Audemars Piguet Royal Oak Chronograph 26331ST Panda Dial Review

Audemars Piguet Royal Oak Selfwinding Chronograph (Panda Dial) — $47,000

When collectors talk about “accessible complications” in the Royal Oak lineup, the reference 26331ST is always in the mix. This stainless steel chronograph—especially in the well-loved panda dial—lands that sweet spot between heritage design and modern performance. The white/silver Grande Tapisserie dial with black registers has the kind of high-contrast pop that speaks to new and seasoned collectors alike, and this generation features the closed (solid) caseback typical of the era.

Technical Architecture & Caliber 2385

Inside the 26331ST is Audemars Piguet’s caliber 2385, an integrated automatic chronograph with a 40-hour power reserve. It’s a column-wheel design, so the start/stop/reset feel is crisp and deliberate—exactly what you want on a luxury chrono. The classic tri-compax layout keeps things intuitive: 30-minute counter at 3, 12-hour counter at 9, and running seconds at 6.

A small but defining detail is the date window at 4:30. It adds a bit of asymmetry and is a signature look for this generation of Royal Oak chronographs.

Design Evolution: The 20th-Anniversary Update

Released in 2017 to mark 20 years of the Royal Oak Chronograph, the 26331ST brought thoughtful refinements. Enlarged subdials improve legibility, and the chunkier applied hour markers lean into the watch’s sportier side. The two-tone panda execution ups the contrast without breaking from the Royal Oak’s integrated, architectural language. And in this generation, the solid caseback keeps the profile clean and consistent.

The Grande Tapisserie dial plays with light, shifting character as you move. The black chronograph registers deliver contrast and focus, framed by the octagonal bezel and its exposed hex screws—pure Royal Oak DNA.

Size, Fit, and Wearing Experience

The 41mm stainless steel case stays impressively slim at about 11mm, especially for an integrated chronograph. With a 51.6mm lug-to-lug and a total weight around 182g, it has substance without feeling overbearing during a full day of wear.

The integrated bracelet is a highlight—brushed and polished by hand with a tapered flow from case to clasp. The articulation helps it drape naturally on the wrist, which is why so many collectors call the Royal Oak bracelet one of the best in the game.

Market Notes & Collector Takeaways

Production of the 26331ST ended in 2022, which nudged it firmly into “modern classic” territory. The panda dial hits that motorsport aesthetic in a high-horology package, and the reference neatly bridges the gap between time-only Royal Oaks and the brand’s more complex pieces. In short: severe daily wear with real pedigree.

Between the anniversary backstory, discontinued status, and universally appealing colorway, the 26331ST (Panda) continues to be a smart pick for collectors who want an integrated sports chronograph.

If you’re hunting for a Royal Oak with real chronograph capability and standout wrist presence, the 26331ST (Panda) checks every box. With anniversary provenance, refined proportions, and a discontinued run, it’s a sharp addition to a focused collection. Available now at Watches Off 5th for immediate acquisition.