.

Based on this example I am surprised how little the price of Jumbo Royal Oak has changed in nearly 43 years and how much more expensive a Rolex Submariner is than what it used to be decades ago.

I spent a lot of time working and studying. Nowadays I do not need to paint the deck of the ship anymore but operate some 1.5 million dead weight tons of tankers in the fleet of my company. The vessels also look pretty different.

And naturally, a Royal Oak 15202 looks better with a suits than it would look working with most and paint onboard a ship. I was interested about watches already in 1972 but those days something like Royal Oak was something more than a distant dream.

I am sometimes calling the current prices of watches insane. However, some of the prices were insane already in 1972 but the market has changed a bit because most of the better watches are carrying an insane price tag today.

I believe that the people with "normal" income will welcome the smart watches and a long run those will be the winners. Many of the manufacturers of really fine watches have grown too big and the prices are not understandable anymore when thinking what is the value of the work most of the people do.

Best, Kari

About the Audemars Piguet Royal Oak Jumbo Ref. 5402

The Royal Oak reference 5402 is recognized as the original iteration of the model, introduced in 1972. This reference established the design language that would define the Royal Oak collection, characterized by its integrated bracelet and octagonal bezel secured by visible screws. It was initially presented as a luxury sport watch, distinguishing itself through its material and finishing in a period dominated by more traditional dress watch aesthetics. The 5402 was produced in various series, with the A-series being the earliest and most sought after by collectors.

The watch features a 39mm stainless steel case, often referred to as the "Jumbo" size, which was considered substantial for its era. It houses the self-winding Caliber 2121, a thin movement derived from Jaeger-LeCoultre's Caliber 920, known for its full-rotor design. The movement provides a power reserve of approximately 40 hours. The crystal protecting the dial is acrylic, and the watch offers a water resistance of 50 meters, suitable for general wear.

For collectors, the reference 5402 holds significance as the foundational model of a major watch series. Its various production series (A, B, C, D) present nuances in dial text and case back engravings that are closely examined. The integrated steel bracelet is an integral part of its design, contributing to its distinct profile. The blue dial, often with a "tapisserie" pattern, is a hallmark of this early reference, though other dial variations exist.

Specifications

Caliber: 2121

Case: Stainless steel

Diameter: 39 mm

Dial: Blue

Water Resist.: 50m

Crystal: Acrylic

Key Points from the Discussion

A contributor argues that while the salary-to-price ratio for the Royal Oak Jumbo remains similar, its current price is more 'insane' due to lower production costs and increased volumes compared to 1972.
The author shares vivid anecdotes from his early sailing career, including being robbed in Naples and trading shoes for a turtle in Casablanca, highlighting the stark contrast with his current professional life.
Another user shares a humorous childhood memory related to taste and accidental diesel contamination, adding a lighthearted personal story to the discussion.
The author discusses the changing perspective on wealth and work, noting his enjoyment in occasionally using crude language despite his Ph.D. status, a habit from his seafaring days.
The author reveals that if the current profitable crude oil tanker market continues, he plans to acquire a minute repeater, illustrating how professional success can fulfill long-held horological aspirations.
A reply emphasizes how personal stories of hard work and achievement deepen the appreciation for luxury watches, making the acquisition more meaningful.
The author clarifies that his father believed tough sailing experience was essential for becoming a man, and his post primarily aimed to show that expensive steel watches have always commanded high prices since their inception.

The Discussion

uhren2

Feb 8, 2015

great story dr.kol [nt]

dr.kol

Feb 8, 2015

Do you know that seamen are having a lot of stories?

Unfortunately this is not the right forum to tell i.e. about love in La Spezia. Seaman's love that lasted less than 5 minutes... Lol! Best, Kari

bimbeano

Feb 8, 2015

La Spezia ..

.. i once had to run for some 'maffiosi' in La Spezia ... dangerous city ... . Bim

dr.kol

Feb 8, 2015

Not as bad as Naples...

There was a strike in La Spezia and that was quite common those days. We stayed there for 2 weeks and during that time I learned many new tricks. One of those was to drink Campari. When we went to discharge the other half of the cargo to Naples, I got robbed just some 100 meters from our vessel. In the next port, Casablanca, which was a loading port, I understood to go ashore with other crew members. I got from Casablanca my first pet - a turtle. I changed my old tennis shoes (size 45) to a smal

bimbeano

Feb 10, 2015

Don't be ashamed ...

.. you got robbed in Naples ... i guess everybody who went there got robbed :-)

dr.kol

Feb 11, 2015

How true!

I made two trips at the same time: my first and my last. Best, Kari