Produced over an eleven-year span, the ref. 25654 is a definitive example of a neo-vintage Royal Oak design. What elevates this specific example, the Royal Oak ref. 25654BA is its dial configuration. Instead of the familiar patterned surface, it features a smooth white lacquer dial paired with Roman numerals. This combination is encountered far less often and is increasingly difficult to source. Set within a 39mm yellow gold case, the perpetual calendar display takes on a more classical register while retaining the unmistakable octagonal bezel and exposed bolts. Beneath the dial lies the Caliber 2120/2800, a movement that for decades held the distinction of being part of the world’s thinnest automatic movement. This pre-owned Audemars Piguet Royal Oak Perpetual Calendar 18K Yellow Gold Watch 25654BA comes with a gift box.