It’s a yellow gold Audemars Piguet Replica Royal Oak, with a quite spectacular dial, cut away and engraved with an anchor-and-rope motif. The anchor is an obvious nod to the nautical inspiration behind the name, and design, of the Royal Oak, and the watch appears to never have been polished.
The dial engraving has a wonderful sense of depth and texture and you can see something you don’t often get to see with AAA Audemars Piguet Replica Royal Oaks, which is the dial side of caliber 2120. The AP logo is printed directly on the sapphire crystal.
I can only assume that the owner were simply not inclined to post images; in addition, however many of these references were made, there were apparently few enough that they have never come up for auction either. Material Good’s Rob Ronen says, “Having sold Audemars Piguet Replica Watches timepieces since opening our doors in 2015, when the opportunity to source such a rare Royal Oak arose, we knew we had to do everything in our power to secure it.” “Quite rare,” seems to be putting it mildly; if AP says there are others out there, I’m sure they’re right but they’re certainly extremely elusive.
Although I’ve never seen this reference before I do remember seeing some similar references, also with cut-out dials, but with different motifs, many years ago during my days as a moderator on ThePuristS.com – I remember in particular one with an open-wheel Grand Prix car motif, but it Best Swiss Watches was a long time ago and unfortunately any memory I have of particulars is long gone, assuming those pictures were of 20th anniversary models in the first place. The only other cut-out anchor dial AP I’ve ever seen is a very different animal – there was one apparently made for Marcus Margulies at Marcus of London in 2000, but that is either a white gold or platinum model, and it was apparently a custom piece, not a small series, as this one is.