The atmosphere in the auction room at Geneva’s Palexpo Congress and Exhibition Centre on Friday afternoon was electric, yet tinged with an undercurrent of anxiety. This 10th edition of the Only Watch auction was on the brink of cancellation due to mounting concerns over the handling of funds raised for Duchenne muscular dystrophy research. However, with a certified audit clearing the air and reassuring changes to the charity’s governance, the event was back on, drawing collectors and enthusiasts from around the globe.
A Dramatic Turnaround
Originally scheduled for November 2023, the auction faced a turbulent period after questions arose about the €100 million already raised for charity. Some high-profile brands, including Audemars Piguet, withdrew their support, creating a schism in the watch industry. But by February 2024, with transparency restored and a new governance structure in place, the show was back on track. Christie’s rescheduled the auction, and the watch community rallied, with brands like Patek Philippe, Konstantin Chaykin, and Lederer rejoining the fray with exceptional pieces.
A Record-Breaking Auction
The auction was a testament to the resilience of the watch community and the enduring allure of high-end timepieces. The bidding kicked off energetically, with early lots exceeding their estimates. The real excitement began with F. P. Journe’s Chronomètre Furtif Bleu, a unique piece featuring privacy technology that obscures the dial from anyone other than the wearer. Despite an initial estimate of CHF 200,000 to 400,000, the watch soared to CHF 2 million (around $2.2 million USD).
The Patek Philippe Minute Repeater
The highlight of the auction was Patek Philippe’s ref. 6310A Minute Repeater, a one-of-a-kind model featuring both grande and petite sonneries. The bidding for this masterpiece was slow but deliberate, capturing the room’s rapt attention. It eventually sold for CHF 15.7 million, approximately $17.3 million USD with auction fees. While this is a significant drop from Patek Philippe’s 2019 record of CHF 31 million, it still stands as a remarkable achievement for this edition of Only Watch. For context, the Grand Master Chime, associated with Sylvester Stallone, is estimated to fetch between $2.5 million and $5 million at Sotheby’s upcoming Important Watches Auction.
Notable Sales and Reactions
One of the most heartwarming moments was the sale of the Chronomètre Antimagnétique by Rexhep Rexhepi. This humble yet exceptional piece fetched CHF 2.1 million (around $2.3 million USD), surprising and delighting both the watchmaker and collectors. Rexhepi’s reaction was one of genuine amazement and satisfaction, highlighting the personal significance and emotional resonance that such auctions can foster.
Richard Mille’s RM S14 Talisman Origine also made waves, surpassing its high estimate of CHF 800,000 to sell for CHF 2.38 million (roughly $2.625 million USD). This pendant timekeeper added to the auction’s excitement and demonstrated the continued appeal of unique, high-value pieces.
A Fitting Conclusion
The total raised at the auction reached CHF 28,320,000 (over $31,000,000 USD), underscoring the success of the event despite earlier uncertainties. Luc Pettavino, founder of Only Watch, addressed the room with heartfelt gratitude, emphasizing the impact of the funds raised for children suffering from Duchenne muscular dystrophy. “Every one of you are the heroes of the children suffering from Duchenne muscular dystrophy. Never forget that. You are their hope,” he said.
As the dust settled and the champagne flowed, it was clear that Only Watch 2024 had not only achieved its goal but also reaffirmed the watch community’s commitment to philanthropy and exceptional craftsmanship. Here’s to hoping that future editions continue this legacy of generosity and excellence.
