It is rare that there is drama in the watch industry, but last October a storm erupted around the Only Watch charity auction with rumours and questions from bloggers about how the CHF 100 million raised for research into Duchenne Muscular Dystrophy was being used. The commotion that followed led to the organization having to cancel the event – which was due to take place on November 5th 2023 – and plunge itself into the accounts to be able to satisfy the multiple questions related to its financing.
The organizers have spent the last few months working with the auditor Christian Boisson from the Grant Thornton firm to put the record straight. “The auditors’ report certifies the financial situation we have presented is true and fair, as well as the fact that it is in accordance with our purpose and the standards which we are subject to. It also certifies that the association’s funds are used in accordance with its purpose,” shares Luc Pettavino in an interview with WorldTempus. “We accepted the legitimate comments and sound advice that we received regarding the points that needed to be changed. These include governance, audit, a strategic committee, a scientific council, etc. Basically, as our original family of patients’ association has become more global in its activities and influence, it became inevitable that the structure that supports it would have to evolve.”
While the auditors were busy setting the record straight, it has thankfully been business as usual for the researchers working under the Association Monégasque contre les Myopathies, with encouraging news from the end of the first phase of clinical trials, as Tess Pettavino, President of the Association explains: “Today we are at the clinical trial stage, which means the molecule is being tested directly with patients. This “first in human” trial is a really big achievement. The next stage is phase two where we will focus on the efficacy of the drugs.”
Tess Pettavino also explains why so much of the money was still sitting in the bank: “We have allocated 54 million to research over the past years (of which more than half in the past 3 years – that have been audited) and there are about 55 million remaining. The reason why we have this reserve is that we have to be very careful because we are committed to the clinical trials. We have an important responsibility towards the cohorts of patients and families who have accepted to be part of the trial and who have received injections and who might benefit from it. If we had to say, ‘I’m sorry, but we don’t have the means to proceed’, it would be immoral”, she insists. “We have to ensure that we can continue for the next three or four years and have the capacity to do everything we have committed to. So, this is a very important component of why we have this reserve. It is also important for us to plan, because we never know how much we are going to raise at any one auction. Another important point is that over two thirds of the sums collected by the association was raised over the last two editions.”
Now that the slate is clean, the organizers, together with their partners Christie’s and Palexpo, will decide on a date this spring 2024 in Geneva. Letters were sent out to all the participating brands this week and it is wait-and-see time to discover who will be back on board to hopefully create medical history and put an end to the suffering of this genetic disease...not to mention the joy of seeing so many limited editions in one place again!
To read the interviews in full:
Interview with Luc Pettavino – Only Watch Wipes the Slate Clean
Tess Pettavino Opens the Doors on the Charity Side of Only Watch
