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Audemars Piguet

Ref. 25654BA.OO.0944BA.01

Royal Oak Perpetual Calendar

A luxurious and sought-after yellow gold perpetual calendar wristwatch with moon phase, bracelet, and Certificate of Authenticity

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• Reference 25654 replaced the Royal Oak Perpetual calendar reference 25554 in 1987 and was produced until 1998 in 315 pieces in steel, 430 pieces in yellow gold, 68 pieces in steel and yellow gold and 38 in platinum. It differs from its sibling for a slightly thicker case thickness (8.25mm vs the 7.5mm of ref. 25554) meant to improve its water resistance capabilities. The firm incorporated the ultra-thin 2120/2800 into the Royal Oak case, making it one of the world’s thinnest automatic perpetual calendar wristwatches at the time.

• The present Audemars Piguet Royal Oak Perpetual Calendar ref. 25654BA dating to late 1988 is a beautifully preserved example, with the yellow gold case matching seamlessly with the beautiful champagne dial. The sub-dials are slightly sunken, adding depth and texture to the otherwise-flat dial. As expected from an early MK II dial, it does not include a leap year indication (this feature was only added later, when the movement was updated to the calibre 2120/2802 in 1993) and it features the “new style” AP signature.

Audemars Piguet

Swiss | 1881

A specialist in the manufacture of complications since it was established in 1881, Audemars Piguet never ceases to impress with a rich history of creating bold, even audacious, timepieces underpinned by traditional watchmaking at its finest. This Le Brassus-based Swiss manufacturer is one of only two major manufacturers still owned by the founding family. Since its earliest days, AP is considered a leader in the field of minute repeaters and grande complication pocket and wristwatches. The brand is devoted to preserving the history of watchmaking in the Vallée de Joux, showcased at their superb museum in Le Brassus.


Today, the brand is best known for its Royal Oak models, a revolutionary luxury sports watch launched in 1972. Other key models include early minute repeating wristwatches, vintage chronograph wristwatches, such as the oversized reference 5020, perpetual calendar watches and the Royal Oak Offshore, first introduced in 1993.

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