Hedge funds poised to acquire artifacts from the RMS Titanic for nearly $20 million
UPDATE: Three hedge funds have joined together to purchase a collection of artifacts from the RMS Titanic, beating out a consortium of museums that could not quite match the hedge funds' bid.
By Amie Tsang
The New York Times
October 17, 2018
ORIGINAL POST (from October 23, 2017): In 1912, the RMS Titanic struck an iceberg and sank on its Maiden Voyage from England, resulting in the death of more than 1,500 of its 2,224 passengers. The sunken ship laid undisturbed on the ocean floor until 1985, when it was located by divers from a Franco-American expedition. Numerous artifacts have since been recovered from the Titanic, many by the firm RMS Titanic Inc., a subsidiary of Premier Exhibitions Inc., which sponsors exhibits around the world and a permanent display in Las Vegas, Nevada.
In 2001, UNESCO adopted the Convention for the Protection of Underwater Heritage, which covers all sites containing evidence of human existence that have been under water for more than 100 years. The Convention went into effect in 2009 after a sufficient number of state parties became signatories to it. The Convention is particularly important for sites such as the sunken Titanic that lie in international waters. More so now that Premier Exhibitions Inc. has declared bankruptcy and is auctioning thousands of artifacts in its possession, leading some to fear the underwater site may be looted, given its remote location is difficult to guard or monitor. (Photo of the RMS Titanic in 1912 is in the public domain.)
Below are additional updates on the original IHN Network post, including the bankruptcy case, a new exhibition, and a letter from a Titanic passenger that recently sold for a record price at auction in England.
See original post
By International Heritage News Network
July 10, 2017
Update on bankruptcy proceedings of RMS Titanic, Inc.
On September 19, 2017, a US Bankruptcy Court entered a final default judgement in a case filed by RMS Titanic, Inc. against the French Republic. The court ruled in favor of RMS Titanic, Inc.
By ME Staff 8-K, Market Exclusive, October 4, 2017
Update on auction of salvage rights
Globe Newswire, September 26, 2017
New Titanic Exhibit Opens in Spokane
Artifacts recovered from the RMS Titanic are the centerpiece of a new exhibit at the Northwest Museum of Art & Culture in Spokane, Washington. The exhibit will be open to the public through May 20, 2018.
By Tyler Wilson, The Spokesman-Review, October 18, 2017
Record auction sale of Titanic letter
His wife survived; he did not. A letter written by Alexander Holverson while aboard the Titanic was recovered along with his body. The letter, written to his mother, is haunting in its total lack of awareness of the disaster that was soon to occur.
By Susanne Fowler, The New York Times, October 22, 2017