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Titanic relics to fetch $189m

An unnamed group have agreed to buy items recovered from the wreck of the famous ocean liner. The artefacts are set to be sold for $189m (£120m) by Premier Exhibitions Inc, the company that holds the salvage rights to the ship.

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Group to buy Titanic relics

An unnamed group have agreed to buy a collection of Titanic artefacts. The exhibition items, set to be sold for $189 million (£120m), range from delicate porcelain dishes and silver cutlery to a 17-ton section of the hull, pulled from the Atlantic seabed where the Titanic sank 100 years ago.

Premier's shares jumped 18 percent on after it said in a regulatory filing it had signed a non-binding letter of intent to sell the artefacts to an unnamed group of individuals. A federal court ruled last year that a sale must ensure that the entire Titanic collection is kept together.

"[The buyers] are obviously a group of significant means because they have to have the resources to display and care for the artifacts and they have to be suitable for court approvals."

– Bill Vlahos, portfolio manager at hedge fund Odyssey Value Partners, which holds a stake in Premier

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