Only Watch, a unique auction, celebrates its 10th anniversary. A Patek Philippe watch sells for the highest price.

The 10th Only Watch auction took place on May 10, 2024, at the Palexpo in Geneva. This charity auction, organized by Luc Pettavino, was conducted by auctioneers Christie's. Despite a number of twists and turns, a total of 47 watches were sold for a total of 2832 million Swiss francs (approximately 4.846 billion yen, 1 Swiss franc = 171.07 yen, as of August 22, 2024). More than half of that was a Patek Philippe watch, which sold for 15.7 million Swiss francs (approximately 2.685 billion yen).

A turbulent event and a total winning bid of nearly 50 billion yen

　At the end of October 2023, the Monegasque Association for Muscular Dystrophy (AMM) made a major decision: canceling the Only Watch event, scheduled for November 5, 2023, and postponing it until 2024. At the time, AMM was under pressure from various quarters, including requests to report on how the funds raised from the auction of unique pieces (special editions, one-of-a-kind models) had been used and the activities they had been carrying out since 2005. This forced them to postpone the auction.

At the time, Only Watch sales had reached a cumulative €100 million (approximately ¥16,218,070,000, 1 euro = ¥162.25, as of August 22, 2024). Including this year's sales, the total was €128 million (approximately ¥20,759,100,000). AMM released a financial audit and restructured its organizational structure, allowing it to reschedule the auction for May 10, 2024, at the Palexpo in Geneva, with Christie's auctioneers at the helm. Naturally, the auction was highly anticipated, and ultimately, it didn't turn out so badly.

　While the total auction amount was lower than the previous two auctions, it still achieved a very respectable 2832 million Swiss francs (approximately 4.846 billion yen, 1 Swiss franc = 171.07 yen, as of August 22, 2024). However, more than half of that, 15.7 million Swiss francs (approximately 2.685 billion yen), was from a single Patek Philippe. The previous two auctions, in 2021, brought in 30 million Swiss francs (approximately 5.132 billion yen), and in 2019, it brought in 38 million Swiss francs (approximately 6.5142 billion yen).

　Initially, 63 unique pieces were planned to be put up for auction, but only 47 were put up for auction on May 10. 52 brands participated, some of which were collaborations.

Patek Philippe leads the way, with other brands also doing well

　It's worth noting that, in addition to Audemars Piguet, which was the first to withdraw, other well-known brands, such as Tudor, Chopard, Ferdinand Berthoud, De Bethune, and Biver, were also absent. As always, the highest bid was recorded by Patek Philippe. The model in question was the Reference 6301A-01, featuring a unique stainless steel case, a Grande Petite Sonnerie minute repeater, and a hand-engraved guilloched dial. This watch sold for 15.7 million Swiss francs (approximately ¥26.8562 billion), accounting for more than 55% of the total auction price.

　Other brands also performed very well, with the Richard Mille Talisman Origin pendant watch selling for 238 million Swiss francs (approximately 407.14 million yen) and the Rexhep Rexhepi Chronometer Antimagnetic fetching a huge surprise of 2.1 million Swiss francs (approximately 359.28 million yen).

　On the other hand, it was a bit disappointing that the FP Journe Chronomètre Bleu Fourtif only achieved 2 million Swiss francs (approximately 342.13 million yen). However, compared to the collaboration model with Francis Ford Coppola, which sold for 4.5 million Swiss francs (approximately 769.77 million yen) in 2021, this model was not as much of a hot topic, so the winning price could be said to be reasonable.

　The total winning bids for these four brands alone amounted to 2218 million Swiss francs (approximately 3.79415 billion yen), accounting for 78% of the total auction amount at Only Watch in 2024.

　Other brands also performed well. The Louis Vuitton Tambour Einstein Automata sold for 700,000 Swiss francs (approximately ¥119.74 million). The Kari Voutilainen CSW Only Watch sold for 450,000 Swiss francs (approximately ¥7698 million). The Crayon Anywhere Only Watch 2023 sold for 440,000 Swiss francs (approximately ¥7527 million). The Hublot Takashi Murakami Tourbillon sold for 420,000 Swiss francs (approximately ¥7185 million). The Streamliner Pandamonium, a collaboration between H. Moser & Cie. and MB&F, also performed well, achieving 380,000 Swiss francs (approximately ¥65 million).

　Another big disappointment was the Gerald Genta "Only Watch 2023," which sold for 35 Swiss francs (approximately 2908 million yen) below its originally low reserve price of 17 Swiss francs (approximately 5988 million yen).Similarly, the Tag Heuer "Tag Heuer Monaco Split-Second Chronograph for Only Watch" sold for 15 Swiss francs (approximately 1881 million yen) against a reserve price of 11 Swiss francs (approximately 2566 million yen).

　The "Reconciliation" trilobe, a small work of art showcasing the Japanese kintsugi technique (the traditional Japanese technique of repairing broken ceramics with gold), also failed to catch the eye of collectors and the wealthy. The model failed to meet expectations, fetching just 17,000 Swiss francs (approximately 29,000 yen), a result that is both incomprehensible and unfair.

An auction with two faces: charity and investment

　The charity auction, held every two years since 2005 under the patronage of Prince Albert of Monaco, aims to fund research into Duchenne muscular dystrophy, a genetic disorder characterized by progressive muscle weakness that affects one in 3000 newborn boys and from which Only Watch founder Luc Pettavino's son died.

　The auction format, in which all the models on offer are unique pieces, not only serves to provide financial support for the promotion of medicine, but as the auction continues, it is gradually becoming established as a system. It has also become a "barometer" for measuring the popularity of a brand and its potential as an investment target. In fact, the creativity of the watchmakers determines whether the winning bid price will soar!