Major news from Monaco today as Only Watch, the biennial charity auction, has been postponed until 2024. This follows recent developments including Audemars Piguet's decision to remove itself from the auction early last week and mounting calls for greater financial transparency.
The sale, in partnership with Christie's, was originally planned for November 5, 2023, in Geneva, but Only Watch issued a statement today explaining that while they've done their best to answer questions in a timely manner as well as prepare an audit of its finances, "the time for certification, changes in governance and the imminent auction do not coincide. We cannot bring ourselves to cast doubt on the sincerity of the commitment of all the parties involved in this project, nor are we able to allow fantastic story to be rewritten. "The last week or so has been one of tumult for the event following social media requires transparency, AP's withdrawal, and also F. P. Journe's subsequent statement associated with support on Instagram. A brief comment from a representative of AP on October 17 essentially that Audemars Piguet has "canceled its participation and watch donation to the 2023 edition of Just Watch. There will be no further comment provided. " It remains to be seen if the postponement from the auction will change the company's decision.
This morning, Simply Watch provided documentation for efforts with regard to greater transparency. In it are links to financial statements dating back five years (2018) which cover 70% in the funds that have been raised by the organization, a list of projects funded by the public sale over the last ten years, and monetary statements for your two biotech companies supported by the non profit organizations (SQY Therapeutics, and Synthena AG) heading back to 2017. Only View also promises to have the financial statement audited by a certified auditor starting with the actual 2023 claims. Only Enjoy has committed to sharing the results of that taxation in the first trimester regarding 2024. It will also create a yearly report "presenting certified accounts, the new governance, and a progress report within the projects financed. "
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If you want to read the entire official press release issued by Only See, click here. Also note that embedded in that release, is a second document that outlines the full plans money for hard times of Merely Watch such as context for that postponement, present advancements within transparency, and also the the future of it is disclosure practices.
Only Observe was founded inside Monaco throughout 2005 through Luc Pettavino with the stated intent to raise funds regarding research upon Duchenne Muscular Dystrophy (DMD) with one-off pièce unique timepieces donated by major watch brands, auctioned off biennially. It's also a charitable organisation that is close to home for Pettavino, whose son, Paul, died of DMD in 2016 at the age of 21. Solely Watch offers raised nearly €100 million through auctions - 75 million in the last three online auctions alone.