25563BA Audemars Piguet Skeleton Chronograph

This is a really exceptional and understudied little corner of Audemars Piguet history. It is the reference 25563, simply called the Skeleton Chronograph. Just 67 pieces were manufactured across all metals. It was never a part of the main catalogue but made available to order for select clients, much like the skeletonized QP ref. 25558/25668. Only two have ever appeared at auction ever documented, one earlier this year. It was estimated 15-25K CHF. We bid on it. It hammered at 151K CHF, flooring everyone. One in yellow gold has now just surfaced on the market and it needs to be understood for the beautiful, classic-leaning beast it is. 

Where many skeletonized chronographs of this time such as the VC 47100 or even Piaget’s 15933 used the solid and storied Lemania 2310, AP opted for a very classic Valjoux 23 ébauche. The manual column wheel chronograph is the forerunner of the 72 and has a long history back to the most desirable AP complications, also serving as the ébauche for the incredible 831 Calendar Chronograph we saw at auction last year. The Valjoux 23 is defined by 9 column wheel teeth and a dual register layout, where the Valjoux 72 is a three-sub calibre. It has been in use since 1916 and changed the face of chronographs. In the mid-century, this calibre was to chronographs what the JLC 920 was to steel sports watches in the 80s.

However, the 25563 present here today was made from 1981 until 1993. This is is one of the last uses from the Holy Trinity of this ébauche, production of the 23 had already stopped by 1979. There was also an integrated mesh bracelet made in the first year or two of the model under ref 5556. Some of these 25563 have diamond indices. AP’s marvelous records show 56 in this yellow gold, 10 in pink, and 1 in platinum (that which sold this year, diamond indices) for 67 all told. For AP collectors, it is a rather beautiful and elusive beast. As if it couldn’t get any cooler, it’s also worth noting that this is not the same case shape as the 5548 (or above mentioned 25558). The bezel is stronger, with wider lugs, over 1mm larger. And just glance the blued steel feuille hands whose voluptuousness is only rivaled by mid-century AP. More of this, please, AP. Fewer Kaws.

This example looks mega. It is worn, yes, but the only other yellow gold example I’ve seen sold at Fortuna years back and was way, way polished. The engravings here are deep and structured. The bezel and lugs show signs of use but nothing that’s unattractive. It’s a light level of surface wear and strong case. It comes from a well-regarded retailer.