Audemars Piguet, the renowned Swiss watchmaker, has withdrawn its unique timepiece donation from the upcoming Only Watch auction in Geneva. This decision follows concerns raised about the governance practices of the charity.
The donated watch, a Royal Oak featuring a flying tourbillon and skeleton dial in a white ceramic case with a matching bracelet, could have potentially fetched 350,000 Swiss francs (approximately $391,000). However, the actual sale value might have exceeded this estimate.
Tess Pettavino, the managing director of the Only Watch auction charity, expressed gratitude for Audemars Piguet’s support but acknowledged the brand’s decision not to participate this year.
Critics have called for increased transparency from the Only Watch charity regarding its financial management and oversight. While the charity’s mission is to fund research for Duchenne Muscular Dystrophy, questions have arisen regarding the allocation of the 100 million euros it has raised and the ownership stakes in some supported research companies.
Only Watch, initiated in 2005 by Luc Pettavino, aims to raise funds for research into curing Duchenne muscular dystrophy. However, recent concerns prompted a review of its operations, including greater financial disclosure and transparency measures.
Notable Swiss watchmakers, including Patek Philippe, Breguet, FP Journe, and Tudor, have participated in the Only Watch auction in the past. It has gained recognition for its unique, one-of-a-kind timepieces, and the 2019 auction featured a Patek Philippe watch that sold for a record-breaking 31 million Swiss francs.
The credibility of the Only Watch charity is at stake due to recent developments. Swiss watch industry experts emphasize the need for professionalization and adherence to high ethical standards in light of the event’s increasing significance.
