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Who Owns The Remnants Of The Titanic?


The sinking of the Titanic has captured the imagination of the world for decades. Because of that interest anything associated with the ship takes on additional weight. An ongoing legal battle over ownership of the remnants of the ocean liner is currently heating up.

Thousands of artifacts have been recovered from the ship which went down in the north Atlantic in 1912 killing 1,522 people. The artifacts could be worth over $100 million. There have been several voyages down to the ship to recover various items. The company RMS Titanic (RMST) has emerged as the owner of the salvage rights. RMST is considering a seventh dive next year, its first since 2004 although other dives, including one financed by "Titanic" director James Cameron, have taken place. RMST has already recovered 5,900 artifacts from the ship during the first six dives. Legally the company does not own the ship nor the recovered items and it has gone to court in pursuit of limited ownership as a way to make up for the huge salvage costs. RMST shareholders would like the company to be more profitable. An agreement between Britain and the U.S. protects the Titanic as an international memorial and protects the site from unauthorized treasure hunters.

RMST would like to be declared the legal owner of the existing Titanic collection in order to recover some of the costs of salvage which have not been covered by revenues from the touring exhibition which has been shown at various museums. If RMST were declared the owner it could also sell the collection to a museum. If it cannot get the rights, RMST has asked a salvage reward of $225 million.

The US state department and the National Oceanic and Atmospheric Administration in Washington would like to limit ownership rights and keep the collection as a single entity. Robert Ballard, the oceanographer who first discovered the site in 1985 has come out against repeated tourist dives and salvage operations because he is concerned that these actions are hastening the complete destruction of the wreck. The National Oceanic and Atmospheric Administration has said that the remaining structure may collapse within the next 50 years.

Afghani Treasures at the Met: Gold, Gold, Gold

Filed under: Jewelry, Art


On June 23, a new exhibit opened at the Met: Afghanistan: Hidden Treasures from the National Museum, Kabul. My friend and I were able to go a few days before the opening, thanks to a members-only preview, courtesy of my mother.

History and fascinating story of the treasures' discovery aside
(read here if you'd like even more background), I was wowed by the gold. Much of what's on display was discovered either in archeological digs or in a vault in the presidential palace, where citizens with foresight hid the treasures to protect them from war: jewelry, a belt, an amazing crown (shown here; it breaks down into six pieces for easy transport), a dagger sheath, clasps, anklets, rings, pendants, bowls ... the list goes on.

My favorite item, just for the sheer excess of it all -- and proving that showing your status via footwear is not a new thing -- was the pair of gold shoe soles designed to be placed with a body when buried. I guess mere sandals wouldn't do in the afterlife.

My friend and I really enjoyed the exhibit, which features many more items, gold and non-gold, such as glass, ivory and gemstones. But the gold alone is worth seeing if you are in NYC or planning a visit this summer. The exhibit will be at the Met until September 20 and is included in the price of admission to the museum.

(BTW, I also saw the Francis Bacon exhibit while there. He scared me a little, but viewing his work, you can see it's from the mind of a tortured genius.)

The Big Market for Holy Relics

Filed under: Art


Interested in owning the skull of a martyr or the tooth of a saint? Apparently lots of people are, as the market for religious artifacts is booming. It takes a lot of faith to both be in the business of dealing holy relics and in that of buying them, as very few can be proven authentic beyond a shadow of a doubt. Although many newer pieces (i.e. objects touched by the Pope) are easily verified through photographs (when they're available) historical items from ages past are more about believing than anything else. And why else would you spend $975 on a wooden splinter from the True Cross that's so small you need a magnifying glass to see it, if you didn't simply believe?

Nicolas Cage and Leonardo DiCaprio Fight Over A Dinosaur Skull

Filed under: Auctions, Celebrity Shopping

We already knew Nicolas Cage was spendy, Ferraris, his own Bahamian island and a Bavarian castle have been among his legendary purchases. But this week saw a bidding war between Nicolas Cage and Leonardo DiCaprio over a dinosaur skull. The Daily Telegraph reports that the two stars locked horns at a Beverly Hills auction over a 67 million-year-old dinosaur skull. Cage eventually won, for $276,000.

The article in the Telegraph goes on to chronicle the hot trend in all sorts of dino artifacts reporting that other dinosaur collectors include director Ron Howard and Nathan Myhrvold, a former Microsoft chief and amateur paleontologist. Like art prices, the prices of fossils have had a steady uptick over the past ten years. This has been good news for the Black Hills Institute of Geological Research, a commercial fossil company which has been involved in a variety of excavations including two Tyrannosaurus rex skeletons. The Great Plains area has yielded a variety of fossils and dinosaur bones.

In Italy, Greece and other European countries, some farmers have occasionally supplemented their incomes with finds from their land. The same seems to be true for some farmers in the US with dinosaur bones. For some, finding the bones can be a windfall in a time when drought has plagued the land. The article tells the story of Bucky Derflinger, from South Dakota who managed to buy a 4,000-acre cattle range with his share of the money from finding dinosaurs on his father's land. So perhaps in some very roundabout way, Cage and the other celebs snatching up dino remains at exorbitant prices are actually helping American farmers.


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