We've finally arrived at the moment.
Last week marked the 10th edition of the highly anticipated Only Watch charity auction, initially scheduled for last November but postponed due to uncertainties surrounding the charity. 47 lots, provided by 52 brands, were auctioned off, ultimately raising 28.3 million Swiss francs for Duchenne muscular dystrophy research.
It's wonderful to see so much money raised for charity, and while we'll leave the financial discussions to others, we love to see the creativity shown in the watches created for the auction. Personally, I find it fascinating to see the value of watches from independent brands, especially the significant appreciation for small indie companies.
The most striking result that stood out to me was the Secular Perpetual Calendar by Furlan Marri, created in collaboration with Dominique Renaud and Julien Tixier, which sold for 130,000 Swiss francs against an estimate of 20,000-30,000 francs. This is more than six times the minimum estimate and over four times the maximum, an impressive testament to what Andrea and his team have achieved, reflecting the explosive growth of Furlan Marri. It's a brand that now has billboards in Times Square and viral posters all over Geneva - truly remarkable.
Another brand we're proud to closely collaborate with that also made a strong showing at Only Watch 2024 is Baltic. Their Premier Quantième Perpétuel, developed in collaboration with Maclef and released as part of the 'Baltic Experiments' sub-line, sold for 55,000 Swiss francs, also against an estimate of 20,000-30,000 Swiss francs. This indicates that collectors take these two independent brands seriously and want to see more complex pieces from them. While these two models may be out of reach for many of us, those of you fortunate enough to order one of our limited collaborations with Furlan Marri and Baltic earlier this year will be pleased to know that deliveries will begin soon.
Among others, Grönefeld (CHF 140,000, estimate CHF 30,000-50,000), Krayon (CHF 440,000, estimate CHF 150,000-200,000), Sylvain Pinaud (CHF 220,000, estimate 70,000-100,000), Konstantin Chaykin (CHF 110,000, estimate CHF 30,000-50,000), and Kari Voutilainen (CHF 450,000, estimate CHF 175,000-215,000) - all independent artists who either reached their estimates or exceeded them by more than three times.
Of course, the two most impressive results at Only Watch 2024 were achieved by independent watch brands - though they are much more well-known than the others on this list. Patek Philippe's contribution, model ref. 6301A-010, fetched 15.7 million Swiss francs: almost 9 times more than its 1.8 million franc estimate, and accounted for more than half of all the money raised at the auction. I called it! But I don't think I deserve a prize; Patek has always attracted ridiculous sums for their Only Watch pieces.
Only Watch favorite F.P. Journe also achieved impressive results: their Chronomètre Furtif Bleu Only Watch sold for 2 million Swiss francs against an estimate of 200,000-400,000 francs. Journe has long surpassed the threshold of a small independent company, so while this result is impressive, in my view, it doesn't hit as hard as a brand like Furlan Marri, which started on Kickstarter and went for four times its high estimate.
However, one of the watchmakers who became part of the Journe and Dufour conversation achieved truly impressive results at Only Watch 2024 - Rexhep Rexhepi. His Chronomètre Antimagnétique went for 2.1 million Swiss francs, 14 times its high estimate of 100,000-150,000 Swiss francs. Although Rexhepi is many years younger than the most famous independent watchmakers, his products, quality level, and dedicated fans are more than enough for him to be considered one of the most impressive watchmakers - and with such auction results, it's hard to argue.
While the final figures of Only Watch are hard to assess, given it's a charity auction, it's clear that statements of confidence are being made regarding some brands and watchmakers we didn't expect just a few years ago. When young names start selling for six-figure sums on the biggest stages, it's very gratifying to see such recognition of what guys like Baltic and Furlan Marri are doing. If they can compete with the industry's biggest brands and still draw such attention, who knows where the limit is for these young, energetic brands.