Important Modern & Vintage Timepieces

Monaco, Jul 21, 2021

LOT 431

Audemars Piguet
Ref. 25654 ST, self-winding, perpetual calendar, moon phases, black dial; “Royal Oak”; stainless steel

EUR 100,000 - 200,000

USD 119,900 - 239,000 / HKD 928,000 - 1,856,000

Sold: EUR 195,000

Fine and extremely rare, stainless steel, self-winding, tonneau-shaped, gentleman’s wristwatch, black colour dial, with perpetual calendar (date, day, month) and moon phases.

Grading System
Case: 2

Very good

Movement: 2*

Very good

Overhaul recommended, at buyer's expense

Dial: 2-01

Very good

HANDS Original

Brand Audemars Piguet, Le Brassus (Vallée de Joux)

Model “Royal Oak” “Perpetual Calendar”, No. 0901

Reference 25654 ST

Year 1994

Movement No. 373 971

Case No. D 27 472

Bracelet integrated stainless steel AP bracelet with deployant clasp

Caliber 2120

Dimensions 39 mm

Signature dial, case and movement

Accessories original fitted box, certificate of origin


In December 1875, Jules Louis Audemars formed a partnership with his childhood friend, Edward Auguste Piguet. In 1881, the two watchmakers created officially Audemars Piguet & Cie based in la Vallée de Joux. The Royal Oak was launched in 1972, after Audemars Piguet called on the genius of iconic designer Gerald Genta to produce a wristwatch both elegant and sporty. Named after the famous English oak tree for Charles II, it is one of the first wristwatch designed by Genta.

This timeless model is known in many variations. Only 272 pieces of this ref. 25654 in stainless steel were produced from 1982 to 1993, but offer for sale until 1998. Approximately 800 in all metal combined were produced and only 272 in stainless steel. The smooth black dial with no tapisserie is an extremely rare feature. The wriswatch is fitted with the well-known 2120 caliber, an ultra-thin automatic movement, introduced in 1967, originally created by Jaeger-LeCoultre and used by Audemars Piguet for the Royal Oak, Vacheron Constantin for the 222 and Patek Philippe for the Nautilus.