PokéBase - Pokémon Q&A
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The Cherish Ball cannot be legitimately obtained as an item, so it cannot normally be used. If it were to be obtained, when used from the Bag in a wild encounter, it would attempt to catch the wild Pokémon with a catch rate modifier of 1×.

Source

The Cherish Ball doesn't have a 100% catch rate.

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The question asks for the Cherish Ball's catch rate on an event Pokémon, not a wild Pokémon. Tbh the other answer could be correct in that regard, tho its lacking a source. >.>
I'm pretty sure that you can't actually catch event Pokemon, unless you're talking about interactives like the Faraway Island Mew. In that case, they're still wild Pokemon, so a Cherish Ball's catch rate would still apply.
Makes sense. And yes, I was indeed talking about interactive event Pokémon.
4 votes

100%
cherish ball is like a master ball but it looks better :-)

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Where do you find those cherish balls?
Event only sorry :-(
Or you could just use an Action Replay (which I am not reccommending at all).