Audemars Piguet Royal Oak Perpetual Calendar

About this reference

The Audemars Piguet Royal Oak Perpetual Calendar reference 25654ST was produced between 1982 and 1998, with approximately 429 units manufactured in stainless steel. Collectors prioritize this reference for its 39mm "Jumbo" case profile and the ultra-thin caliber 2120/2800, which lacks a leap year indicator on the dial. Unlike modern iterations, the 25654ST features a smooth, non-tapisserie dial, often found in silver or blue, and a closed caseback. Its historical significance lies in its role as a transitional model that maintained the original Genta proportions while housing a complex complication. Secondary market prices typically range from $120,000 to $180,000 depending on condition and provenance. A notable variant includes the "Yves Klein" blue dial, which commands a significant premium at auction. Production records indicate that while 800 total units were planned across all metals, the steel version remains the most sought-after for its utilitarian aesthetic.