All About the Audemars Piguet Cobra, Genta’s Other AP Design

Although the Royal Oak is by far Audemars Piguet’s most well-known model, the watchmaker has plenty of other unconventional pieces in its archives. One particularly striking example is the Audemars Piguet Cobra, which includes the vintage references 5403 and 5587, nicknamed so for their serpentine bracelets. It’s not often you see AP Cobra watches out in the wild yet we recently went hands-on with about a dozen of them! Keep reading as we outline the history, design, variations, and surprising appeal of the wild Audemars Piguet Cobra.

History of the “Cobra” by Audemars Piguet

The Cobra nickname is given to two distinct models — the Audemars Piguet ref. 5403 with a time-and-date dial, and ref. 5587 which also includes a day indicator. The AP Cobra ref. 5403 was introduced in 1971, a year before the very first Royal Oak (ref. 5402). The reference numbers may cause some confusion in terms of timeline, because the Cobra ref. 5403 did indeed come out before the Royal Oak ref. 5402. Check out this picture from a 1971 issue of Europa Star about the last days of that year’s Basel Fair.

Despite their vastly different styles, the Cobra and the Royal Oak actually have quite a few things in common. Not only were they both born in the early 1970s but it was the same legendary designer who penned them — Gerald Genta, of course! According to AP Chronicles (the brand’s official archival resource), Genta described the reference 5403 as “magnificent” and was particularly impressed with the flawless integration of the bracelet and case. If you’re familiar with Genta’s work, you know he was an avid champion of the integrated bracelet style, and the Cobra’s bracelet is, simply put, a work of art.

Another similarity between the Royal Oak 5402 and the Cobra 5403 was their movement: Caliber 2121. Introduced in 1970, Caliber 2121 was the date version of the famed ultra-thin automatic Caliber 2120 (released in 1967), which was in turn based on the LeCoultre Caliber 920/921. Fun fact: the first Patek Philippe Nautilus and Vacheron Constantin Overseas also had movements based on the same LeCoultre 920/921.

The time-and-date Audemars Piguet ref. 5403 was later joined by a day-and-date version in the form of the reference 5587. The Cobra 5587 was introduced in 1984 and ran on Caliber 2124/2810 (the self-winding Caliber 2124 with the 2810 module). Some collectors use the nickname “Cobra” more broadly, and will also use the term for some of AP’s quartz and manual-wind ladies’ dress watches from the 1980s that have similar bracelets. Ref. 5384 is an interesting watch, for example, but it doesn’t really have the striking cobra-like aesthetic of the 5403 and 5587.

AP Cobra Design

Now that we have a little background about the Audemars Piguet Cobra, let’s explore its design.

Bracelet

Needless to say, the standout feature of the watch is the incredibly intricate bracelet, which is a Polonaise mesh bracelet (Polonaise is French for Polish). While it’s somewhat similar to the more famous Milanese mesh, the Polonaise has a different weave style, featuring a slight v-shape configuration that looks like a braid. (Side note, the 2024 Patek Philippe Ellipse is a good example of a Polonaise bracelet). These bracelets were made for Audemars Piguet by bracelet maker Roland-Gilbert Gaschen as illustrated by the GRG hallmark on their clasps. Roland-Gilbert Gaschen may not be as famous as Gay Frères when it comes to luxury watch bracelets, but the work that came out of the Gaschen workshops is undeniably impressive.

In addition to the Cobra, Gashen made bracelets for several other vintage gold Audemars Piguet models, and precious metal GRG bracelets have also been found on some vintage Rolex pieces. How the scale-like bracelet of the Cobra integrates seamlessly with the case is where the magic lies, creating one uninterrupted silhouette.

Audemars Piguet made the reference 5403 and 5587 exclusively in yellow gold or white gold. I got my hands on an official AP authorized dealer catalog from 1977 and back then a yellow gold ref. 5403 retailed for CHF 6,375 (equivalent to $2,550 in 1977 and about $22,000 in today’s US dollars) while the white gold ref. 5403 retailed for CHF 6,790 (equivalent to $2,720 in 1977 and about $23,400 in today’s US dollars).

Case & Dial

Size-wise, these are not big watches; yet, despite their petite 34mm case diameters they have mega presence on the wrist thanks in large part to their bracelet. It is interesting to note that back in the 1970s, the Cobra ref. 5403 was classified as a “waterproof” watch; while I’m sure the cases were rated to be water-resistant, I’m not convinced it’s the type of piece you would (or should) take a plunge in. More importantly, it’s not advisable to submerge any vintage watch in any water today as that water resistance has likely been compromised over time.

