The "tiny" watch costs up to 38 billion VND, but the rich still spend money to buy it

A gold pocket watch found with the body of John Jacob Astor, the richest passenger on the ill-fated Titanic, has sold for a record £1.2 million (VND38.4 billion).

Auction house Henry Aldridge & Son in Devizes, Wiltshire, England, sold the watch to a private collector in the US for the highest price ever paid for Titanic memorabilia.

The 14-karat gold Waltham pocket watch is engraved with the letters JJA.

World - The — The watch's original owner was businessman John Jacob Astor who went down with the Titanic in 1912 at the age of 47.

John Jacob Astor, 47, went down with the Titanic on April 15, 1912, after helping his wife into a lifeboat. Instead of trying another lifeboat, the wealthy businessman was seen smoking and chatting with another passenger on the ship during its final moments as it sank. His body, along with his gold watch, was found seven days after the Titanic sank.

According to auctioneers, the highest price ever paid for items from the Titanic was £1.1 million for a violin that was being played as the ship sank. The violin was sold by the auctioneers in 2013.

A spokesman for the auctioneers said the £1.2m price included buyer's fees and taxes. The violin case was also sold at the April 27 auction for £360,000 including fees and taxes.

Expert Andrew Aldridge at the auction house said the incredibly high prices for Titanic memorabilia reflect not only the importance of the items themselves and their rarity, but also the enduring appeal and passion for the Titanic story.

The Titanic hit an iceberg on its maiden voyage from Southampton (England) to New York City (USA), killing 1,503 people.

According to expert Andrew Aldridge, Mr. Astor was said to be one of the richest people in the world at the time of the Titanic's sinking, with a net worth of about $87 million - equivalent to several billion dollars today.

Minh Hoa (reported by Thanh Nien, Vietnam+)

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