





110
Audemars Piguet
Ref. 25654SA
Royal Oak Quantième Perpétuel
A very rare and early stainless steel and yellow gold perpetual calendar wristwatch with moon phases and bracelet
Full-Cataloguing
- Perpetual Calendar and moonphase indication
- Produced in 68 pieces in this configuration
- Rare and early example with no leap year indication
Reference 25654 succeeded Audemars Piguet’s first Royal Oak Perpetual Calendar, reference 25554, in 1987 and remained in production until 1998. Slightly thicker than its predecessor to improve water resistance, it nonetheless retained remarkable slimness by housing the ultra-thin calibre 2120/2800, making it one of the thinnest automatic perpetual calendar wristwatches of its era. Production was limited across metals, further underscoring the reference’s exclusivity.
The present Royal Oak Perpetual Calendar ref. 25654SA is a particularly attractive and well-preserved example, distinguished by its highly sought-after cream MK I dial with the early “old-style” Audemars Piguet signature and no leap-year indication. Paired with a stainless steel and yellow gold case, this configuration is notably rare; only 68 pieces were produced during its 10-year run. Most examples are found with champagne dials and full yellow gold cases. The result is a refreshing aesthetic that balances sportiness with refined elegance.
Retaining a very sharp case and accompanied by its original guarantee booklet, this early-dial ref. 25654SA offers both visual distinction and historical appeal, making it a compelling addition for the discerning Royal Oak collector
Audemars Piguet
Swiss | 1881A 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.