Only Watch is a biennial charity auction aimed at raising funds for research into Duchenne Muscular Dystrophy, a severe muscle-wasting disease. The event gathers unique timepieces created by prestigious watch brands, which are auctioned with all proceeds going towards research. Founded in 2005 by Luc Pettavino, after his son was diagnosed with the disease, Only Watch has garnered significant support from the horological community, successfully channeling the funds raised toward advancing scientific research to combat the disease. Through the years, it has become a notable event in the watch industry, demonstrating the community's collective effort towards a noble cause.
The postponement of the Only Watch 2023 auction to an unspecified date in 2024 was primarily a response to growing pressure for greater transparency regarding the management and utilization of the funds raised by the auction. This action followed after several controversies and talks surrounding the finances of Only Watch had arisen in recent weeks.
One of the core issues was the allegations of misused funds, which were acknowledged by the Only Watch founder, Luc Pettavino, in an open letter dated October 8. Pettavino explained that half of the accumulated funds had been utilized, with a "large majority" going towards discovering a drug to treat Duchenne Muscular Dystrophy. Criticism was also directed at Only Watch for its lack of publicly available accounts, which were only required to be submitted to the state in Monaco, where the auction is based.
Amidst these controversies, Audemars Piguet (AP) decided to withdraw its participation from the auction, citing its cancellation of the watch donation to the 2023 edition of Only Watch with no further comments provided. This withdrawal was seen as a significant development considering the status of AP in the watch industry.
On the other hand, Patek Philippe did not provide a comment on the speculation surrounding the management and utilization of the funds raised by Only Watch. This non-comment was perceived as Patek Philippe not submitting to the auction, although the company hinted that it might reveal its stance in the near future.
In response to the controversies, the Association Monégasque contre les Myopathies (AMM), the organization behind Only Watch, released an official statement and provided documentation to support its efforts for greater financial transparency. This documentation included financial statements dating back five years (2018), covering 70% of the funds raised by the auction, a list of projects funded by the auction over the last ten years, and financial statements for the two biotech companies supported by the charities (SQY Therapeutics and Synthena AG) dating back to 2017. They also committed to having their financial statement audited by a certified auditor starting with the 2023 statements, with the audit results to be shared in the first trimester of 2024. Additionally, they plan to create an annual report presenting certified accounts, new governance, and a progress report on the projects funded.
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