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Audemars Piguet

Ref. 25654ST.OO.0944ST.01

Royal Oak Quantième Perpétual

An early, rare and well-preserved stainless steel perpetual calendar wristwatch with bracelet, moon phases, guarantee, additional stainless steel bracelet and winding presentation box

HK$500,000–1,000,000
€56,500–113,000
$64,100–128,000
Audemars Piguet
1988
287’094
25654ST.OO.0944ST.01
C28’279, No. 199
Royal Oak Quantième Perpétual
Stainless steel
Automatic, cal. 2120/2800, 38 jewels
Stainless steel Audemars Piguet bracelet, max length 200mm
Stainless steel Audemars Piguet deployant clasp
39mm diameter
Case, dial, movement, bracelets and clasps signed
Accompanied by Audemars Piguet guarantee, service invoice, original bracelet, bracelet pouch, travel case, fitted winding presentation box and outer packaging. Further delivered with Audemars Piguet Extract from the Register confirming this watch was manufactured on 24 October 1988.
Good to know:
- Only 272 pieces produced in steel
- Well-preserved early production piece with old-school small AP signature
- With guarantee, winding box, additional bracelet and Extract from the Archives
- Complete service done in November 2022

Officially launched in 1987 and produced until 1998, the Audemars Piguet ref. 25654 replaced the first Royal Oak Perpetual calendar ref. 25554. Produced in 272 pieces in steel, 422 pieces in yellow gold, 72 pieces in two-tone, 33 in platinum and only 1 in white gold, it differs from its sibling thanks to a slightly thicker case thickness (8.25mm vs the 7.5mm of ref. 25554) meant to improve its water resistance capabilities.

Inside, the timepiece is powered by the workhorse cal. 2120/2800. Developed in 1977, the movement was the world’s slimmest perpetual calendar movement with a thickness of only 3.95mm.

The present Audemars Piguet ref. 25654ST is fitted with a correct “MK I” dial, featuring the old-school small Audemars Piguet signature (found at least until mid-production of C cases, but examples are known also from D cases) and no leap year indication.

What is more impressive is the watch retains its guarantee, winding presentation box, an additional bracelet ordered from Audemars Piguet by the present owner (currently fitted on the watch, but also retains its original factory bracelet) and an Extract from the Archives confirming the production of the timepiece in 1988. The watch also completed a full service at Audemars Piguet in November 2022.

Please note that there appears to be a clerical error of the handwritten case number on the guarantee that reads ‘C28275’ instead of ‘C28279’.

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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