Only Watch charity auction cancelled after Audemars Piguet exits
THE Only Watch charity auction, which was set to raise millions on Nov 5 by selling unique timepieces donated by Switzerland’s top luxury watch brands, has been cancelled.
On Monday (Oct 24), just under two weeks before the biennial event, the organisation behind it said in a statement that the auction would be rescheduled in 2024. It said that “questions were raised about the allocation of funds and the governance” of the charity, the Association Monégasque contre les Myopathies (AMM), whose stated purpose is to raise money for research and treatment of a rare form of muscular dystrophy.
The move comes after Audemars Piguet, one of the high-profile Swiss watch brands that had donated a unique timepiece for the event, withdrew its participation last week.
Questions regarding AMM’s governance and structure – as well as how it had allocated the 100 million euros (S$145.1 million) it had raised to fight Duchenne muscular dystrophy since 2005 – had been swirling in industry press and on enthusiast websites for weeks.
Under pressure and looming changes to the disclosure required for charities based in Monaco, the organisation released some details of its spending and structures, as well as unaudited financial accounts. It also said it would appoint an auditor.
“The time for certification, changes in governance and the imminent auction do not coincide,” the charity said on Monday.
After Audemars Piguet’s withdrawal, heralded watchmaker François-Paul Journe issued a statement in support of the charity auction and its founder Luc Pettavino. Pettavino’s late son, Paul, suffered from Duchenne muscular dystrophy.
Swiss watchmakers ranging from Patek Philippe to Breguet to Journe and Rolex sister-brand Tudor had developed and vowed to donate unique watches for the event in Geneva run by auction house Christie’s.
A one-off Patek Philippe ‘Grandmaster Chime,’ sold for 31 million Swiss francs (S$47.5 million) at the Only Watch auction in 2019, the highest price ever paid for a watch at a charity auction. BLOOMBERG
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