In the 1990s Audemars Piguet occupied a distinctive and unusually flexible position within haute horlogerie. As mechanical watchmaking reasserted itself after the quartz era and the Royal Oak was cemented as a modern icon, the manufacture in Le Brassus was also operating in a far more discreet and experimental register. Away from the spotlight, the brand was developing highly specialised, gem-set timepieces for a small circle of elite clients, approaching watchmaking less as an industrial process and more as a form of bespoke craftsmanship.
Rather than offering gem-set watches as mere decorative variants of existing references, Audemars Piguet treated these commissions as fully personalised projects. Each piece was the result of close dialogue between client and manufacture, where case material, gemstone selection, cutting style and even visual balance were tailored to individual taste. In this context, the brand effectively assumed the role of a high jeweller, integrating complex mechanical movements into designs governed as much by aesthetics and proportion as by horological tradition.
Case Study: Sapphire-Set Perpetual Calendar
A telling example of this approach is the square 18k yellow gold perpetual calendar produced around 1994. Its bezel is set with 60 bespoke baguette-cut sapphires, each stone individually angled and cut to follow the sharp geometry of the square case, for a total weight of approximately 7 carats. This was not a standardised solution but a deliberate design choice, requiring custom gem cutting and meticulous setting to achieve visual continuity around the case.
The pavé diamond dial further reinforces the jewellery-led nature of the project, while the manual-winding calibre 2003/2805 beneath it reflects Audemars Piguet’s refusal to compromise on technical content, even in overtly decorative commissions. Such watches were reportedly produced for VIP clients, highlighting the manufacture’s willingness to move beyond catalogue constraints when the brief demanded it.
Colour as Identity: The Emerald Commission
The same working philosophy is evident in a contemporary white gold perpetual calendar from the mid-1990s, set with 60 baguette-cut emeralds framing the case. Here, the use of coloured gemstones is not incidental but central to the watch’s identity. The mother-of-pearl dial, punctuated by emerald-set hour markers, demonstrates how dial design, gem setting and case architecture were conceived as a unified whole.
These were not exercises in excess for its own sake, but carefully orchestrated compositions that balanced chromatic impact with mechanical legibility, again reflecting a bespoke, client-driven process rather than serial production.
Audemars Piguet Apex of Bespoke Craft
At the apex of this approach stands the one-of-a-kind skeletonised perpetual calendar with moon phases from 1995. One of only four unique pieces within this reference, it combines a fully openworked movement with a bezel set with perfectly matched baguette-cut emeralds.
The skeletonised calibre 2120 is hand-engraved throughout, underscoring the level of artisanal intervention involved. In such watches, Audemars Piguet’s workshops brought together movement decoration, gem cutting and setting and case finishing at a level more commonly associated with one-off jewellery commissions than with wristwatches.
A Culture of Controlled Excess
Taken together, these examples illustrate how Audemars Piguet in the 1990s approached gem-set watches not as a secondary or ornamental category, but as an extension of its broader culture of craftsmanship. For select patrons, the manufacture offered a form of controlled excess, where every aesthetic decision was supported by technical rigour and artisanal skill. Gem quality, colour harmony and cutting geometry were treated as variables to be refined, not fixed parameters, often resolved through close collaboration between the client and the brand’s in-house specialists.
In retrospect, this period represents a quietly significant chapter in Audemars Piguet’s history. Long before bespoke and special orders became marketing buzzwords, the brand was already practising a form of discreet, client-centric luxury.
Market Perspective: Value Then and Now
The market for these neo-vintage gem-set Audemars Piguet watches has fluctuated in the decades since their creation. Unlike mainstream Royal Oak references that have seen dramatic appreciation, especially in steel sports models, these one-off or extremely limited commissions occupy a more nuanced position. Their rarity and bespoke provenance can command strong interest from collectors of high jewellery watches, often achieving auction results well above typical references when the piece is well-provenanced and offered to the right audience.
Standard 25756BC perpetual calendar references with gem elements have realised figures that vary widely at auction in recent years, with high results well into six figures but also listings at more moderate sums depending on condition, completeness and buyer recognition. The bespoke skeletonised perpetual calendar pieces remain among the most coveted; their unique nature and the narrative of bespoke creation contribute to a collector appeal that can transcend traditional reference valuations.
That said, these watches do not benefit from the same broad market demand as iconic stainless steel sports models, and their value can be more sensitive to trends in high jewellery watch collecting. For those who prize rarity, craftsmanship and the story behind the commission, these neo-vintage creations represent some of the most fascinating outputs of Audemars Piguet’s 1990s portfolio.
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