A gold pocket watch recovered from an elderly couple who tragically drowned during the sinking of the Titanic is set to fetch over £800,000 ($1.6m) at auction.

The 18-carat Jules Jurgensen engraved pocket watch belonged to first-class passenger Isidor Straus, whose body was found with the watch and other personal belongings, which were returned to his family.

Straus and his wife Ida, were famously depicted as the couple holding on to each other while the ship sank in April 1912 in the Titanic movie by James Cameron.

He had been given the watch in 1888 for his 43rd birthday.

The watch will be sold by the couple’s family at Henry Aldridge & Son Auctioneers in Devizes, Wiltshire, later this month.

Auctioneer Andrew Aldridge said: “The Straus archive is without doubt one of the most iconic Titanic-related collections ever to come to market.

“Isador and Ida Straus are two of the most recognisable figures from the Titanic story, famously pictured in the James Cameron epic Titanic as the elderly couple at the end of the movie, hugging each other in their stateroom as the water envelops them.

“Theirs was the ultimate love story, Isidor epitomised the American Dream, rising from humble immigrant to a titan of the New York establishment, owning Macy’s department store.

“Ida even handed her fur coat to her maid, Ellen Bird, as she entered a lifeboat.”

The auction will also feature a letter that Straus wrote on Titanic stationery and mailed during his time on the ship.

“The letter written on Titanic gives a unique snapshot from the eyes of a first-class passenger to life onboard, the watch is without doubt one of the most important Titanic items in existence.

“It has been treasured by the family for over 113 years but now is the time for it to find a new home.”

Straus, who was born into a Jewish family in Otterberg, Bavaria, moved to the US with his family at the age of nine in 1854.

In January 1912, he and his wife travelled to Jerusalem before returning to the US on the Titanic.

During the ill-fated night, the couple made their way to the boat’s deck, but Straus refused to get on the lifeboat before other men, even though he was offered a seat due to his age.

His wife refused to leave him and they were last seen alive sitting side-by-side on the deck chairs. They were one of the few first-class passengers who passed away in the disaster.

Images: Henry Aldridge & Son Auctioneers