lot 22

Audemars Piguet

Royal Oak Perpetual Calender

Estimate CHF 120 000 / CHF 140 000
Starting bid CHF 120 000

Hammer price CHF 160 000
Total bids 9
Buyer’s premium will not be charged


CaseOctagonal stainless steel case, with a sapphire caseback, octagon polished platinum bezel
BraceletIntegrated stainless steel bracelet, with polished platinum mid-links
DialWhite Tapisserie dial, with 4 silvered chapter rings, month & leap year indication at 12 o'clock, date indication at 3 o'clock, moonphase indication at 6 o'clock, weekday indication at 9 o'clock
MovementRhodium-plated automatic movement, with Geneva stripes & perpetual calendar
Movement No.548783
Case No.E-53307 7 No.0247

Condition report

Case:Good, signs of wear
Bracelet:Good, signs of wear
Dial:Mint condition
Movement:All functions working properly
Amplitude (Dial on top/Lift angle 52):Approx 250 degrees
Accuracy (Dial on top):Approx + 45 sec/day
Exctract from archives:Yes


An extremely rare, fine, and attractive perpetual calendar stainless-steel and platinum wristwatch of the famous Swiss watch brand Audemars Piguet, founded in 1875. Reference production period: from 1998 to 2014. Estimated production year: circa 2004. Stainless steel case, 950 platinum bezel, diameter 39mm, 9.3mm thick, sapphire caseback, ‘AP’ signed crown. Matt silvered dial with enlarged ‘Grande Tapisserie’ pattern, calendar counters with a circular brushed outline, Royal Oak Perpetual Calendar early stick hour and minute hands. Self-winding caliber 2120/2802 with an inertial segment in 21k yellow gold, ultra-thin, with a power reserve of up to 40 hours. Functions – indication of time in hours and minutes, perpetual calendar with indicators of date, day of the week, month, leap year and moon phase. Royal Oak bracelet in 950 platinum and stainless steel, stainless steel second-generation Royal Oak double folding clasp.

Lot essay

This extremely rare Royal Oak Perpetual Calendar Ref. 25820SP in platinum 950 and stainless steel is powered by the ultra-thin self-winding caliber 2120/2802, developed in 1995 as a sophisticated version of the original caliber 2120/2800 with the addition of a leap year indicator. Ref. 25820 is the first series-produced Royal Oak Perpetual Calendar to be equipped with such an indicator, although it should be noted that the central hand of the week number indicator, which first emerged in the initial version of the 1995 movement, did not appear in the series-produced Royal Oak perpetual calendars until 2015. The caliber 2120/2802 was based on an automatic movement-blank supplied by Jaeger-LeCoultre, while the calendar module was based on a kit from the Dubois Dépraz factory. Both are long-term partners and suppliers of Audemars Piguet. The ultra-thin caliber 2120/2802 made it possible to produce remarkably thin and elegant watches, which is especially significant given the complexity of the perpetual calendar function itself. The proportions of the thin 39mm case should be considered perfect.

The platinum and tantalum models are among the rarest, while Ref. 25820SP, with a 950 platinum and stainless-steel case, is appealing for its platinum case and bracelet parts

The Royal Oak Perpetual Calendar Ref. 25820 was produced in a variety of designs: stainless steel (with five dial options), 18k yellow gold (two dial options), stainless steel and platinum (three dial options), tantalum and 18k pink or yellow gold, platinum (two dial options), and finally in tantalum and platinum. The platinum and tantalum models are among the rarest, while Ref. 25820SP, with a 950 platinum and stainless-steel case, is appealing for its platinum case and bracelet parts, which greatly enhance the perceived value and aesthetic appeal of the watch. In addition, fewer watches were produced in this version compared to standard stainless-steel Ref. 25820ST models, which certainly increases the attractiveness of Ref. 25820SP for the collector. The present example features a matt silvered dial, which is rare for Ref. 25820SP – the majority of those produced had a black dial with enlarged ‘Grande Tapisserie’ pattern, and calendar counters with a contrasting circular brushed metallic ring.

Reasons to bid

The present Royal Oak Perpetual Calendar Ref. 25820SP.OO.0944SP.03 ‘Steel & Platinum’ would appear to be a fine opportunity for the collector who is looking for an extremely rare and attractive perpetual calendar wristwatch from a world-famous traditional watch brand, one of the undisputed leaders in the haute horlogerie watch market. Ref. 25820SP is a classic collector’s item that tells of a certain era in the development of the Royal Oak collection – from 1998 to 2014, when the dial of the perpetual calendar had the classic indicator of a leap year, but there was still no central hand of the indicator of the week of the year, which is an obligatory feature of modern models made on the basis of the clones of caliber 2120/2800. The collector’s value of the present lot is further enhanced by the rare matt silvered version, featuring an enlarged ‘Grande Tapisserie’ pattern and contrasting silvered circular brushed outline of the counters.


Commemorating the 50th anniversary of the legendary Royal Oak, this Ineichen Auctioneers sale offers an unprecedented selection of perpetual calendar watches produced by Audemars Piguet since 1982. Royal Oak Perpetual Calendars, which enjoy the active interest of collectors, represent one of the most valuable, admirable and collectible parts of Royal Oak collection heritage. In addition, the Royal Oak Perpetual Calendar remains relevant as a luxurious daily wearer, enriched with a practical perpetual calendar function and self-winding movement, one of the best in its category. The keen collector should note that also offered for purchase in this sale are other attractive and collectible Royal Oak Perpetual Calendars, including the rarest and most desirable Ref. 25654BA Yellow Gold ‘Tuscany Dial’, superhot Ref. 25820ST ‘Yves Klein’, early Ref. 25654BA C-series ‘Golden Nugget’, early Ref. 25654SA C-series ‘Two-tone’, stainless-steel Ref. 25829ST Open-worked, Ref. 25636BA Open-worked ‘The First Generation’, Ref. 25829OR Open-worked ‘All-Rose Gold’, Open-worked ‘Platinum Edition’ Ref. 25829PT, and a magnificent pair of extremely rare Royal Oak Perpetual Calendar pocket watches in platinum and rose gold, , among others.