A gold pocket watch given to the ship captain who rescued 700 survivors from the Titanic sold at auction for nearly $2 million, setting a record for memorabilia from the ship wreck.

A gold watch gifted to the captain of a ship who rescued more than 700 passengers and crew from the Titanic has sold for a record-breaking $1.97 million.

The 18-carat Tiffany & Co pocket watch belonged to Captain Arthur Rostron, who helped save the 705 people from the sunken ship.