By 1900, the Audemars Piguet signature was placed on a large percentage of watches they produced, even if they were made for other firms. There were a handful of principal customers however, including Tiffany, Cartier, Breguet and Gubelin, whom Audemars Piguet granted exceptions for. The present lot is an example of one signed exclusively by Gubelin.
Audemars Piguet confirm production of this watch and its subsequent sale to Gubelin in January 1923.
A similar model is illustrated in Audemars Piguet by Gisbert L. Brunner, Christian Pfeiffer-Belli and Martin K. Wehrli, p. 153.
For another example of a rare Audemars Piguet watch signed exclusively by Gubelin, see lot 140 in this sale.