25654ST, Royal Oak Perpetual Calendar, Salmon Dial, Steel

Ref. 25654 replaced the first Royal Oak Perpetual Calendar ref. 5554 in 1987 and continued until 1998. In that time, just 315 examples were produced in steel (851 overall). These watches comprise the core of pre leap-year collecting. Just a handful of salmon dials exist within that category. This is one of those early Royal Oak Perpetual Calendars, pre-leap year, with an incredibly attractive salmon dial. 

By the 1980s, AP’s massive Royal Oak bet was already starting to pay off. Yet, quartz movements were still rising in popularity, casting the entirety of the Swiss watchmaking industry in an uncertain light. In the face of abject failure, AP chose to double down with an even larger bet. The ref. 5548 had started to sell alongside the ref. 5402. Complicated, mechanical watchmaking was not going out so easily and AP was ready to prove it, more boldly this time.

In a demonstration of utter bravery, AP squeezed the 5548’s incredible ultra-thin perpetual calendar movement (developed in secret by Michel Rochat, Daniel Golay, and Wilfred Berney, that’s a great article in itself) into a Royal Oak case. The development was no small expense. It would be sold for outrageous money at the time, even marketed later as ‘The most expensive steel watch in the world’. The price was about fourteen times what a steel date Submariner went for, 45000 USD. And it worked. That first-ever Royal Oak QP was the 5554 (later designated 25554 when AP moved to a 5-digit reference system in late 1984), released in 1984 of which 279 examples were produced in total.

A second Royal Oak QP reference was then introduced and, somewhat confusingly, sold in parallel alongside the 5554/25554 shortly thereafter. This, the 25654, featured an update. AP had to figure out how to engineer water resistance despite the tiny pushers to set the QP in the case side. They wanted to ensure 20m resistance with this complication, a task no other manufacture had pursued. In the 25654, the 39mm case was slightly more robust to accomplish that resistance beyond doubt (still remarkably only 9mm thin). This was the best of utilitarian usability meeting the heights of complicated watchmaking. Nothing about this watch was easy to create, and that audacity has seen it become a collector darling in recent years. The 25654 was produced in 851 total examples, including 430 yellow gold, 315 in this steel, 68 bimetal, and 38 platinum. 

Dials variation expanded dramatically through production of the 25654. Early productions were largely flat, in order to optimize case thinness. This example is rather interesting as it hails from a very different timeline of the brand. Interestingly, this was born with a traditional grey dial. As was often done in the 1990s, Audemars Piguet honored a client request at service and manufactured this salmon for it at special request, by the previous owner. The dial, created for this case and request, was made at and installed by Audemars Piguet with their blessing. This was done during a time when Audemars Piguet would grant such requests, which is no longer the case. Interestingly, this was in the precise timeframe when the 14790 salmon dials were created via the same by special request at service mechanism. The watch includes a full email correspondence exchanged between the previous owner and management at Audemars Piguet granting the request and detailing its full scope.

The 25654 was powered by a JLC 920 derived calibre 2120/2800 with 38 working jewels and a gyromax balance. One detail worth knowing: its rotor glides on an outer rail made specially of beryllium for its resistance to wear and minimal friction. The 2120 is regarded by many as the finest complicated, ultra-thin calibre ever produced. In the day of its debut, it was the worlds thinnest self-wound perpetual calendar at 3.95mm. 

The first Royal Oak QPs didn’t just see AP through the quartz crisis, they solidified AP’s place as innovators and created a category. There were no other options for complicated, integrated bracelet sports watches at the time. The 25654 embodies everything modern Audemars Piguet holds dear: bravery in ambition, classic sporting design from Genta, and masterful technical complication. This is a particularly excellent condition and exceedingly rare example of that pedigree. 

This example presents in excellent overall condition. The Mark 2 salmon dial is flawless, with no distractions, dust, or marks to be seen. Its case has sharp edges with factory proportions. The bezel is equally sharp, and its screw bolts are not protruding. The case, bezel, and bracelet all sport a light surface wear commensurate with age, but none show any significant bashes. The caseback engravings are deep. The 18-link bracelet shows little stretch, particularly considering age. The watch was serviced a few years ago and is running well within spec.

*Interested parties should note that this watch was born with a traditional grey dial. As was often done in the 1990s, Audemars Piguet honored a client request at service and manufactured this salmon for it at special request, by the previous owner. The dial, created for this case and request, was installed at Audemars Piguet with their blessing. This was done during a time when Audemars Piguet would grant such requests, which is no longer the case. The watch includes a full email correspondence exchanged between the previous owner and management at Audemars Piguet granting the request and detailing its full scope.

This example is modelled on an average-sized 7-inch wrist.