25829OR Audemars Piguet Royal Oak Perpetual Calendar Skeleton

Audemars Piguet remained independently owned through the tumultuous 1990s and 2000s (still are), led by Georges-Henri Meylan and later Philippe Merk, where many of their peers were gobbled up in acquisitions. The former spearheaded the highly contemporary Royal Oak QP Skeleton. First came the ref. 25636, followed by this 25829. The design was barely changed, owing to the success of what was AP’s first ever and rather daring skeletonized perpetual calendar of any kind. In an old-world design move, the hands moved to feuille-shape, finished in rhodium. This creates a Royal Oak QP that, while technical, still incorporates a historic flourish, nodding to complication posterity.

Photography for this Find comes from a prior sale by A Collected Man. 

Despite a 17 year production run from 1996 until 2013, not all that many were made. There are 371 in steel, 156 in platinum, 102 in yellow, 174 in (this) pink gold, and 47 in unusual tantalum bimetals. These were all made after the introductions of both leap year indication and the addition of a mixed capitals AP signature. Other typography evolved as well, where the 25636 featured a more delicate font, the 25829 grew bolder with more defined serifs. Finishing on calibre 2120/2802 grew marginally more refined as well, with various elements of the 920 ébauched finished in more intricate of varied ways: just compare the areas around the 10 marker on each.

Consider that the nowhere near as beautiful 26585XT 150^th Skeleton is selling north of 500K and this market centers under 300K. While still independently owned, AP are no longer taking risks of comparable magnitude. This is the value buy of today in many ways, even though it’s ridiculously expensive. No Royal Oaks better embody AP history than the collection of early QPs, and they are particularly perfect in pink.

This example sports an excellent case, as one would hope to see. It comes with an Extract but not the full works, although it was serviced by AP in 2019.