2023-10-21 11:03:18
Par
Bloomberg
Translated by
Véronique DOTRAUX
Published on
21 oct. 2023
Swiss watchmaker Audemars Piguet has withdrawn its unique timepiece from the upcoming Only Watch auction in Geneva following several questions about the charity’s governance practices.
According to estimates from the auction that funds research into the treatment of Duchenne muscular dystrophy, the Swiss brand’s donation, a Royal Oak with flying tourbillon and skeleton dial in a white ceramic case with matching bracelet, could have reached 350,000 Swiss francs (370,667 euros). But according to experts and previous auction results, this AP watch would likely have fetched much more.
“Audemars Piguet has decided not to participate in Only Watch this year. We respect this choice and are grateful for the support it has given us so far,” Tess Pettavino, general director of the company, said in a message on Wednesday. ‘Monegasque Association Against Muscular Dystrophy, the charity behind the Only Watch sale.
An Audemars Piguet spokesperson indicated that the brand “has canceled its participation and its donation to the 2023 edition of Only Watch”, declining to make any further comment.
In recent weeks, questions have been raised, first in online social media, and then in Swiss newspapers and publications, about the governance practices and structure of the Only Watch charity auction. Critics have called for more transparency from the charity over how it spends the €100 million in funds it has raised so far, as well as control and personal stakes in some of the research companies it supports.
Launched in 2005 by the former director of the Monaco Yacht Show, Luc Pettavino, this biannual event presents unique pieces offered by major Swiss watchmakers. It aims to help finance research into Duchenne muscular dystrophy, a disease from which Paul, the late son of Luc Pettavino, suffered and which affects one in 3,500 newborns each year, indicates the Monegasque charity on its website. web.
Under Monaco law, the charity behind the event was not required to audit or publicly disclose its financial accounts or expenses, which is now expected to change under the new rules and regulations on the disclosure of information relating to charities and trusts. The association says it has hired an auditor to certify its accounts and has begun disclosing more information about its spending and structures. She recently revealed that she had spent almost half of the 100 million euros raised. She has not been accused of illegal activities or wrongdoing.
“We have become aware of online publications which question the financial regularity of our association. Although these accusations are serious and disconnected from the reality of our charitable organization, they give us the opportunity to review our mode of operation, our present and future issues, and to provide you with additional data,” the charity said in a letter dated October 8, which included links to a number of financial and operational information.
“Beyond the withdrawal of Audemars Piguet, which would have been one of the flagship lots of the auction and which will probably trigger other defections, it is the credibility of Only Watch which is at stake,” said said Oliver Mueller, director of LuxeConsult, a consulting firm for the Swiss watch industry.
“No one wants to see one of the very rare unifying events in the watch industry disappear, but everyone agrees that it is time to professionalize an event which in recent years has taken on a scale that requires great ethics.”
Swiss watchmakers, from Patek Philippe and Breguet to FP Journe and Tudor, Rolex’s sister brand, have developed and offered unique timepieces for the event scheduled for November 5 in Geneva and organized by auction house Christie’s .
During the 2019 Only Watch sale, a one-of-a-kind Patek Philippe “Grandmaster Chime” sold for 31 million Swiss francs (32.83 million euros), the highest price ever paid for a watch at the 2019 Only Watch sale. ‘a charity auction. The name of the buyer has not been publicly revealed.
In an Instagram post on October 18, watchmaker François-Paul Journe wrote: “I reiterate my total confidence in Luc Pettavino, whom I know well and who is a remarkable man. And also of course in the Principality of Monaco which sponsors Only Watch and is the guarantor… When this terrible disease – which kills the majority of young people who suffer from it before the age of 20 – is defeated, I will be proud to say that I contributed to it.”
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