Audemars Piguet Royal Oak Perpetual Calendar

About this reference

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.