He was among the most prominent American passengers aboard RMS Titanic and perished along with 1,495 others when the ship sank on her maiden voyage taking 1,496 of 2,208 on board with her.

Due to business concerns, he grew distant from his wife and was frequently away from their New York City home.

[9] Guggenheim boarded the RMS Titanic and was accompanied by his mistress, a French singer named Léontine Aubart (1887–1964); his secretary, Victor Giglio (1888–1912); his chauffeur, René Pernot (1872–1912); and Madame Aubart's maid, Emma Sägesser (1887–1964).

[11] Titanic survivor Rose Amelie Icard wrote in a letter, "The millionaire Benjamin Guggenheim after having helped the rescue of women and children, got dressed and put a rose at his buttonhole, to die.

"[14][15][16] Sometime after arriving on deck, Etches saw Guggenheim and Giglio; they were dressed in their evening clothes and had taken off their sweaters and lifebelts.

Guggenheim shouted repeatedly, "Women first" and the two men were of "great assistance" to the officers.

The steward said Guggenheim "lit a cigar and sauntered up to the boat deck to help load the lifeboats.

"[18] Etches reported that "shortly after the last few boats were lowered and I was ordered by the deck officer to man an oar, I waved good-bye to Mr. Guggenheim, and that was the last I saw of him and [Giglio].

Guggenheim's family, including his brother Robert, had been hoping for news of their loved one, whom the press had reported was among the missing prior to the Carpathia's arrival in New York.

The news Guggenheim had died was confirmed by a wireless dispatch sent from the ship and received on April 18, 1912.

Etches, producing the note and handing it to the widow, reported: "That's all he said, there wasn't time for more."