834Σ︎

Audemars Piguet

Ref. 25657

Quantième Perpétuel “MOP”

A very rare and attractive yellow gold perpetual calendar wristwatch with mother-of-pearl dial, diamond-set indexes, moon phases and certificate

HK$120,000–240,000
€13,400–26,900
$15,400–30,800
Audemars Piguet
Circa 1988
286’705
25657
C40’591, 2904
Quantième Perpétuel “MOP”
18K yellow gold
Automatic, cal. 2120/2800, 38 jewels
Crocodile
18K yellow gold Audemars Piguet pin buckle
36mm diameter
Case, dial, movement and buckle signed
Accompanied by undated Audemars Piguet certificate and associated presentation box.
Good To Know:

- The only one known with mother-of-pearl dial and diamond-set indexes
- Thinnest automatic perpetual calendar created at the time
- Accompanied by original certificate
- Kept in a private collection for more than 20 years

Recognized as the first automatic perpetual calendar wristwatch from Audemars Piguet, the reference 5548 was introduced in 1978. Nicknamed by enthusiasts as the “APQP” (for Audemars Piguet Quantième Perpétuel), the reference 5548 was developed during the height of the Quartz Crisis and is credited with helping the manufacture survive that challenging era by showcasing the enduring appeal and technical prowess of mechanical watchmaking.

Produced from 1982 until 1993, its successor reference 25657 spans both C and D series. According to Audemars Piguet, a total of 1,821 examples of the reference were produced across all iterations.

Characterized by a solid snap-on caseback, sunken sub-dials and the “Swiss Made” signature, the reference houses the ultra-thin automatic Calibre 2120/2800. Based on the legendary Jaeger-LeCoultre Calibre 920, the base calibre was the thinnest automatic movement of its era and even with the addition of the perpetual calendar module, it remains one of the slimmest calendar movements ever created, measuring just 3.9mm thick.

The present watch is no ordinary reference 25657, featuring a captivating mother-of-pearl dial. Elevating its status even further, it is fitted with factory diamond-set hour markers—making this the only known example with this dial configuration to appear on the market to date.

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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