Premier Exhibitions’ subsidiary RMS Titanic, Inc., the company that has recovered more than 5,500 Titanic artifacts during a series of perilous but successful expeditions, has signed an agreement with Guernsey’s, the New York auction house, to offer for sale to the highest bidder, the entire collection of artifacts, expedition video, film and photographs, and the salvor-in-possession rights in an auction to begin April 1, 2012, with results announced on April 15, 2012, the 100th anniversary of the ship’s loss. The collection, to be sold as a single lot, has an estimated value of approximately $250 million. Further details of the auction may be found at www.huffingtonpost.com/2011/12/29/titanic-auction_n_1174195.html At http://www.sec.gov/Archives/edgar/data/796764/000119312511351838/0001193125-11-351838-index.htm one can view the company’s press release announcing the auction (click on “Exhibit 99.1″), and the agreement with Guernsey’s (click on “Exhibit 10.1″)
TIS President Charles Haas said, “It is important to remember that U. S. District Court Judge Rebecca Beach Smith, who has thoughtfully and closely supervised Titanic’s case for more than a decade, must approve all details of this sale, and likely will be advised by the the U. S. government’s National Oceanic and Atmospheric Administration in doing so. Judge Smith has insisted on the highest standards for the artifacts throughout her involvement with Titanic, and there’s every reason to believe she will apply those same standards now. “While we don’t know whether the collection actually will find a qualified buyer at this auction, we are confident that the watchful work of the Court in supervising any sale or transfer will ensure that the artifacts will remain on public display, and will receive the best of care. “We are sad that a significant chapter in Titanic’s ongoing story, the exemplary involvement of RMS Titanic, Inc. that began in 1987 under the thoughtful and pioneering leadership of Paul-Henri Nargeolet and the late George H. Tulloch in retrieving, conserving and exhibiting these precious items, may now be coming to close. We hope that the artifacts’ future will be assured and enhanced, should a new owner receive the Court’s approval.”
A series of covenants, agreed to by Premier Exhibitions/RMS Titanic, Inc., NOAA and the Court, sets forth significant restrictions on the sale, treatment and exhibition of the artifacts, and is legally binding on RMST and all future purchasers of the collection. These covenants may be found at http://www.gc.noaa.gov/documents/gcil_titanic_opinion_081210_ex_A.pdf At this point, your Titanic International Society trustees have no information beyond what has been published in the media, but as further details emerge, we will endeavor to keep our members and website visitors informed through our journal, Voyage, and through further postings here on our website.
