Analysis of the results of the Only Watch auction

The Only Watch 2024 charity auction, following controversy and audits, was a success, with the Patek Philippe 6301 raising over 15 million Swiss francs. Rexep Rexhepi and Richard Mille surprised with strong results, while Bvlgari, TAG Heuer, and Zenith performed disappointingly.

A particularly controversial edition of the most famous charity auction in the watchmaking megaverse has just concluded. After being publicly questioned for its organizational structure and handling of the funds raised, and after a public audit that even implicated members of the royal family, the Only Watch Foundation had to postpone its auction last year. It was only now, in 2024, that we were able to see the event, which benefits research into Duchenne Muscular Dystrophy Syndrome, take place. While many brands, including Tudor and Audemars Piguet, withdrew their lots amidst much scandal, the enthusiasm of the audience, which we were able to watch live via stream, was evident (don't imagine hooligans screaming, but rather an opera audience gently nodding their heads in approval).

Let's not forget that this year's batches, or rather those that remained, held great promise. Ultimately, the result must be described as successful, led as always by Patek Philippe, but with several very tasty surprises worth mentioning and many failures worth analyzing.

No analysis of this auction can begin without opening with the Patek Philippe 6301, which, with over 15 million Swiss francs, represented more than 50% of the event's total takings. It was truly insane and a testament to Patek's absolute dominance in the auction world. We all expected this watch to fetch a high sum, but the truth is that even by Patek's standards, the result is surprising. A unique Patek (like all the watches in the auction, since, as the name suggests, they must be one-of-a-kind pieces made just for the event), made of steel with a minute repeater, which with simplicity and an almost mundane look achieved one of the highest results in auction history, competing head-to-head with such legendary references as the Paul Newman Daytona (did someone say tongue twister?).

The appeal is obvious. Collectors are dying for complicated steel Pateks. The dial design and the gentle nature of the watch's dimensions undoubtedly helped the result, since, ridiculous as it may seem, a wearable watch will always be more attractive than one too large or ornate to wear, even in the extremely thin air that prevails at these heights of the price pyramid.

But for us, this wasn't the most significant result, as the pleasant surprise of the evening was the more than 200,000 francs raised by the very fashionable, VERY fashionable, Rexep Rexhepi. His Chronomètre Antimagnetique, which faithfully follows the line of his most successful designs, shattered all estimates, making it abundantly clear that he is the most important young watchmaker of the decade. A watch that can only be appreciated through the magnificence of its small details, in the endless patience required for each of the finishes applied to the metal, and in the watchmaker's incredible ability to combine ancestral techniques into a piece that feels modern and very fresh at the same time. Congratulations, Rexep!

Another independent who has us accustomed to shining is the curmudgeonly François-Paul Journe, who every two years, when this auction is held, usually debuts a new movement that will later become part of the collection. While this year didn't see the craze of Francis Ford Coppola's a few years ago, his Chronomètre Furtif (Stealth, Hidden, Under the Shadows, etc.) made of tantalum with a blue lacquered enamel dial featured the new caliber 1522, made primarily of rose gold with a central seconds hand and a 56-hour power reserve. Its greatness lies not in its performance, but in the beauty of its architecture and execution. Another solid result for Journe, easily surpassing the 400,000-franc estimate previously held for this watch.

Rounding out the list of surprises, we can't help but mention the madness of the great Richard Mille, the master of breaking the rules. His talisman watch, clearly inspired by African aesthetics, was the second highest auction lot, surpassed only by the Patek. The fact that such an exotic and specific watch achieved such a result speaks to Richard Mille's place in popular culture, rising as the absolute king of the planet's trillionaires.

In the middle of the table, one watch we absolutely loved was the H. Moser x MB&F Streamliner Pandamonium, another crazy collaboration featuring an animated panda in the middle of the dial, blending in with the sweet music of the minute repeaters. Pure creativity, high-tech beauty, and proof that the union of two great geniuses can deliver more than either one alone. Frankly, the 380,000-franc result seems like a real bargain for a unique piece with this level of craftsmanship from such an admired team.

Another pleasant surprise was the Furlan Marri Secular Perpetual Calendar. A new brand that we could no longer consider a microbrand, given the stardom it has achieved in just a couple of years. 130,000 Swiss francs doesn't sound huge at this auction, but if we compare it to the list value of one of its regular watches, it's arguably the most successful result, multiplying the value of a production Furlan Marri by more than 200 times. We're confident the brand will leverage this experience to bring complications and more elevated watchmaking to its core collection, likely raising its prices somewhat while continuing its highly attractive value offering in the entry-level segment.

Since not everything can be roses and laurels, it's time to analyze what we consider the losers of the night. While the entire sale is for a worthy cause, we also recognize that there is an ego contest between the brands to see who gets the most popular ticket, and in this case, there have to be winners and losers. If you had asked us five minutes before the event, we would have said that the Bvlgari Octo Finissimo, crafted from marble, would undoubtedly be the star of the night. A watch that is not only beautiful but downright decadent , with a unique yet very Italian style that has us praying every night that this special edition will become a regular collector's item. The marble veining and the deep green color evoke afternoons in Tuscany and nights of Lambrusco. It's truly a shame that this watch only fetched 190,000 francs. As you can imagine, during the auction, we tried to collect funds here at the LOFT office to see if we could win our favorite lot. Unfortunately, it wasn't possible this time, but we'll be keeping an eye on the secondary market as soon as the most fabulous Octo in history appears again.

Rounding out the evening's disappointments, and very much in line with what the LVMH group has accustomed us to in recent years, the results from TAG Heuer and Zenith were lukewarm, to say the least. While the ultra-technological TAG Monaco Split Seconds barely touched 100,000, we find it even more surprising that the complete Zenith Chronomaster set in color failed to even come close to 200,000. A real disappointment for a watch that, during the pandemic, was often traded above its retail value, with waiting lists at authorized retailers.

For now, we can only say that creativity in watchmaking is alive and well, that brands, despite rumors and some obvious breaches of integrity, continue to pursue worthy initiatives for a good cause like this one. And that every two years, either a Lynch Award or whatever remains of it will continue to be the most important beauty pageant in our little corner of the world. A world where steel is worth more than marble.

You can check the complete list of results at the following link: onlywatch.com