Only Watch’s founder Luc Pettavino breaks his silence after three months of intensive work to shed light on the association’s accounts, as he announced he would last autumn when the most famous charity auction in the watchmaking world was postponed. The audit conducted by the auditor Christian Boisson from the Grant Thornton firm validates the accounts and has been sent to all the partner brands, giving the go-ahead to set a date for the auction this spring 2024 in Geneva.
Luc Pettavino has answered WorldTempus’s questions, along with his daughter, Tess Pettavino, Director of l’Association Monégasque contre les Myopathies (AMM). (See also the following interview).
This week, you sent letters to all the Only Watch brands. What did it say?
This letter explains the set of measures we have taken following the postponement of the auction, as we had informed the brands we would. It has required a great deal of hard work, particularly with regard to the association’s audit. This transparent approach concerns not only the association, but also its ecosystem and the projects that have been financed by them, including university programs and fundamental research, but also applied research with the tools we have created, such as the companies SQY Therapeutics et Synthena. Everything has been thoroughly and exhaustively analyzed. We received the results a few days ago in the form of reports, which we have shared with all the brands involved.
What does this audit report conclude?
The auditors’ report certifies the financial statements for the last three years and states that the financial situation we have presented is true and fair, as well as the fact that it is in accordance with our purpose and the standards which we are subject to. It also certifies that the association's funds are used in accordance with its purpose.
How long did the audit take to complete and what were the main obstacles for the auditors?
It is large international firm with an experienced team. They had to analyze our dual situation for raising funds and the responsibility for their use, up until clinical trials, which is something that is quite unusual. Therefore, they had to analyze the entire process to check that the rules of good conduct, ethics and traceability of funds were respected. Hundreds of pages of documents, statements and supporting evidence have been sent to them since December as part of their certification process, giving rise to discussions between their experts and ourselves, to help them gain a clear understanding of the Association's cash flow and financial position.
How did Christie’s react?
Throughout the process, Christie’s remains the same partner that we been able to count upon for years, in other words, adhering to the desire to remain linked to the project, even with a delay in the sale. That said, as with all the partners, Christie's is part of the group that will determine if and when the next auction will be held.
How will the auction be organized?
We are doing everything we can to ensure that the 10th edition takes place in the spring at Palexpo, which has supported us throughout the process. If confirmed, the Only Watch sale could therefore open the week of watch auctions on 10 May 2024.
You must have had to devote a lot of energy to this issue over the last few months. Were the research laboratories able to continue operating normally?
Absolutely, Thanks to the funds that we had already allocated and the reserves that we had specifically set aside to avoid any last minute situations – which puts patients at too great a risk – all the projects that we started have been able to continue. What’s more, in the search for a therapy, which is our main focus, we have reached trial phase 1, is underway to verify the safety profile of the drug profile developed by SQY Therapeutics, a company co-created by the association. This is in itself encouraging, and should soon pave the way for phase 2A, which will focus more on efficacy.
You have been the target of some quite vicious attacks regarding Only Watch, and your family has been victim to some spiteful words. Are you ready to continue fighting?
First of all, on a positive note, we accepted the legitimate comments and sound advice that we received regarding the points that needed to be changed. These include governance, audit, a strategic committee, a scientific council, etc. Basically, as our original family of patients association has become more global in its activities and influence, it became inevitable that the structure that supports it would have to evolve. But we are committed to keeping friendly and direct relationships with all our partners.
As far as the attacks are concerned, we have seen defamatory comments that were false and violent, but we preferred to work hard rather than counter-attack. We preferred to provide clear information about our integrity and the honesty of our commitment and the relevance of our actions. Should there be any further attacks of this kind, our lawyers are ready to respond. Our natural kindness is now coupled with legitimate vigilance.
What have you learned from this ordeal?
In every trial in life, you always have the choice of living it as a victim, and there is a part of it that you can’t do otherwise, but there is also an opportunity to learn, to take advantage of the moment to do intensive work that you might have done over a longer period of time. The association has had to speed up the work on its structure, and it has come out of this stronger and ready for the long-term future. On a personal level, it reinforced my empathy and the need to be deeply compassionate with others when you don't know the whole picture of a situation.
Were you ever tempted to give up?
Let's just say that it was one of those moments in my life when the words of someone for whom I have a great deal of admiration and respect, Professor Karim Wahbi, often came to mind: "Sometimes you have to love the world in spite of it”.
Are you going to use new colors for the Only Watch 2024 edition?
We have gone from the colors of the rainbow with their taut lines and strong angles to softer, cottony pastel colors, like a sunrise breaking through the mist. After the dazzling splendor of the announcement of the 10th edition in 2023 and this period of struggle, we wanted to bring a dimension of calm to celebrate the 10th edition, but this time in 2024.
What message would you like to communicate to the watchmaking community?
Over the past two decades we have done what we have said we would do. The AMM’s mission, which is entirely focused on the search for therapies, not only remains the same, but is reinforced by its necessity as we reach the crucial and tangible moment of clinical application after long years of research. The weather may not always be sunny, but the road to this goal is magnificent. Everyone can count on our full commitment to continue working on this essential mission, since it involves the lives of others, for present and future generations.
