The Postponement of OnlyWatch 2023
What Happens Next for OnlyWatch?
Well, this week’s post was supposed to be about OnlyWatch: What’s coming, what to look forward to, what will change for the production versions of these watches, but that is all for naught at the moment. After questions were raised about OnlyWatch, how the funds raised from the auction were being used, and calls for greater transparency, the Monegasque Association Against Myopathies (the group of families affected by Duchenne Muscular Dystrophy who put on OnlyWatch) was left with little choice but to postpone the auction.
The Official OnlyWatch Press Release
This postponement has highlighted a couple of things for me. The first is that social media is as important in watch collecting as it has ever been. Instagram watch sleuth Perezcope and megacollector Santa_laura took to the platform to demand clarity from OnlyWatch on their finances and how they were spending the money they raised for charity. With these questions raised, it became clear that things might not have been what they seemed.
I am not sure we are any closer to having answers, but it did highlight the impact of social media in the watch world. The other thing that became clear to me is that OnlyWatch will not be able to return with its current leadership in place. Structural changes and complete transparency will be required to bring the auction back to life. Finances will need to clearly and explicitly be laid bare in order to understand where the money that OnlyWatch raised has gone, and how those funds are being used.
One other issue that arises in my mind is the fate of the watches. The watchmakers and brands who contributed pieces to OnlyWatch spent years working on these pieces, often collaborating with other brands, to develop unique pieces to sell at OnlyWatch. Many brands would go on to put the watch into production with some changes, but many watches were truly unique pieces that would never be commercialized. These makers sunk their heart and soul into these watches, and it is a shame not to see them come to auction.
For me, a larger question remains — who actually owns these pieces at the moment? As these were donations, does OnlyWatch have control of the pieces and the ability to dispose of the lots as they see fit, or can the brands get their watches back? Audemars Piguet, who pulled out before the postponement of the auction, now look like geniuses. If the brands can get their watches back, I wonder if there will be another charity auction, or if the pieces will even be sent for sale. Part of me wonders if the brands might keep the watches and sell these as a 1 of 1 prototype when they launch the production version of the watches.
Regardless, everything is a bit murky at the moment. It’s clear to me that OnlyWatch needs to be committed to transparency and to sharing with the world their usage of funds and their plans for the future. It’s also clear that their existing leadership will have to change to regain credibility. I hope OnlyWatch does make a return, or if this should be its end, that the community finds another way to celebrate the art of watchmaking with unique pieces while doing some good in the world.
