The Only Watch auction, originally slated to take place on November 5 2023, has been postponed to next year.
This announcement was made in a press statement by the biennial charity event on October 23, and comes in the wake of recent discussions about transparency. Only Watch, which auctions off luxury timepieces from the world’s top watchmakers to support research into Duchenne Muscular Dystrophy, has raised some EUR 100 million since its start in 2005. While the auction is held in Geneva, Switzerland, its charity organisation is based in Monaco and the event comes under the patronage of Prince Albert II of Monaco.
The past weeks have seen a growing number of watch collectors and enthusiasts demanding for answers on social media about how Only Watch’s donations have been used, and whether they’ve been channelled towards their intended purpose.
Amidst the commotion, Audemars Piguet pulled out of the show last week, stating it had “cancelled its participation and donation to the 2023 edition of Only Watch”. Its Royal Oak Flying Tourbillon Openworked had been one of the star highlights of the auction, with an estimated price of CHF 300,000 to CHF 350,000. It featured a blue openworked movement against a 41mm white ceramic case and bracelet, with white gold hour markers and hands.
“A few days before the auction, questions were raised about the allocation of funds and the governance of the AMM, an association of patients’ families. Answers were provided regarding the funding strategies chosen, the structures and projects supported, and the association’s accounts and budget,” said Only Watch’s organisers in the press release.
“However, the time for certification, changes in governance and the imminent auction do not coincide. We cannot bring ourselves to cast doubt on the sincerity of the commitment of all the parties involved in this project, nor can we allow this wonderful story to be rewritten.”
Only Watch 2023 postponed: A timeline of events
On October 4, prominent watch collector Santa Laura created a stir when he posted Instagram Stories about being denied a copy of Only Watch’s annual financial report. He also left comments on one of Only Watch’s Instagram posts seeking clarity on how the organisers manage donations, and where he could find audited details on this.
A few other watch collectors echoed his queries, with one named zug_gal looping in Only Watch’s sponsors and Monaco’s ministry of interior.
A day later, the event organisers uploaded a series of Instagram Stories in a question and answer format, with examples like “What data do we make available on our financials? What about audited accounts?”
In response to the latter, they said they “understand that there is a normal need for more information and material on how the funds are spent and are happy to address it and move forward together,” and added that they’ve appointed an auditor from KPMG Monaco to certify their accounts. These have all been compiled as a Highlight titled “The Charity” on its Instagram page.
Only Watch founder Luc Pettavino, who is also the chairman and co-founder of Association Monégasque contre les Myopathies (AMM, the charity behind Only Watch), issued an open letter on October 8. He acknowledged the online allegations and explained that half of its accumulated funds has been utilised, with a “large majority” going towards discovering a drug to treat Duchenne Muscular Dystrophy.
The rest of the money has apparently been set aside for now, for other stages of the research process and clinical trials. “At the request of our research community, the remaining funds are rigorously managed to ensure that we are ready for the next steps: the next phases of the SQY51 clinical trial, development of the molecule for other exons of Duchenne muscular dystrophy (exons 16 and 45 are in preparation) as well as for other genetic diseases (work is in progress on spinal muscular atrophy and epidermolysis bullosa), and the launch of new clinical trials testing the safety and efficacy of the molecules,” he said.
The controversy surrounding Only Watch didn’t end there. In the following days, Santa Laura posted extensively on social media about his own research into the companies associated with Only Watch and AMM, and requested for his doubts to be addressed. Several watch collectors also left comments on Only Watch and Pettavino’s recent Instagram posts.
On October 18, Audemars Piguet withdrew its participation from the auction, and its listing was removed from the Only Watch website.
The next day, Swiss watchmaker Francois-Paul Bourne of F.P Journe voiced support for Pettavino, whom he describes as a “remarkable man”, as well as emphasised his commitment to donating to “medical charity that is necessary to save children.”
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Only Watch, which had been in the midst of a promotional tour throughout the whole hullabaloo, made a stop in Singapore from October 20 to 22. Its presentation of over 60 watches went on as planned, but Pettavino was absent. The auction showcase had kicked off in Los Angeles on September 6 and included stops in New York, Monaco, Hong Kong, and Bangkok.
In the wake of its postponement, which was announced on October 23, it’s unlikely to continue its final stops in Dubai (October 27) and Geneva (November 3 to 5) — which were supposed to culminate in the actual auction.
What happens next?
Now that Only Watch 2023 — which would have marked its 10th edition — has been put on hold until 2024, we can only wait for more news from its organisers and AMM. Click here to read its full press statement, and watch this space for updates.
(Main and featured image: Only Watch)