While metal choices were limited to yellow or white gold, Audemars Piguet did offer a large selection of dial designs for the reference 5403. For instance, there are stone dials such as lapis lazuli, onyx, and aventurine. There are also simpler non-stone dials in blue, champagne, and gray. Furthermore, diamonds were also an option, ranging from diamond hour markers to full diamond pavé dials.

Interestingly, some include double diamonds at 12 o’clock while others have a single diamond there instead. Regardless of the style, all reference 5403 Cobra watches include a pair of super slim hour and minute hands at the center (no seconds hand) and a framed date window at 3 o’clock.

The Audemars Piguet reference 5587 has the same case proportions and bracelet style as the 5403, however, as this is a day-and-date watch, the dial layout is, of course, different. The reference 5587 dial is home to two subdials, one at 3 o’clock to indicate the date and one at 9 o’clock to indicate the day. Again, there are only two hands at the center for the hour and minutes and no seconds indication. This particular layout, which is also available in Royal Oak form, is sometimes nicknamed the Audemars Piguet “Owl.”

More on Audemars Piguet:
Audemars Piguet vs. Patek Philippe
Audemars Piguet Will Replace Stolen Watches for Free
The Cheapest Audemars Piguet Watches
Guide to Selling an Audemars Piguet Watch

Price and Value

They came out at almost the same time and in the 1970s, the Audemars Piguet 5403 Cobra in yellow gold retailed for only a few hundred Swiss francs less than a yellow gold Royal Oak 5402 (which was priced at CHF 6,500 according to my handy 1977 catalog). Today, it’s an entirely different story. The Royal Oak has become the brand’s hero product while the Cobra, which isn’t well documented or discussed, has disappeared into the archives.

However, given its rarity, unusual design, precious metal construction, and spectacular craftsmanship, the Cobra is a valuable vintage Audemars Piguet watch. It’s a niche product no doubt, but it does enjoy a cult following among certain circles. Although there was a time when you could pick up a Cobra for less than $20,000, its value has increased significantly in recent years. For instance, one example sold at a Christie’s auction in 2023 for over $152,000.

In today’s market, depending on condition and dial materials, you can expect to pay anywhere from $40,000 to over $110,000 for a ref. 5403 and $85,000+ for a ref. 5587.

One notable wearer of the AP Cobra in the 1970s was the Shah of Iran, who was an avid watch collector. The Shah even owned the very first white gold Royal Oak; his was a prototype from 1972 as gold wasn’t officially introduced into the Royal Oak collection until 1977. The Shah’s Audemars Piguet Cobra of choice was a white gold ref. 5403 with a blue dial.

Audemars Piguet Cobra – The Next Big Thing In Watches?

Old-school watches that were once seen as passé are back in style again, especially unconventional, ornate, and precious metal ones. There’s plenty of chatter about the comeback of the bracelet watch, and we’re not referring to sports watches with steel bracelets; we’re talking about ultra-fancy gold bracelets made in the same fashion as fine jewelry pieces. Just like the Cobra.

Celebrities may be driving the trend; J. Balvin, Rihanna, and The Weeknd have all been spotted wearing Rolex Midas watches, A$AP Rocky and Brooklyn Beckham wear solid gold Piaget Polo watches, and Bad Bunny casually wears a vintage Patek ladies’ watch complete with a diamond-entrusted bracelet and octagonal gold case. Alternatively, Mike Nouveau on TikTok and @misterenthusiast on Instagram could also be responsible for the appeal of these seemingly off-the-wall timepieces, sometimes dubbed “Geezer Watches.”

Here at Luxury Bazaar, we generally classify these types of once-unfashionable yet uniquely appealing watches as “Roman Buys.” When it comes to trends, CEO Roman Sharf seems to always be one step ahead of the curve so we have no doubt that the AP Cobra, which is absolutely a geezer watch, will yet again become a hot watch in the market — more than fifty years after its debut.

More About Gold Watches:
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Rolex Rose Gold: Every Everose Watch Produced by Rolex
The Rolex Rainbow Daytona is Back for 2024: First Thoughts on the 126595 RBOW
Patek Philippe Nautilus 5712/1R in Full Rose Gold