Audemars Piguet kicks off 150th anniversary celebrations with 10 watches, including a brand new perpetual calendar

Zach Blass

Audemars Piguet has just unveiled its first semester 2025 novelties. What do you need to know? I’ll quickly run through just that, the ten novelties that kick off Audemars Piguet’s celebration of its 150th anniversary. The biggest development that comes out of this group of ten is a brand new perpetual calendar movement: the automatic Calibre 7138, with more perpetual calendar goodness in the form of a very special openworked piece.

The Royal Oak Perpetual Calendar 150th Anniversary Openworked retires the calibre 5135

But before we get into this new calibre, the watch that AP collectors, VIPs, and hopeful newcomers will likely all be most clamouring for is the new 41mm Royal Oak Perpetual Calendar 150th Anniversary Openworked Limited Edition that actually acts as a send off for the calibre 5135. So, if it’s an older movement, why would it be the most alluring apart from being limited to 150 pieces? Its materials offer a heightened sense of exclusivity as the case and bracelet both incorporate titanium and BMG (bulk metallic glass). Though first created in 1960, BMG is a material that has only just started to be used in watchmaking within the last five or six years.

Within the context of Audemars Piguet, the brand debuted its first BMG watch at Only Watch in 2021 – which notably sold for CHF 3.1 Million. This piece unique was then followed by the ref. 16202XT in 2023 and ref. 26585XT in 2024, making this 2025 limited edition the fourth-ever Audemars Piguet BMG model. For the 150th Anniversary Openworked Perpetual Calendar, the BMG is found on the bezel, intermediary links, and the caseback, and is a material that is praised for its robust properties. The blend that AP is using is distinguished by incorporating over 50% of palladium, a white precious metal that is also alloyed with gold to make white gold.

According to Audemars Piguet’s own data, which accounts for metrics such as Vickers hardness, density, and more, while ceramic is listed as “very good” in the scratch-resistance column AP lists BMG as “excellent” and, unlike ceramic, the aesthetic is metallic so it is way to maintain a more conventional watch look while stealthily increasing scratch and corrosion-resistance. Considering it is used on the most polished and sensitive components of the externals that are prone to scratches and blemishes, it adds tremendous value.

According to Audemars Piguet’s own data, ceramic is listed as having “very good” scratch resistance, while BMG is listed as “excellent”. And unlike ceramic, the aesthetic is metallic, meaning that the watch retains a more conventional look while offering superior scratch and corrosion resistance. Considering it’s most often used for the bezel and bracelet – parts of the watch that tend to pick up the most scratches – it adds tremendous utility, apart from also looking schmick.

To expedite our journey into all of the releases, I will quickly shout out that the 20-metre water-resistant case is 41mm in diameter and 9.9mm thick. The sapphire dial is joined by blue accents, and the overall aesthetic is inspired by the reference 25729, a perpetual calendar pocket watch created in 1992. Price: CHF 175,000 (~US$195,000)

Two new Royal Oaks and one Code 11.59 debut the new Calibre 7138

Though the BMG limited edition stands to be the hero in terms of collectability, the true hero releases are the two new Royal Oak and Code 11.59 Selfwinding Perpetual Calendar references. These three watches all debut the new Calibre 7138 I mentioned earlier – but what does this new movement bring to the table? The result of five years of development, the 7138 presents AP’s own patented take on an “all-in-one” crown that means the crown alone is utilised to correct the perpetual calendar indications. So there are no more correctors on the side of the case, allowing these new Royal Oak perpetual calendar watches to be 50 metres water-resistant instead of 20 meters. A major upgrade in my opinion.

Audemars Piguet explains that the new crown incorporates four different positions. The first enables you to wind the watch. Pulling the crown out to the second position sets the date in the clockwise direction, and adjusts the month and leap year in the opposite direction. In the third, you can set the time bidirectionally, and the last position reached by pushing the crown back one step to the second position allows you to set the day and week clockwise, and the moon phases counterclockwise. That may sound like a lot of work, but it is at least all performed through a single crown rather than an array of pushers. And let’s be honest, with a perpetual calendar like this, you set it once, put it on a winder while not worn, and hope to still be alive in the year 2100 where it would need manual intervention.

For the Royal Oaks that use this new 7138 movement, you have 41mm cases that are 9.5mm thick. The first is a stainless steel model with a blue dial and a more monochromatic 18k sand gold variant with a sand-gold toned dial. Price: CHF 109,300 (~US$122,000, stainless steel), CHF 130,000 (~US$145,000, sand gold)

The Code 11.59 Selfwinding Perpetual Calendar that also co-debuts this 7138 movement finds itself in a 30-metre water-resistant white gold case, 41mm in diameter, and 10.6mm thick. It has an embossed smoked blue dial, stamped with a hand-engraved guilloché mould, and I should mention that the automatic 7138 that is exhibited in all of these watches is finely decorated and has 55 hours of power reserve. Price: CHF 109,300 (~US$122,000)

Though these three watches are not limited edition, each of the three will also be available as a limited edition of 150 watches incorporating subtle design codes that celebrate the 150th anniversary – such as special caseback engravings and a vintage font used for the Audemars Piguet branding within the moonphase that you can also see on the BMG 150th anniversary limited edition mentioned earlier.

Code 11.59 by Audemars Piguet Shades of Grey

Not to diminish the other six watches, but those four models are definitely the biggest news out of this novelty drop. Continuing with Code 11.59 news, AP has introduced a Shades of Grey duo, each with grey dials that incorporate blue accents. Both are stainless steel and 41mm in diameter, with either a time-and-date or chronograph flavours. Price: US$26,100 (time and date), US$36,000 (chronograph)

The first-ever 38mm flying tourbillon from Audemars Piguet

Next up, though smaller at 38mm in diameter, this Code 11.59 by Audemars Piguet is notably the first-ever flying tourbillon from the brand presented in a 38mm size. The diamond-set 18k sand gold case, 38mm in diameter and 9.6mm thick, is paired with a sand gold-toned dial and is driven by the 50-hour automatic flying tourbillon calibre 2968. Price: CHF 149,000 (~US$166,000)

A (temporarily) exclusive Code 11.59 with a Tuscany blue grained dial

Rounding out the Code 11.59 discussion is a special edition, a 41mm chronograph in white gold with a blue ceramic case middle. It has this very attractive Tuscany blue grained dial, set to be exclusive to the North American market for the first two months after release, before hitting display cases in the rest of the world. Price: US$85,600

Two new ceramic Royal Oak Offshores

Lastly, two new Royal Oak Offshore Selfwinding Chronographs enter the mix. The first is a tri-toned 43mm model with a black ceramic case that spices things up with a green ceramic bezel, crown, and chronograph pushers. The caseback frame, bracelet studs, and pusher guards are all fabricated in titanium – netting three different tones. The 100-metre water-resistant case is 43mm in diameter and 14.4mm thick, and houses the automatic flyback calibre 4401 with 70 hours of power reserve. The dial is executed in green with black accents, and the watch is bundled with two dial-complimenting interchangeable straps. Price: US$58,400

And finally, we have a full black ceramic Royal Oak Offshore Selfwinding Chronograph with a 42mm mixed-finish case, a dominating 15.3mm height, and 100-metre water resistance. Its full black dial Méga Tapisserie dial gives it a chunkier look compared to its “regular” Tapisserie-dialled predecessor, befitting of the rest of the design. It’s driven by the automatic flyback chronograph calibre 4404 which also boasts 70 hours of power reserve. Price: US$86,900