Only Watch auction postponed for 2023.
The most important charity auction event in the watch industry, and certainly the largest, Only Watch 2023 has been postponed until an unnamed date in 2024. The announcement made yesterday comes on the heels of questions about how the money raised is being allocated. For this auction, which would have been held in November and would have been the tenth, dozens of watch brands create unique timepieces that they then donate to the auction, which is designed to accelerate research into a potential cure for a rare genetic disease known as Duchenne muscular dystrophy.
The Association Monégasque contre les Myopathies (AMM) was created in 2001 and organized the first edition of the biennial Only Watch in 2005. Founder of Only Watch and the Chairman of AMM, Luc Pettavino, has worked alongside the Principality of Monaco, which is the patron of the event since the beginning. Since its start, Only Watch has raised approximately 100 million Euro through auctions. The decision to postpone the 10th edition of the Only Watch auction, originally scheduled for 5 November 2023 in Geneva, was announced by AMM yesterday.
Following the announcement of the auction dates earlier this year, and the introduction of the many watches that were donated to the cause, Audemars Piguet, last week, withdrew its participation and its watch from the auction that was to be conducted in partnership with Christie’s in Geneva.
F.P. Journe Chronometre Bleu Furtif watch donated to the 2023 (now postponed) Only Watch auction.
The withdrawal sparked an interest in greater transparency of the allocation of funds. It also left the watch industry reeling. Many have spoken out on behalf of Only Watch, and F.P. Journe posted his opinion about Only Watch on Instagram, coming out strongly in favor of contributing to this cause. Part of the post read: “I reiterate my total confidence in Luc Pettavino whom I know well and who is a remarkable man. And also of course to the Principality of Monaco that is the patron of Only Watch and its guarantor. What is important is to pursue this engagement, and this is why I remain alongside Only Watch!”
The AMM provided answers regarding the funding strategies and projects, as well as the structure of the association. However, according to the press release subsequently released, announcing the postponement of the auction, despite providing financial information, “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. We want to continue to move forward in harmony with the community that has rallied around this unique and ambitious charitable and scientific project, and so we are today taking the decision to postpone the auction to 2024.”
Founder of Only Watch, Luc Pettavino, says, “We will continue to move forward, providing even more information on the virtuous and extraordinary actions we have achieved thanks to this dynamic. The agility that characterizes us has enabled us to make exceptional progress. One of our greatest joys is knowing, as we write these lines, that a group of children and young adults have been included in a clinical trial made possible by the Only Watch funds. It’s tangible, concrete and gives hope of a cure. That’s what’s important.”
