Premiere Exhibitions Update:Titanic Artifact Sale and Bidders

The official notice of the upcoming sale of Titanic artifacts has been issued by the Equity Committee. According to the press release, the auction will take place on 11 Oct 2018 at 10 am. The entire Titanic collection that not only includes all the salvaged artifacts but the intellectual property along with all the digital footage that have been recorded will be auctioned off. According to the press release:

Currently, a consortium of hedge funds, including Apollo Global Management, LLC, Alta Fundamental Advisors, LLC, and PacBridge Capital Partners (HK) Ltd. have submitted an offer to buy the company’s assets for $19.5M, being treated as a bid floor. Unless a competing buyer steps forward, the company’s assets, including the entire Titanic collection, will be sold to this group for its $19.5M bid. As per the bidding procedures, a new buyer needs to submit, by October 5, 2018 at 4:00 p.m., a qualifying preliminary bid of at least $21.5M to enter the auction.

The consortium of museums and James Cameron had better get moving if they want to get control of the Titanic artifacts. Some have suggested the US and British governments could step in and do something. If they are planning anything, they are keeping very quiet about it.

The bid procedures can be read here: http://upshotservices.s3.amazonaws.com/files/497d5a77-fff2-49a9-98f0-c32110ea0410/bcc79c9f-4585-4c3e-9c76-6a86ab69c2e4.pdf

Source: Entire Titanic Artifact Collection To Be Sold At Auction, Opening bid $21.5M (PR Newswire,17 Sep 2018-Press Release)
https://www.prnewswire.com/news-releases/entire-titanic-artifact-collection-to-be-sold-at-auction-opening-bid-21-5m-300713491.html

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