Audemars Piguet Scales Down: The New 38mm Royal Oak and Code 11.59 Perpetual Calendars

 

There’s a trend happening in high horology: brands are rediscovering the beauty of smaller diameters. After years of oversized cases dominating wrists and Instagram feeds, the pendulum is swinging back. Today, Audemars Piguet joined that movement with two big releases in small packages: a 38mm Royal Oak Perpetual Calendar and a 38mm Code 11.59 Perpetual Calendar. Both shrink flagship complications into sizes many enthusiasts have been asking for.

Source: MonochromeWatches

The Return of a Smaller Royal Oak

Let’s start with the headliner. The Royal Oak Perpetual Calendar is back in 38mm, and at just 9.4mm thick, it wears as thin as it sounds. Collectors will remember that the last time AP offered a perpetual in this kind of size was back in the 1990s and early 2000s. Since then, the standard 41mm became the norm. For many wrists, that was simply too much watch.

The new version comes in two flavours: stainless steel with a light blue “Grande Tapisserie” dial, and 18k rose gold with a beige dial. Both skip the week indicator, a function that many collectors considered more clutter than useful. That little omission does a lot - it gives the dial a cleaner, more classical look, and it connects back to those earlier perpetuals that seasoned AP fans often reference as some of the best-balanced Royal Oaks ever made.

Inside ticks the new calibre 7136, an evolution of the 7138. It keeps the specs enthusiasts want: 55 hours of power reserve, all functions set through the crown, and the slim profile that made this downsize possible.

The steel Royal Oak Perpetual Calendar will set you back about €102,000, while the rose gold version is priced around €140,000.

Source: MonochromeWatches

Code 11.59: The Shrinking Act Continues

The second piece of news is the Code 11.59 Perpetual Calendar. AP’s youngest collection has been divisive since launch - some love it for being different, others think it lacks the magic of the Royal Oak. But there’s no denying the effort AP has put into refining it.

This new perpetual is 38mm across and 9.9mm thick. The case, in rose gold, keeps the architectural mid-case and open lugs that define Code 11.59’s design. The dial is bold: green embossed counters with rose gold hands and markers, plus a snailed green inner bezel. It’s an unusual palette, but I gotta say it fits it perfectly.

Unlike the Royal Oak, the Code keeps the week indicator. It runs on calibre 7138, the slightly thicker sibling of the 7136. The result is a perpetual that still feels complex, but in a size that’s approachable for those who felt the original 41mm was simply too much real estate.

Pricing here matches the Royal Oak steel: about €102,000.

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Anniversary Touches

Both models are being released with an optional limited-run twist. AP will make 150 pieces of each featuring a vintage-inspired logo on the moonphase, plus a commemorative 150th anniversary engraving on the caseback. Some collectors dismissed the idea when AP first tried it earlier this year, but it has its fans - particularly among those who appreciate the brand’s older design language.

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The Bigger Picture

So what does this mean? On a practical level, AP is expanding its reach. Not everyone wants (or can wear) a 41mm perpetual calendar, especially when you’re paying six figures for the privilege. A 38mm case opens the door to more wrists: smaller, slimmer, or simply those who prefer a discreet fit.

But it’s also a reminder of the AP history. For years, their mid-size perpetuals have been loved by collectors, even if they weren’t the watches dominating headlines. By going back to something closer to those proportions, AP is admitting what many of us already know: balance matters.

That said, the choices aren’t flawless. The baby blue dial on the steel Royal Oak will split opinion. It’s fresh, but some will argue it makes the watch feel less unisex compared to the darker blue of recent 41mm models. And the beige dial in rose gold? Elegant, yes, but perhaps too safe when compared to the more interesting designs from other maisons.

The Code’s green-and-gold combo, meanwhile, will be love-it-or-hate-it. On paper, it’s striking. On the wrist? That will depend on taste. For some, it’s adventurous. For others, it might come off as classless.

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Final Thoughts

Audemars Piguet isn’t reinventing the perpetual calendar. They don’t need to. What they’re doing here is adjusting proportions, refining aesthetics, and giving collectors more options. For a house known as one of the “Holy Trinity” of Swiss watchmaking, this is less about chasing trends and more about recognising that not every client wants a dinner plate strapped to their arm.

For me, these releases land exactly where they should: interesting, historically aware, and technically sound. The sizes are right. The movements are proven. The designs - while not perfect - show that AP is listening. Life is good.

Source: MonochromeWatches