Audemars Piguet’s Code 11.59 has spent much of its life living in the shadow of the Royal Oak, but the latest 38 mm iteration suggests the collection might be finding its footing. The smaller Code 11.59 by Audemars Piguet Selfwinding 38 mm refines the line’s distinctive case architecture with more convincing proportions, slimmer leather straps, and richly textured embossed dials. Neither overtly sporty nor conventionally dressy, the 18k rose gold Code 11.59 positions itself as a modern dress watch with real character that is quite convincing on the wrist.

Initial thoughts

It’s no secret that the Code 11.59 lives in the shadow of AP’s flagship product, the Royal Oak. In the seven years since its debut, the Code has yet to have its breakout moment. Many may remember the troubled launch of the collection, which met with an unnecessarily negative response from the market. But there’s a thin line between love and hate, and AP has been steadily improving the proportions, textures, materials, and complications over the past few years, and the tipping point could be imminent.

The Code claims the middle ground in the false dichotomy between dressy and sporty, which makes it difficult for casual enthusiasts and collectors to fully understand. The 38 mm size, now with a new strap design, helps position the Code more concretely in the the dress watch camp, where its 9.6 mm thickness and 30 m water resistance rating feel more appropriate.

Despite the criticism that’s been leveled against the Code in the past, it has always had one of the most interesting case constructions on the market, characterised by its faceted octagonal mid-case. It’s rare for a round dress watch case to have much character at all, let alone a design that is distinctive enough to be immediately recognisable on its own.

The 38 mm size debuted in 2023 powered by the calibre 5900, a movement supplied by Vaucher. It’s an industrial-haute horlogerie movement built to a similar standard as AP’s own in-house calibres, with a health 60-hour power reserve and a free-sprung balance suspended by a full balance bridge.

The distinctive nature of the Code 11.59 makes comparative judgements difficult, but the pricing of US$37,700 reflects AP’s commanding position in the industry as much as it does the quality of the product, which is easily tangible.

Made to be worn

The key strength of the Code 11.59 has always been its case. The construction is unusual, with lugs attached only at the bezel, and an octagonal mid-case that references the famous bezel of the Royal Oak. The open lugs sit flush with the case back, but do not attach. The resulting design is distinctive in a way that few dress watches can manage. This pays dividends on the wrist, but much of the effect is lost when viewed or photographed straight-on — a significant drawback in an increasingly Instagram-centric collector community.

That said, one element has been improved that should make for more appealing wristshots: the strap. Previously, the Code 11.59 was offered primarily on an embossed leather-backed rubber strap with substantial padding. While comfortable, this design resulted in excessive visual bulk on the wrist. The new alligator and calfskin leather straps are thinner and depart the lugs at a steeper angle, improving the look and feel on the wrist.

Radiant and radial

The Code 11.59 debuted in 2019 with a glossy lacquer dial, a choice that was arguably too simplistic given the richness of the case design. This oversight was remedied in 2023 when the brand commissioned Yann von Kaenel of Décors Guillochés in Neuchatel to create special hand-cut dies for stamping the next generation of dials. The embossed radial pattern is attractive and pleasantly three-dimensional up close (especially under magnification). It’s not a recreation of any specific traditional guilloché motif, and looks suitably contemporary.

Having been released in a variety of colours previously, the stable expands with silver and black dials with rose gold dial furniture. Interestingly the gold hands, which were also refreshed in 2023, feature repeating lozenge shapes, echoing the famous hands and hour markers of the Royal Oak.

A compact calibre

The cal. 5900 that powers the 38 mm Code 11.59 is the same movement found in the 37 mm Royal Oak. It’s about 3 mm smaller in diameter than the brand’s latest in-house cal. 7121 found in the “Jumbo” 39 mm Royal Oak. While the smaller diameter is crucial for smaller cases, the cal. 5900 could actually be a bit bigger and still fit just fine.

The cal. 5900’s compact dimensions are impressive given its double-barrel architecture and centre-seconds layout, being just 0.5 mm thicker than the cal. 7121, which is positioned as an ultra-thin movement. Overall, the Vaucher-derived movement is not dissimilar from AP’s in-house movements, featuring a full balance bridge and a free-sprung balance, making it fit right in.

The finishing is largely applied by machine, as is typical in this segment, but a few polished interior angles on the winding mass are suggestive of the brand’s high horology heritage.

Key facts and price

Audemars Piguet Code 11.59 38 mm
Ref. 77410OR.OO.A127CR.01 (black)
Ref. 77410OR.OO.A402VE.01 (silver)

Diameter: 38 mm
Height: 9.6 mm
Material: 18k rose gold
Crystal: Sapphire
Water resistance: 30 m

Movement: Cal. 5900
Features: Hours, minutes, seconds, and date
Frequency:  28,800 beats per hour (4 Hz)
Winding: Automatic
Power reserve: 60 hours

Strap: Alligator with pin buckle

Limited edition: No
Availability: At AP Houses and boutiques
Price: US$37,700 excluding taxes