Complicated vintage dress pieces — particularly ones finished in precious metals and packing a lot of horological heat for their size — are often overlooked these days. But those in the know will recognize that the craftsmanship, materials, and complexity amount to worlds beyond their current market value, and will snatch them up in advance of an inevitable stylistic turn in their direction!

Pieces such as this - a yellow gold Perpetual Calendar Moonphase - are a perfect example of Audemars Piguet's design savoir-faire outside of the cherished Royal Oak.

Finished in 18k yellow gold, this first series Reference 5548 from circa the late 1970s features a 36mm 18k yellow gold case with a matching 'stepped' bezel, a crisp gloss white lacquer dial with applied yellow gold indices, a matching pencil handset with blued steel subsidiary hands, and last but certainly not least - AP's Calibre 2120/1 perpetual calendar moonphase movement within.

Remaining in fantastic condition throughout and paires on a signed black leather strap with its matching pin buckle, this is an investment-grade heirloom piece. Timeless. Elegant. Tasteful. This is the type of watch that excites serious collectors and horological newcomers alike.