Audemars Piguet, Royal Oak, 1992, 25654BA, Yellow Gold

A landmark of complicated sports watchmaking, this Audemars Piguet Royal Oak Quantième Perpétuel reference 25654BA beautifully captures the brand’s innovative spirit of the late 20th century. Produced between 1987 and 1998, the present example — number 780 and manufactured in 1992 — stands out for both its technical importance and remarkable state of preservation.

Crafted entirely in yellow gold, the iconic Royal Oak case retains strong proportions and crisp edges, paired with a high-quality integrated gold bracelet that enhances both comfort and visual continuity. The warm champagne dial complements the case beautifully and features applied baton hour markers along with four balanced subdials displaying the perpetual calendar indications and moon phase.

Powering the watch is the ultra-thin caliber 2120/2800, introduced in 1977 and celebrated as the world’s thinnest perpetual calendar movement at just 3.95 mm thick — a milestone that allowed Audemars Piguet to combine high complication with the elegant slimness of the Royal Oak design.

Preserved in absolutely stunning condition, the watch shows sharp case definition and a beautifully maintained dial. It is further accompanied by its box and an Extract from the Archives.

Key Features

• Reference 25654BA | Yellow gold case and bracelet

• Royal Oak Quantième Perpétuel

• Champagne dial with applied baton indexes

• Perpetual calendar with moon phases

• Ultra-thin caliber 2120/2800

• Number 780 | Produced in 1992

• Preserved in excellent condition

• Box and Extract from the Archives