The Fourth Wheel, Issue 74

Audemars Piguet pulls out of Only Watch; FP Journe stays; all others silent. Who's in the right? And what happens next?

Hello and welcome back to The Fourth Wheel, the weekly watch newsletter that has every intention of changing the subject, maybe writing something whimsical about watches from obscure sports or with horses on them or what have you, but not until we have an end to this ongoing saga. I’ve started so I’ll finish, as they say on Mastermind. In eighteen months of TFW this is the first time I’ve really tracked a story as it’s unfolded and I hope you’re finding the coverage - and comment - interesting. There is so much that I think will never be made public, but goodness knows I’m trying to get answers from all involved.

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First a small announcement: The Fourth Wheel is now on Instagram! I don’t know if it’s going to catch on, but this social media thing seems like a friendly way to keep in touch with like-minded souls. Certainly doesn’t seem to have any downsides.

the.fourth.wheel

A post shared by @the.fourth.wheel

Joking aside, please give it a follow. Not because I want to build my follower count up and cash in on the clearly huge profits to be made - if that was my goal I’d have packed in journalism a decade ago and taken a crash course in photography - but because you’ll be helping me on the long road to world domination, and if that isn’t a cause you believe in, what’s wrong with you?¹. Also, as TFW grows up, I’m keen to give it an existence outside of my personal feed, although if you are interested in the meals I cook, the watches I get hold of and the occasional adventures of my young family, there’s nothing stopping you following both.

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Once more we go, then, into the Only Watch saga. Last week’s post brought forth a fair few DMs. Some were supportive, others respectfully countered with different takes on events and motivations. I appreciate you all getting in touch. The story is not yet complete, and there are, shall we say, clearly defined areas of uncertainty.

I recommend anyone who hasn’t read them to catch up on both Issue 72 and Issue 73, my work tracking this story as it unfolds.

The Fourth Wheel, Issue 72

The Fourth Wheel, Issue 73

I will start with a correction to last week’s coverage²: Matthieu Chauzy is no longer an employee of Teneo but works full time for Only Watch. The post has been corrected and I apologise for the error.

The big news this week was that Audemars Piguet has pulled out of the sale. The watch - lot 6, a Royal Oak Tourbillon Skeleton in white ceramic - disappeared from Only Watch’s website on Tuesday and Christie’s sale listing on Wednesday. I reached out to the brand to confirm its withdrawal and was told that yes, indeed, it has pulled its participation and the donation of the watch. Audemars Piguet did not offer any further comment; I have heard from other journalists who have been told the same and directed to Only Watch for any elaboration.

Christie’s’ website, 17/10/23

The key question for me was: did Audemars Piguet pull out after Only Watch shared financial reports, as Matthieu Chauzy told me last week that it would, or was this a decision made prior to any disclosure? If the latter, one wonders why it took more than a week to happen. Maybe AP pulled out some time before it was removed from the website, although I doubt that.

If AP saw what Only Watch had to share and didn’t like it, that implies to me that something is badly out of sorts, beyond what has currently been made public³. If that’s the case, I expect other brands to follow suit.