Audemars Piguet Royal Oak Perpetual Calendar

About this reference

Produced between 1982 and 1993, the Audemars Piguet Royal Oak Perpetual Calendar reference 25654BA represents an early evolution of the ultra-thin perpetual calendar complication within the Royal Oak line. Collectors prioritize this reference for its 39mm "Jumbo" case proportions and the caliber 2120/2800, a movement derived from a Jaeger-LeCoultre base that allowed for a case thickness of approximately 8.2mm. Unlike modern iterations, the 25654BA lacks a leap year indicator on the dial, a characteristic of early AP perpetual calendars. Approximately 422 units were manufactured in 18k yellow gold. On the secondary market, these timepieces typically trade in the $100,000 to $160,000 range depending on the presence of original paperwork and dial condition. A notable variant includes the "Yves Klein" electric blue smooth dial, which commands a significant premium over the standard champagne or white tapisserie versions at international auctions.