25657PT Audemars Piguet Quantieme Perpetual with Bracelet

AP’s 5548 is lore: conceived in secret by a crack team of watchmakers (veteran watchmaker Michel Rochat, founder of the technical department Jean-Daniel Golay, and founder of the after-sales service department Wilfred Berney) to return complicated mechanical watchmaking to its rightful throne in the wake of the quartz crisis. But the ultra-thin calibre 2120/2800 which resulted, then the world’s thinnest (3.95mm) automatic perpetual calendar movement, didn’t just stop with that reference. The QPs which followed from Le Brassus are some of the most attractive expressions of complicated watchmaking ever.

This second generation (or third if you count the nine examples of 5516 watches) 25657 was produced in parallel with the 24558, a late production 5548, in the early 1980s. Total production has been recorded at 1821 pieces across all metals. There is 1 piece in steel, 5 in two-tone, 16 in WG, 362 in PG, and 1309 in YG, and just 128 in the platinum shown here. Quantities were not limited by design but simply as a byproduct of how labour-intensive the movement manufacture was. This particular platinum example is an eclectically 80s flavor, with a matching platinum bracelet in an almost woven, very fine grains of rice texture.

The calibre 2120/2800 survived 15 years of production in total, through the 25548, this 25657, 25661, and 25668. But that’s just the QPs, and this calibre found its way inside many early Royal Oak QPs as well. In total, there were 7,291 examples of this calibre produced. From the very start, it elevated the profile of perpetual calendars worldwide, leaving the rest of Switzerland a good five years behind AP. In any guise, the movement is a marvel. In this 80s 36m platinum case with bracelet, it’s downright bewitching.

This example sports a very strong case, likely not touched. The dial is clear of damage to my eye, and also sports a SWISS-only signature. It comes from a well-regarded Shanghai retailer, no box or papers.

Find this 25657 here from Woohoo Time for 34000 USD.