Who hasn't heard of Only Watch? It is an international watch auction of incredible dimensions, born in 2005 from the mind of Luc Pettavino, former director of the Monaco Yacht Show, to raise funds for research into Duchenne muscular dystrophy, a rare genetic disease. The auction is organised by the Association Monégasque contre les Myopathies, founded in 2001 by a group of parents of young sufferers, including Pettavino himself.
The first Only Watch event was in 2005. Since then, the media buzz around the event has grown in step with the value of the watches offered by the major watch manufacturers, all unique pieces. Historic is the record set by a Patek Philippe Grand Master Chime, made for the first and only time in steel, which totalled CHF 31 million in 2019.
The AMM has not failed to reach important milestones in Duchenne disease research. The year 2023 saw the validation by the European health authorities of a 'first in man' clinical trial entirely financed with Only Watch funds. Despite this, the 2023 edition, scheduled for 5 November, will not be held. It was postponed to a later date, in 2024, following questions raised about the allocation of funds and Audemars Piguet's withdrawal from participation.
The issue is no small one. It is currently unclear how about half of the 100 million Swiss francs Only Watch has collected since 2005 is managed. The association shared a bank document stating that more than 55 million Swiss francs are kept in its account 'to be able to cope with the next stages of current and future clinical developments'.
The topic is hot and has naturally shaken the industry. 55 million Swiss francs is a lot, and perhaps a little too much to keep set aside, when almost as much has been invested over a good 18 years. Couldn't it be earmarked for other noteworthy research?
