Audemars Piguet, the renowned Swiss watchmaker, has recently announced its decision to withdraw its donation from the upcoming Only Watch charity auction in Geneva. The brand had generously contributed a unique timepiece, a Royal Oak with a flying tourbillon and skeleton dial in a white ceramic case and bracelet, which was estimated to fetch around 350,000 Swiss francs ($391,000) at the auction. However, concerns over the governance practices of the charity behind the event have prompted the brand to reconsider its involvement.
Only Watch is a highly anticipated biannual auction that showcases exclusive timepieces donated by top Swiss watchmakers. The proceeds from the auction are directed towards research aimed at finding a cure for Duchenne Muscular Dystrophy, a debilitating muscle wasting disease. Unfortunately, the Association Monégasque contre les Myopathies, the organization behind the event, has recently faced criticism regarding its governance practices and the allocation of funds raised. Critics are demanding more transparency and detailed information about the charity’s financial management and oversight.
The charity, founded in 2005 by Luc Pettavino, the former head of the Monaco Yacht Show, has a strong mission to combat Duchenne muscular dystrophy, a disease that personally affected Pettavino’s late son Paul. Initially, the charity was not obligated to divulge its financial accounts or spending due to Monaco’s laws. However, recent regulatory changes have imposed stricter requirements for transparency and accountability for charities and trusts.
In response to the concerns raised, the charity has taken steps to address the issue. It has hired auditors to certify its financial records and has begun disclosing more information about its expenditure and operational structures. The organization recently revealed that approximately half of the 100 million euros ($106 million) it has raised so far has been utilized. It is important to note that the foundation has not been implicated in any illegal activities or misconduct. Nevertheless, the criticism has raised doubts about the credibility of the Only Watch event.
The decision by Audemars Piguet to withdraw its donation, which was expected to be a highlight of the auction, may potentially lead to further withdrawals from the event. The watch industry recognizes the significance of the Only Watch auction and does not wish to see it disappear. However, there is a growing consensus that higher ethical standards and increased professionalization of the event are necessary. Over the years, the auction has gained substantial prestige, with renowned Swiss watchmakers such as Patek Philippe, Breguet, FP Journe, and Tudor creating and contributing unique timepieces. In 2019, a Patek Philippe ‘Grandmaster Chime’ set a record-breaking sale of 31 million Swiss francs at the Only Watch auction.
Various watchmakers and industry professionals have come forward to show their support for Luc Pettavino and the charity, emphasizing the critical importance of finding a cure for Duchenne muscular dystrophy. François-Paul Journe, a prominent watchmaker, expressed his confidence in Pettavino and the sponsorship provided by the Principality of Monaco. He declared that he would be immensely proud to have contributed to the cause once the disease is conquered.
While Audemars Piguet’s withdrawal raises concerns about the future of the Only Watch event, it also underscores the necessity for increased transparency and accountability in charity auctions. As the auction date approaches, all eyes will be on the charity’s response to the raised concerns and its efforts to ensure the event maintains its credibility and achieves its goals.
Useful links:
1. [Association Monégasque contre les Myopathies](https://www.onlywatch.com/en/the-association)
2. [Duchenne Muscular Dystrophy Research](https://www.parentprojectmd.org/)
