Former FTX Europe Head Pays $1.5M for Gold Watch Recovered From Titanic: WSJ

As an analyst with a background in financial investigations, I find Patrick Gruhn’s recent purchase of John Jacob Astor IV’s gold pocket watch from the Titanic an intriguing development. The fact that this is the largest sum ever spent at auction on such memorabilia adds to its significance.

According to The Wall Street Journal, Patrick Gruhn, who used to lead FTX Europe, shelled out approximately $1.5 million – the largest amount ever bid in an auction for a Titanic memento – to acquire a gold pocket watch that was retrieved from the remains of the Titanic’s wealthiest passenger.

John Jacob Astor IV, an influential American real estate tycoon, was carrying his prized timepiece as he and his expectant wife, Madeleine Astor, prepared to disembark from their European honeymoon cruise.

In the tragic events of 1912 when the Titanic struck an iceberg, I was an unfortunate witness to the unfolding chaos. Among those affected was Mr. Astor, who was denied the chance to join his wife on a lifeboat until every woman and child had been safely accommodated. Sadly, a week later, both Mr. Astor’s lifeless body and his personal belongings – a gold watch, cuff links, a diamond ring, and a gold pencil – were discovered in the water.

Maren Gruhn received a watch as a gift from her husband, Harald Gruhn. He had made the purchase using the proceeds from selling their businesses. The couple intended to exhibit the valuable timepiece in museums.

As a researcher looking into the FTX bankruptcy case, I came across an interesting development in July 2023. The FTX bankruptcy estate petitioned the U.S. bankruptcy court for the recovery of over $323.5 million from FTX’s European leadership. Later on, as part of a settlement, Gruhn and others reached an agreement to purchase FTX’s European assets for approximately $33 million. It is important to note that during this period, Gruhn claimed he had no prior knowledge of the alleged fraud within FTX before it collapsed.

After the FTX implosion in November 2022, Gruhn relocated to Oregon and presently manages a German Catholic television network from there. His endeavor includes establishing a crypto derivatives exchange in Europe.