The ‘Only Watch’ charity auction stands as a remarkable convergence of luxury watchmaking and philanthropy. Founded in 2005 by Luc Pettavino, the auction has raised significant funds for Duchenne muscular dystrophy (DMD) research, substantially impacting both the watchmaking world and medical science.
Origins and Purpose
Luc Pettavino established ‘Only Watch’ after his son was diagnosed with Duchenne muscular dystrophy. The biennial auction, held in Geneva, aims to fund research into this degenerative disease. Since its inception, it has raised over $100 million, with half of these funds already allocated to scientific research and the development of treatments for DMD (Hodinkee) (Only Watch – homepage).
Unique Timepieces and Creativity
A hallmark of ‘Only Watch’ is the exclusive, one-of-a-kind timepieces donated by prestigious brands like Patek Philippe, Audemars Piguet, and Rolex. These watches often feature unique designs, materials, and complications, making them highly desirable to collectors. For example, the Patek Philippe Grandmaster Chime ref. 6300A-010, which sold for CHF 31 million, exemplifies the extraordinary pieces presented at this auction.
The 2023 edition, rescheduled to May 2024, showcases 62 unique watches, each representing the pinnacle of creativity and craftsmanship. Brands such as Andersen Genève, Breguet, and Hublot have contributed exceptional pieces, reflecting the industry’s innovative spirit and commitment to supporting this charitable cause (Only Watch – homepage) (Time and Watches | The watch blog).
Market and Collectibility Impact
The auction not only raises significant funds for research but also influences the market for high-end watches. Collectors view ‘Only Watch’ timepieces as both investments and symbols of philanthropic support. The event sets new price benchmarks, enhancing the market value and desirability of participating brands (Time and Watches | The watch blog).
Economic and Industry Significance
‘Only Watch’ has a notable economic impact on the Swiss watch industry. It provides a platform for brands to showcase their innovation and craftsmanship, often leading to increased brand recognition and market demand. The auction’s success demonstrates how the industry can make meaningful contributions to global health initiatives while celebrating the art of watchmaking (BNN Bloomberg) (Time and Watches | The watch blog).
Transparency and Governance
Despite its successes, ‘Only Watch’ has faced scrutiny regarding transparency and the allocation of funds. Concerns have been raised about the proportion of funds spent versus raised, and the governance of the Association Monégasque contre les Myopathies (AMM), which oversees the charity. In response, Only Watch has committed to enhancing transparency and providing more detailed reports on fund allocation and project outcomes. They have conducted financial audits and revised their governance structure to ensure better oversight and accountability (BNN Bloomberg) (Only Watch – homepage).
Conclusion
The ‘Only Watch’ charity auction exemplifies the convergence of luxury, innovation, and philanthropy. It stands as a testament to the Swiss watch industry’s commitment to excellence and social responsibility, offering unique timepieces that captivate collectors and drive significant advancements in medical research. Through ‘Only Watch,’ the Swiss watchmaking community continues to make a profound impact on both the horological world and global health.
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