A watch worn by American businessman John Jacob Astor IV on the Titanic has sold at auction for a record-breaking $1.48 million.

Astor, who was well known as the richest passenger on the ship, died when the Titanic sank during the early hours of April 15, 1912. 

He was also thought to be among the richest people in the world with a net worth of roughly $87 million (equivalent to several billion dollars today).

He was on the ship with his wife of seven months, 18-year-old Madeleine Talmadge Force, who was pregnant at the time.

At 11:40 P.M. on April 14, 1912 the Titanic hit an iceberg and started to take on water.

At first, Astor did not believe the ship was in any serious danger but later it was apparent it was sinking, and the captain launched an evacuation after midnight, so Astor helped his wife into lifeboat No. 4.

He asked if he could join her, mentioning her "delicate condition," but the officer in charge told him not until all the women and children were away.

Astor reportedly stood back and asked for the lifeboat number, then, after lighting a cigarette, he tossed his gloves to Madeleine.

Madeleine survived but he did not. She gave birth to the couple's son, John Jacob Astor VI (later dubbed the "Titanic baby" in the press), four months later.

Astor's body was recovered on April 22, not far from the sinking. His was still has his gold watch — a 14-carat, 17-jewel Waltham pocket watch, engraved with the letters JJA.

The watch itself was completely restored after being returned to Astor's family and worn by his son, making it a unique part of the Titanic story, according to auction house Henry Aldridge & Son.

The watch is considered one of the most important pieces related to the most famous ship in the world.

The previous highest amount previously paid for a Titanic artifact was $1.39M for a violin that was played as the ship sank, the Independent reported.