A gold pocket watch recovered from the body of one of the Titanic’s wealthiest passengers has sold for a “record-breaking” £1.78 million at an auction in Wiltshire.

The 18-carat Jules Jurgensen watch belonged to Isidor Straus, a prominent American businessman, politician and co-owner of Macy’s. Straus and his wife, Ida, were among more than 1,500 passengers who died when the ship struck an iceberg and sank on 14 April 1912 during its voyage from Southampton to New York.

Straus’ body was recovered days later, and the timepiece — engraved with his initials — was found among his possessions. The watch, which had remained with the Straus family for generations, was sold on Saturday by Henry Aldridge & Son Auctioneers in Devizes. It had been repaired and restored by Straus’ great-grandson, Kenneth Hollister Straus.

The watch had stopped at 02:20 — the time the Titanic disappeared beneath the Atlantic. It is believed to have been a gift from Ida to her husband on his 43rd birthday in 1888, reports BBC.

Ida Straus famously refused a place on a lifeboat, choosing to remain with her husband as the ship went down. Her body was never recovered.

Other Titanic memorabilia also drew high bids at the auction, including a letter written by Ida Straus on Titanic stationery, which sold for £100,000; a passenger list purchased for £104,000; and a gold medal awarded to the RMS Carpathia crew, which fetched £86,000. The total sales of Titanic items reached £3 million.

Auctioneer Andrew Aldridge said the record price reflects the continued fascination with the Titanic and the enduring legacy of the stories behind its passengers. He described the Strauses as “the ultimate love story,” noting Ida’s refusal to leave her husband of 41 years.

Last year, a gold pocket watch given to the captain of the Carpathia — the ship that rescued more than 700 survivors — sold for £1.56 million, setting the previous record.