Breaking News Only Watch Charity Auction Postponed To 2024

The sale, in partnership with Christie's, was originally planned for November 5, 2023, in Geneva, but Only Watch issued a statement today explaining that while they've done their best to answer questions in a timely manner and prepare an audit of its finances, "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."

The last week or so has been one of tumult for the event following social media calls for transparency, AP's withdrawal, and F.P. Journe's subsequent statement of support on Instagram. A brief comment from a representative of AP on October 17 simply stated that Audemars Piguet has "canceled its participation and watch donation to the 2023 edition of Only Watch. There will be no further comment provided." It remains to be seen if the postponement of the auction will change the company's decision.

This morning, Only Watch provided documentation in support of efforts for greater transparency. In it are links to financial statements dating back five years (2018) which cover 70% of the funds that have been raised by the organization, 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) going back to 2017.  Only Watch also promises to have its financial statement audited by a certified auditor starting with the 2023 statements. Only Watch has committed to sharing the results of that audit in the first trimester of 2024. It will also create an annual report "presenting certified accounts, the new governance, and a progress report on the projects funded." 

If you want to read the entire official press release issued by Only Watch, click here. Also note that embedded in that release, is a second document that outlines the full plans for the future of Only Watch including context for the postponement, present advancements in transparency, and the the future of its disclosure practices. 

Only Watch was founded in Monaco in 2005 by Luc Pettavino with the stated intent to raise funds for research on Duchenne Muscular Dystrophy (DMD) with one-off pièce unique timepieces donated by major watch brands, auctioned off biennially. It's also a charity that is close to home for Pettavino, whose son, Paul, died of DMD in 2016 at the age of 21. Only Watch has raised nearly €100 million through auctions – 70 million in the last three auctions alone. 

This is a developing story, and we'll update it as more information becomes available.