In a plot twist that even James Cameron might find too on-the-nose, the treasure trove of artifacts dredged from the wreck of the RMS Titanic is now at the center of a drama more convoluted than a romantic subplot between Jack and Rose. RMS Titanic Inc., the company that salvaged thousands of items from the great ship’s seabed grave since the 1980s, has asked a federal judge for permission to auction off a collection estimated to be worth up to $218 million, since sentimental value does not pay the bills and rust is not a recognized currency.
This underwater knickknack emporium includes everything from a piece of the Titanic’s hull to a near-mint condition deck chair that has somehow aged better than most of us. The auction, initially billed as a way to pay down debt, now reads more like a liquidation sale at the bottom of the Atlantic. RMS Titanic Inc., or RMST as the company styles itself when feeling briskly corporate, argued that without a little financial oxygen, the museum and preservation efforts could sink faster than, well, you know.
But before this maritime merchandise hits the auction block and gets spirited away into the personal collections of people who probably also own Fabergé eggs and emotional distance, the court-appointed trustee overseeing the company’s restructuring has raised a legal iceberg of his own. The trustee says RMST jumped the gun by asking the court to bless the sale before the bankruptcy plan is finalized. In other words, Titanic memorabilia may be priceless, but patience remains obligatory.
Meanwhile, historians and preservationists have not exactly been clapping from lifeboats. Many argue that the Titanic’s remnants should remain together, ideally in a public setting where they can depress generations with optimal efficiency. The company insists the collection will only be sold together to a buyer who promises to care for it properly, though that promise, much like the Titanic itself, comes with no guarantees.
So until the court gives its ruling, the remains of the world’s most famous shipwreck will remain in limbo, lovingly curated in a Georgia warehouse, waiting to see whether they are bound for a museum or a private yacht’s lounge room.
Because nothing says “unsinkable” like trying to stay afloat through a bankruptcy auction.