AP’s Swatch Deal Leaves Crypto Watch Collectors Feeling Betrayed

Audemars Piguet dropped a bomb over the weekend. The Swiss luxury watchmaker announced a partnership with Swatch, and the crypto community isn’t happy about it.

The collaboration, called “Royal Pop,” takes direct inspiration from AP’s Royal Oak—a model that routinely sells for more than $30,000 and has become something of a status symbol among successful crypto traders and investors. Now Swatch plans to release its own version for around $500 when it hits stores on May 16. For many Royal Oak owners, especially those who bought their watches during the crypto boom years, the news feels like a betrayal. Watch resellers say complaints started flooding in almost immediately after the announcement. The sentiment across social media has been harsh, with some collectors comparing the move to a “rug-pull”—crypto slang for when a project suddenly abandons its community and tanks in value.

Royal Oak’s Crypto Connection

The Royal Oak has deep ties to the crypto world. It’s not just a watch—it’s a signal. When Bitcoin and Ethereum prices soared, so did demand for high-end timepieces like the Royal Oak 15202ST. That particular model averaged about $21,800 back in 2016. By 2022, during the height of the crypto bull run, the same watch was changing hands for nearly $106,000 on the secondary market. The price jump tracked pretty closely with crypto’s explosive growth during those years.

But things started shifting even before Swatch entered the picture. Secondary market prices for AP watches began sliding from their 2022 peak as crypto markets cooled off. The timing of the Swatch collaboration couldn’t be worse for collectors who bought at the top, hoping their watches would hold value or even appreciate further.

Crypto influencers have been vocal about their disappointment. Many see the collaboration as diluting what made the Royal Oak special in the first place: exclusivity. When a $500 Swatch can mimic the look of a $30,000-plus AP, the status symbol loses its punch. And for crypto investors who view luxury watches as both personal trophies and alternative stores of value, that’s a real problem.

Market Performance Already Lagging

The Swatch news comes as Audemars Piguet already faces challenges in the resale market. Despite being one of Switzerland’s top luxury watch brands, AP’s resale values only climbed 3.4% this year. Compare that to Patek Philippe, which saw a 16% jump, or Rolex, up 8%. The gap is pretty significant.

Those numbers matter to crypto investors who treat high-end watches as liquid assets—something they can sell relatively quickly if they need to raise cash or rebalance their portfolios. When a brand underperforms its competitors, it raises questions about whether it’s still the smart choice for people looking to park wealth in physical luxury goods.

The partnership with Swatch adds another layer of uncertainty. Will the mass-market version hurt AP’s prestige long-term? Or will it introduce the brand to new buyers who might eventually trade up to the real thing? Nobody knows yet. But the immediate reaction from existing owners suggests AP might’ve miscalculated how its core customers would respond.

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Exclusivity vs. Accessibility

Luxury brands walk a tightrope. They need to grow, but growth often means reaching beyond their traditional customer base. Swatch represents the opposite end of the watch market—affordable, mass-produced, accessible to basically anyone. For a brand like Audemars Piguet, which has built its reputation on scarcity and craftsmanship, partnering with Swatch is a big gamble.

Some collectors worry this is just the beginning. If AP is willing to license its most iconic design to a budget brand, what comes next? The fear isn’t just about one collaboration—it’s about what the move signals regarding the company’s priorities and direction.

The crypto community’s reaction has been particularly intense because many traders and investors see their watches as more than accessories. They’re badges of achievement, physical proof of successful trades and smart bets. When everyone can walk around with something that looks like a Royal Oak for $500, that badge loses meaning.

Watch resellers report that some AP owners are already considering selling their pieces before the Swatch version hits the market. The logic is simple: get out before values drop further. Whether that happens remains unclear, but the anxiety is real.

Timing Couldn’t Be Worse

The collaboration announcement coincides with continued volatility in crypto markets. Many investors who bought Royal Oak watches during the 2020-2022 boom are already underwater on those purchases if they were counting on appreciation. Now they’re facing the possibility that the Swatch partnership will further erode their watches’ value.

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AP’s decision to move forward with this partnership despite the risks shows the company is probably more focused on long-term brand expansion than keeping its current collectors happy. That’s a choice, but it’s one that could backfire if the backlash intensifies or if the Swatch version fails to attract the new customers AP is hoping for.

The first Swatch Royal Pop models go on sale May 16. How they perform—and how the market reacts in the weeks and months after—will tell us a lot about whether AP made the right call. For now, though, plenty of crypto investors who own Royal Oak watches are feeling pretty burned by a brand they thought understood the value of exclusivity.