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"Better a diamond with a flaw than a pebble without." - Confucius

The Association Monégasque contre les Myopathies (AMM) announced that the 10th edition of the Only Watch auction, placed under the high patronage of H.S.H. Prince Albert II of Monaco, will be held on May 10, 2024, at the Palexpo congress centre in Geneva, under the hammer of Christie’s.

UPDATE – 11 May: The 10th anniversary edition of Only Watch raised CHF 28,320,000 to support the research into Duchenne muscular dystrophy. Since 2005, the Only Watch auctions have collected CHF 128 million.
The Only Watch auction provides 90% of the income of the Association Monégasque contre les Myopathies (supporting organisation, founded in 2001). 90% of this fund is spent on a dedicated firm SQY Therapeutics, which is focused on developing compounds. The first phase 1/2a clinical trial with 12 patients with DMD began in spring 2023, and the phase 1 safety studies are being finalised. The other 10% is funding research projects, knowledge sharing and supporting patients.

UPDATE – 22 April: Only Watch has revealed the Patek Philippe Grande and Petite Sonnerie Ref. 6301A-010 ‘Only Watch‘ as one the biggest highlights of the auction. The novelty is a unique version in steel of the Grande and Petite Sonnerie, Minute Repeater, with guilloche dial covered with blue-green translucent fired enamel and 12 baguette-cut diamond indices. More here.

The Only Watch is a biennial charity auction of unique timepieces created and donated by fine watchmakers for research into Duchenne muscular dystrophy. Luc Pettavino, co-founder of the Association Monégasque contre les Myopathies (AMM) and founder of Only Watch has started this themed charity auction for personal reason – his late son, Paul, suffered from muscular dystrophy. More about the details and about a few editions here.

Questions and accusations about wrongdoings at Only Watch first emerged on social media last autumn. On 17 October 2023 Audemars Piguet canceled its participation and watch donation to the 2023 edition of Only Watch. In the following days even more questions were raised about the transparency, the allocation of funds and the governance of the Association Monégasque contre les Myopathies. As Only Watch press release stated back then – ‘The AMM has decided to postpone the 10th edition of the Only Watch (OW) auction to 2024, originally scheduled for 5 November 2023 in Geneva.’

Only Watch 10th edition

This spring Only Watch is back, the auction will be held with Christie’s on May 10, 2024, at the Palexpo congress centre in Geneva. You can browse the lots on Christie’s website.

As the ‘Only Project’ says – ‘This postponement, preferable for the serenity of an event that radiates thanks to the generosity of all its stakeholders, was used to meet the objective of transparency, consolidate the governance of the association and have the accounts for the last 3 years audited. The accounts for 2023, as well as those for 2022 and 2021, were audited and certified without reservation by an independent auditor belonging to a recognized international network, Grant Thornton International. Auditing is now a standard to which the Association Monégasque contre les Myopathies is subject, and it undertakes not only to comply with it, but also to publish its financial statements each year, together with the auditor’s report.’ 

About 47 of the all together 62 lots (some lots contain more pieces) created for the original auction are to be sold by Christie’s this May. Many of the brands, big and small, like F.P. Journe, Patek Philippe, Louis Vuitton, MB&F and H. Moser & Cie, TAG Heuer, Hublot, Piaget or Bulgari are still on board. Audemars Piguet has not returned, and other companies such as Chopard, Tudor and Carl F. Bucherer have also withdrawn. Konstantin Chaykin, Lederer and Patek Philippe have created new unique pieces for 10 May.

Only Watch shared the financial statements and audit reports for the years 2021, 2022 and 2023. The organization of the association has been strengthened and tools for transparency with stakeholders have been put in place, with the creation of a Strategic Committee and a Scientific Committee. They will publish regular updates about the usage of the funds and about scientific and medical progress.

Organizational structure of AMM - source: Only Project

Source: press release. Photo credits: Only Watch
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