The Royal Oak Offshore Diver in steel is already a liquid shape. The 42mm case is one of the most recognizable in the sport-luxury world, and clean examples move quickly in the pre-owned market. This one, ref 25940SK, carries a black Grande Tapisserie Arabic dial under a custom diamond bezel with a matching iced-out band.
That customization is the fork in the road for value. A stock steel Offshore Diver trades on condition and completeness — the buyer pool is wide and pricing is well-understood. A custom-set piece like this one trades on something narrower: the quality of the stone work and the buyer who wants exactly this look. Fewer bidders, but the ones in the market pay up for a watch already finished rather than sourcing and setting stones themselves.
What moves the price here is the dial and case condition underneath the setting, and how consistent the stones read across the bezel and band. We authenticated and serviced it in-house, and it's backed by our store warranty.
Who it suits: someone who wants the iced-out Offshore now, done, instead of commissioning the work and waiting.
The piece in this story
On the desk now
Live inventory for this model — updated continuously as pieces arrive and sell.
A firm, dealer-direct wholesale number within one business day — paid out, or credited against your next piece.
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