A gold watch found on the body of the richest passenger on the Titanic has been auctioned in England for 1.17 million pounds ($2.23 million).

It was a record sum for an object linked to the notorious 1912 shipping disaster, auctioneers Henry Aldridge & Son said.

A US buyer won the bidding war on Saturday, smashing the auctioneer's pre-sale estimate of between 100,000 and 150,000 pounds.

The watch, engraved with the initials JJA, belonged to the US business magnate John Jacob Astor.

Astor was 47 when he died as the Titanic sank in the early hours of April 15, 1912. He was reputed to be one of the richest men in the world at the time.

He died after having helped his wife, Madeleine, on board one of the lifeboats. She survived the disaster.

Astor's body was found a week after the disaster, with the watch among his personal belongings.

"The watch itself was completely restored after being returned to Colonel Astor's family and worn by his son," a statement from the auction house said.

A violin bag recovered from the ship, meanwhile, sold for 290,000 pounds on Saturday.  

The violin bag, bearing the initials "WHH", belonged to the Titanic's bandmaster, Wallace Hartley.

According to Titanic survivors, Hartley led the band to play music as the Titanic sank.

AFP/Reuters