A life jacket from a Titanic survivor goes on sale in first-of-its-kind auction

Laura Mabel Francatelli (circled) together with other survivors of the lifeboat. Only about 700 of 2,220 people on board survived. (Henry Aldridge and Son Ltd. via CNN Newsource)

A life jacket worn by a survivor of the Titanic is going on sale this weekend, in a rare auction described as a “once in a generation” opportunity.

The jacket, which is expected to fetch between £250,000 (US$339,000) and £350,000 (US$474,000), is the only one from a survivor of the 1912 tragedy to go under the hammer, according to U.K. auction house Henry Aldridge and Son.

The garment was worn by Laura Mabel Francatelli, a first class passenger on the historic liner, which sank 114 years ago this week.

When RMS Titanic set sail on April 10, 1912, she was the largest passenger ship in service and considered to be “unsinkable.” Just four days later, the Titanic’s maiden voyage was transformed into an international tragedy when the ship struck an iceberg in the North Atlantic at 11:40 p.m. April 14. The ship, which sank in less than three hours, did not have enough lifeboats for the approximately 2,220 people on board. Only about 700 people survived.

Francatelli was secretary to fashion designer Lucy Duff Gordon and was travelling to Chicago with her employer and employer’s husband, Cosmo Duff Gordon. All three survived after they managed to board life boat number one.

Signed by Francatelli and others who were rescued in that life boat, the beige vest features 12 cork-filled pockets of canvas with shoulder rests and side straps, according to the listing on the auction house’s site.

It is part of a wider auction of Titanic and White Star memorabilia to be held at Henry Aldridge and Son this weekend.

Andrew Aldridge, managing director at the auction house, said it is “one of the most iconic” items ever to come up for sale from the ill-fated ship.

“Quite simply this lifejacket presents a once in a generation opportunity for collectors, it’s the only example to ever be offered for auction from a Titanic survivor,” he said in an email to CNN Thursday.

“Although (the) Titanic sank 114 years ago, every man, woman and child onboard had a story to tell so in essence we have over 2,200 chapters and today we present those stories through these pieces of memorabilia. The lifejacket is without doubt one of the most iconic items from the Titanic ever to be offered for auction,” he said.

According to Aldridge, the vest is being sold by someone who “has decided it’s time to pass on the baton to another collector.”

It has previously been on display at Titanic Belfast, the museum based at the site where the ship was built, and also at the world’s largest Titanic Museum in Pigeon Forge, Tennessee.

By Lianne Kolirin, CNN