Jewellery, artifacts from the Titanic up for auction

by carly_midgley | September 24, 2018 9:00 am

[1]

Next month will bring a unique opportunity to own pieces of nautical history. Premier Exhibitions[2], owner of the wreck site of the Titanic, is currently in bankruptcy protection and has been authorized to auction off all its assets to a single buyer.

These assets include more than 5000 items salvaged from the Titanic’s wreck, with some notable items being the cherub from the ship’s grand staircase and a unique blue sapphire ring. Other jewellery pieces recovered from the ship include a diamond filigree pendant, gold lockets, and diamond, onyx, and gold button covers. Photos of some pieces are available online[3].

This may be the public’s only chance to bid on the collection, which has an appraised value of more than US$200 million.

An offer has been submitted by a consortium of hedge funds (Apollo Global Management[4], Alta Fundamental Advisers, and PacBridge Capital Partners[5]), which aim to buy the assets for US$19.5 million. However, competing bids of at least US$21.5 million (accompanied by a 10 per cent deposit) may be submitted until October 5.

Those who submit the minimum preliminary bid will be able to enter the auction, which is scheduled to be held at Atlanta law firm, Troutman Sanders[6], at 10 a.m. on October 11. The winning bidder will be announced on October 18, also at 10 a.m., before a judge in Jacksonville, Fla.

For more on the auction, see the Bid Procedures Order here[7].

Source URL: https://www.jewellerybusiness.com/news/jewellery-artifacts-from-the-titanic-up-for-auction/

---