Royal Oak Perpetual Calendar – Ref. 25654ST
Extremely Rare Matte Black Dial

Audemars Piguet’s legendary Royal Oak took on its most sophisticated form in the mid-1980s with the launch of the perpetual calendar. Crafted in stainless steel, this 39mm icon remains one of the most elegant executions of Gérald Genta’s design, blending the industrial architecture of the Royal Oak with haute horlogerie’s most prestigious complication.

This particular example is one of the rarest of all. It is estimated that fewer than 25 Royal Oak Perpetual Calendars were ever produced with this flat matte black dial, a stark departure from the more familiar tapisserie or silvered finishes. The monochrome tone amplifies the sharp geometry of the case and bracelet, while lending the calendar registers and moonphase a dramatic clarity rarely seen in the reference.

Inside beats Audemars Piguet’s ultra-slim calibre 2120/2800, derived from the celebrated Jaeger-LeCoultre ébauche and reworked in Le Brassus to power the full perpetual calendar with moonphase. At just 3.95mm thick, it allowed AP to preserve the svelte proportions that make the 25654ST so wearable.

Produced in notably small numbers between 1982 to 1993 (selected pieces being sold to 1998) , the reference has become a touchstone for serious collectors. To find one in steel is always special; to find one with this rarely-seen black dial is extraordinary.

Accompanied by its Audemars Piguet presentation box, archive extract, AP service history and setting stylus, this is an rare opportunity to secure one of the most elusive and important Royal Oak Perpetual Calendars ever made.