Audemars Piguet Royal Oak Perpetual Calendar

About this reference

Produced between 1982 and 1993, the Audemars Piguet Royal Oak Perpetual Calendar reference 25654PT represents the platinum execution of the brand’s second-generation perpetual calendar. Collectors prioritize this reference for its ultra-thin Calibre 2120/2800 movement and the absence of a leap year indicator, which maintains a symmetrical four-subdial layout. The platinum variant is notably rare, with records indicating only 38 units were manufactured out of the total 800 pieces produced across all metals. These watches feature a 39mm "Jumbo" case construction without a sapphire caseback, adhering to traditional proportions. On the secondary market, prices typically occupy the mid-to-high six-figure range, often fluctuating between $250,000 and $500,000 depending on dial configuration. A notable production detail includes the transition from the early "MK1" dials with smaller Audemars Piguet typography to later versions, with rare "Tuscan" textured dials commanding significant premiums at major international auctions.