The present invention relates to a process for preparing methyl methacrylate by a direct oxidative esterification of methacrolein with oxygen and methanol, which is conducted in the liquid phase at a pressure of 2 to 100 bar with a gold catalyst. According to the invention, the liquid phase is withdrawn continuously from the reactor and optionally enriched with oxygenous gas, the pH, after the withdrawal, is adjusted to a pH between 5 and 9 by means of addition of a basic solution and this liquid phase is conducted back into the reactor again to an extent of at least 50%.