{"reference": {"slug": "audemars-piguet-25654sa", "brand": "Audemars Piguet", "ref": "25654SA", "model": "Royal Oak Perpetual Calendar", "case_material": "Stainless Steel and 18k Gold", "provenance": "extracted_from_auction_comps", "url": "https://mostexpensivewatches.net/reference/audemars-piguet-25654sa", "description": "Produced between 1982 and 1993, the Audemars Piguet Royal Oak Perpetual Calendar reference 25654SA is a two-tone execution featuring a stainless steel case and bracelet with an 18k yellow gold bezel and center links. Collectors value this reference for its ultra-thin Caliber 2120/2800 movement and its transitional status, as it lacks a leap year indicator on the dial, maintaining a symmetrical four-subdial layout. The 39mm \"Jumbo\" case dimensions and the absence of the \"Tapisserie\" pattern on many early smooth or matte dials distinguish it from later iterations. Current secondary market prices typically range from $75,000 to $110,000 depending on provenance and condition. Approximately 425 units were produced in this specific steel and gold configuration, making it rarer than the full yellow gold 25654BA. Notable examples featuring \"Yves Klein\" blue dials or early Mark 1 dial signatures often command premiums at international auctions."}, "listing_stats": {"count": 4, "median": 251500.0, "low": 140000.0, "high": 275000.0, "brands": 1, "merchants": 3}, "listings": [{"id": "h_7761593598161", "title": "Audemars Piguet Audemars Piguet Royal Oak Perpetual Calendar 26574BC.OO.1220BC.01 \"Qatar Edition\"", "brand": "Audemars Piguet", "model": "Audemars Piguet Royal Oak Perpetual Calendar 26574BC.OO.1220BC.01 \"Qatar Edition\"", "reference": "1220BC.01", "price_usd": 258000.0, "currency": "USD", "condition": "excellent", "box_papers": "full_set", "year": null, "case_material": "18k White Gold", "case_size_mm": 41.0, "movement": "Automatic", "complications": ["Perpetual Calendar"], "merchant_slug": "material-good", "merchant_name": "Material Good", "image_url": "https://cdn.shopify.com/s/files/1/0561/5190/0369/files/Audemars_Piguet_Royal_Oak_Perpetual_Calendar_26574BC.OO.1220BC.01_Qatar_Edition__1.jpg?v=1781902330", "detail_url": "https://mostexpensivewatches.net/listing/h_7761593598161", "buy_url": "https://mostexpensivewatches.net/out/h_7761593598161", "available": true}, {"id": "h_7739650343121", "title": "Audemars Piguet Audemars Piguet Royal Oak Perpetual Calendar 25810OR.OO.0944OR.01", "brand": "Audemars Piguet", "model": "Audemars Piguet Royal Oak Perpetual Calendar 25810OR.OO.0944OR.01", "reference": "0944OR.01", "price_usd": 245000.0, "currency": "USD", "condition": "excellent", "box_papers": "full_set", "year": null, "case_material": "18k Rose Gold", "case_size_mm": 39.0, "movement": "Automatic", "complications": ["Perpetual Calendar"], "merchant_slug": "material-good", "merchant_name": "Material Good", "image_url": "https://cdn.shopify.com/s/files/1/0561/5190/0369/files/Audemars_Piguet_Royal_Oak_Perpetual_Calendar_25810OR.OO.0944.01.jpg?v=1777670209", "detail_url": "https://mostexpensivewatches.net/listing/h_7739650343121", "buy_url": "https://mostexpensivewatches.net/out/h_7739650343121", "available": true}, {"id": "h_7404479185005", "title": "Audemars Piguet 1992 Audemars Piguet Royal Oak Quantième Perpetual Calendar 18K YG (Ref. 25636BA) Openwork \"Small Font\" Dial W/ Box, Winder, AP COA, AP Extract, AP Service Papers, & Accessories", "brand": "Audemars Piguet", "model": "1992 Audemars Piguet Royal Oak Quantième Perpetual Calendar 18K YG (Ref. 25636BA) Openwork \"Small Font\" Dial W/ Box, Winder, AP COA, AP Extract, AP Service Papers, & Accessories", "reference": "25636BA", "price_usd": 275000.0, "currency": "USD", "condition": "excellent", "box_papers": "full_set", "year": null, "case_material": "Stainless Steel", "case_size_mm": 40.0, "movement": "Automatic", "complications": ["Perpetual Calendar"], "merchant_slug": "craft-and-tailored", "merchant_name": "Craft + Tailored", "image_url": "https://cdn.shopify.com/s/files/1/1104/9180/files/Img027679copy.jpg?v=1716510327", "detail_url": "https://mostexpensivewatches.net/listing/h_7404479185005", "buy_url": "https://mostexpensivewatches.net/out/h_7404479185005", "available": false}, {"id": "h_6968141906003", "title": "Audemars Piguet Royal Oak Perpetual Calendar Ultra-Thin | 26586IP | Titanium & Platinum", "brand": "Audemars Piguet", "model": "Royal Oak Perpetual Calendar Ultra-Thin | 26586IP | Titanium & Platinum", "reference": "26586IP", "price_usd": 140000.0, "currency": "USD", "condition": "excellent", "box_papers": "full_set", "year": null, "case_material": "Platinum", "case_size_mm": 40.0, "movement": "Automatic", "complications": ["Perpetual Calendar"], "merchant_slug": "a-collected-man", "merchant_name": "A Collected Man", "image_url": "https://cdn.shopify.com/s/files/1/0606/5325/products/Audemars_Piguet_Royal_Oak_Perpetual_Calendar_Ultra-Thin_RD-2_26586IP_OO_1240IP_01_titanium_platinum_A_Collected_Man_London_00.jpg?v=1681389703", "detail_url": "https://mostexpensivewatches.net/listing/h_6968141906003", "buy_url": "https://mostexpensivewatches.net/out/h_6968141906003", "available": false}], "auction_lots": [{"slug": "audemars-piguet-25654sa-2022", "brand": "Audemars Piguet", "reference": "25654SA", "model": "Royal Oak Perpetual Calendar", "case_material": "Stainless Steel and 18k Gold", "hammer_usd": 99225, "year_sold": 2022, "venue": "Christie's Geneva", "lot_summary": "A rare two-tone execution of the perpetual calendar, produced in limited numbers during the late 1980s and early 1990s.", "source_url": "https://www.christies.com/en/lot/lot-6371806", "provenance": "ai_generated_grounded", "url": "https://mostexpensivewatches.net/auctions/audemars-piguet-25654sa-2022"}]}