Royal Oak Ref. 25654BA – Ultra rare 1988 Yellow Gold Quantieme Perpetual in remarkable  'NOS' condition. Fewer than 430 examples of the 25654BA have been produced, making this an extraordinarily rare find.

A true grail for Royal Oak collectors - this rare early ref. 25654BA cased in the iconic Gérald Genta-designed Royal Oak. Crafted entirely from solid 18ct yellow gold, the 39mm ultra slim 8.3mm case features the unmistakable octagonal bezel with 8 exposed white gold screws, paired with the original integrated Oak bracelet, showing beautiful patina and warmth to the gold.

The flat champagne non tapisserie dial of this C-series houses a classic QP layout: day, date, month, and moonphase - executed in an ultra-sleek, symmetrical design. Blued steel hands highlight the sub registers, while the gold baton markers are perfectly matched to the dial tone.

Powered by AP’s ultra-thin calibre 2120/2800—famously based on the legendary JLC ébauche used by both Patek and Vacheron—this movement measures just 4mm thick, allowing for the signature slim profile that made the QP Royal Oak such a horological marvel of its era.

A single owner from new, never polished and with factory crisp edges it is simply the finest example of a vintage Royal Oak Perpetual Calendar ref. 25654 for sale in the world today.

As the international watch market stabilises and collectors shift focus toward important top-tier references, this neo vintage 39mm Perpetual Calendar stands out as a significant long-term asset. According to Audemars Piguet's own archives, between 1987 and 1996 just 430 of these beautiful automatique yellow gold Quantième Perpétuels (ref. 25654) were produced. 

Importantly, it is accompanied by its original AP winding box, literature, and AP warranty booklet. Covered by our two-year warranty.