ONLY WATCH 2024 RAISES CHF28.3 MILLION

The controversies over the charity’s management did not appear to put off buyers, but some brands did pull out of the event.

Darren Ho

Last year, just as Only Watch was embarking on its pre-auction global tour, questions arose over the management of the CHF100 million that had been raised prior. There was a lack of transparency over the funds distributed to the Association Monégasque contre les Myopathies (AMM). AMM later acknowledged that only half of the funds had been distributed, most of which went to SQY Therapeutics, which it owns 49 per cent of. To resolve public concerns, the Only Project released audit information for the past three years and promised to transform its governance and board to ensure funds are appropriately distributed. When the auction finally took place in May, it was further plagued with problems: online bidding on the Christie’s site was disabled due to a “security issue” (read: cyberattack). Furthermore, 16…

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CROWN (Digital) - 1 Issue, Issue 2 2024

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