The violin famously played by the Titanic's bandmaster as the ship sank on its maiden voyage in 1912 sold for £900,000 ($1,454,400) at auction on Saturday.
This breaks the previous world record price for a single Titanic-related item set at $340,000. According to the auction house staff, the winning bid went to a British buyer based in the UK. It had been set to be auctioned for an estimated £300,000 ($485,796).
U.K. auction house Henry Aldridge and Son has spent over six years and many thousands of pounds researching and investigating the instrument's authenticity. Police forensic evidence, audio archive material, Oxford University research and a CT scan have all been used to prove it is the real deal.
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"It's the most fantastic discovery," Andrew Aldridge, a chartered valuation surveyor at the auction house told CNBC.
The instrument is said to have been played by RMS Titanic bandmaster Wallace Hartley, and could be the single most valuable piece of Titanic memorabilia, if the valuations are met.
The violin, which was found with Hartley's body and passed through several hands before turning up at the auction house in 2006, was played by second-class passenger Hartley on Titanic's fateful night of April 14, 1912, according to the auction house's press release. Hartley was leader of the Titanic's quintet band and after the famous ship struck the iceberg, legend has it that he assembled the band on deck and started playing the "latest popular melodies" in an attempt to calm passengers.