In the modern era, Audemars Piguet have built the foundation of their image on two things. You already know the first, Genta’s foremost masterpiece, as popular today as it was in 1972. The second, in their expanding reputation as master of extremely technical complications (sorry Franck Muller, it’s time), through projects like the RD series and work under Renaud et Papi for other houses. Both of those identities can trace their genealogy back to this watch, where they collided for the very first time: the early Royal Oak Quantième Perpétuel, pre-leap year indication.

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 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 watchmaking complication. 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 800 total examples, including 422 yellow gold, 272 in this steel, 72 bimetal, 33 platinum, and 1 white gold example. Where the normal Royal Oak featured petite tapisserie then, AP chose to differentiate the QP by leaving its surface perfectly smooth, sans-tapisserie (with a few rare exceptions). The 25654 saw a range of dials, split between two iterations. Mark 1 dials have a straight text for the ‘AUDEMARS PIGUET’ signature, where all letters are equally tall. Mark 2 signatures have a mixed height font, such as this example. In either, this extremely attractive salmon dial is vanishingly rare. Only a handful of salmon dial 25654ST are known to the market.

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.

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. It might be a stretch to say this was the Nadal RM of its day, but, certainly, you had no other options for complicated, sporting watchmaking. The 25654 embodies everything modern Audemars Piguet holds dear: bravery in ambition, classic sporting design from Genta, and masterful technical complication. For that and its sheer beauty, the 25654 is generally regarded as one of the, if not the, most desirable Royal Oaks ever. Even more so in salmon.

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 an opaline grey dial and had this salmon dial made for it with Audemars Piguet's blessing at special request by the previous owner. This was 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. Both dials are included in sale.

This watch is modeled on a relatively large 7.7 inch wrist.

• Brand: Audemars Piguet
• Model: Royal Oak Perpetual Calendar
• Reference: 25654ST
• Size: 39
• Year: c. 1988 (C Series)
• Case Material: Steel
• Movement: Automatic Calibre 2120/2800
• Scope: Watch, Service Box, Opaline Grey Dial