25654ST, Royal Oak Perpetual Calendar, Black 'Petite Tapisserie' 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. However, only single-digit numbers are known of this example’s petite tapisserie black dial. Black dial 25654 is an incredibly uncommon category to begin with, however most are smooth like early 5554 dials. In the early-1990s, the 25654 re-introduced tapisserie within the Perpetual Calendar line in tiny numbers. This is one of those early Royal Oak Perpetual Calendars, only in the incredibly rare black tapisserie. 

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 1984 ref. 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. While initially distinguished by smooth gloss, some collectors of the Royal Oak Perpetual Calendar asked specifically for the tapisserie they enjoyed on prior Royal Oaks. This example features that petite tapisserie multi-layered guilloché, interrupted by sunken stepped subdials. This dial is further distinguished by its matte texture apart from the usual smooth gloss. Interestingly, we also see the appearance of a Chemin de Fer shown for a narrow window of production in the early 1990s. This example is a D Series, for which this Mark 2 dial is indeed correct. We’ve only been able to trace four black tapisserie 25654ST in our research with this specification, all within 20 case numbers of each other, interestingly. 

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 25654ST presents in excellent condition, both in dial and case. The case presents beautifully, there is light surface wear and superficial scratches that are commensurate with occasional use. The black Petite Tapiserie dial is remarkably well preserved, with clear printing and minimal wear on any of the hands. Most 25654 dials have chipping and color change at the edges of their subdials, this example has none. The calibre 2120/2802 is running well in specification on our timing equipment, recently serviced this year.

The bracelet will currently accommodate up to a 7.5-inch wrist. Additional links may be ordered upon request. The watch comes with its Certificate of Origin.

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