Paper at the wrecksite was gone quickly, unless it was stored in other items (such as leather satchels). Otherwise, it's gone.
Maybe if someone finds a grouping of gems, that'll be the final resting place of the Rubaiyat.
Still, if it were found today, it would be worth more than the 1912 adjusted for inflation...simply because it was part of the wreck of the Titanic. Further, it wouldn't be sitting in anyone's study because of the salvage laws on the wreck. It would be in a museum.