When it comes to supporting children’s charities, watchmakers such as Cartier, Patek Philippe, IWC Schaffhausen and more pull out all the stops
“You never really own a Patek Philippe. You merely look after it for the next generation.” So reads the most successful advertising slogan in horology, which has served the Geneva-based watchmaker splendidly since 1996. The copywriting resonates so much because Patek’s commitment to a sense of patrimony extends not only to creating heirlooms that will be passed down a family line but also to caring for the next generation of human beings—children’s causes are close to the company’s heart.
This was amply demonstrated on November 9, when a unique timepiece generously donated by Patek Philippe to the Only Watch charity auction went under the hammer for a record CHF31 million. The one-of-a-kind, salmon-dial Grandmaster Chime Ref. 6300A-010 stole past the 1920s Patek pocket watch known as the Graves Supercomplication, which was auctioned for US$24 million in 2014, to set a lofty new record for most expensive watch ever sold.
The sum is all the more remarkable in light of the fact that the Only Watch Grandmaster Chime carries its extraordinary arsenal of 20 complications within a case made not of gold or platinum, but stainless steel. (Somewhat counter-intuitively, collectors’ item steel Pateks often fetch prices higher than the brand’s precious metal watches, thanks to their relative rarity compared to ‘common’ gold.)
(Related: This Patek Philippe Timepiece Just Set A New World Record For Most Expensive Luxury Watch Ever Sold)
Giving Back Through A Charity Auction
Virtually the entire watchmaking industry rallies behind Only Watch, a charity auction held once every two years, offering unique timepieces made and donated by the biggest names in horology specifically for the event. The charitable endeavour raises funds for research into Duchenne muscular dystrophy, a debilitating genetic disorder that afflicts children. It was founded in 2005 by Luc Pettavino, whose son suffered from muscular dystrophy, eventually dying of the illness.
In one stroke, the sale of the Patek nearly doubled the total funds raised to date by Only Watch, which up until this year’s auction had reaped around CHF40 million. Thanks in large part to the Patek’s record result, the take at the 2019 auction amounted to CHF38.5 million (around HK$304 million), with other standout sales including lots from FP Journe (CHF1.8 million), Audemars Piguet (CHF1 million) and Tudor (CHF350,000).