This museum combines and displays artefacts connected with fishing, industry and the social and cultural development of the 19th century. The museum was established upon a suggestion and the hard work of captain Sigurdur Gudjonsson and opened to the public in 1989. Its largest and foremost artefact is the open fishing boat Farsaell (Fortune), built by shipbuilder Steinn Gudmundsson for the farmer and fisherman Pall Grimsson at the farm Nes in Selvogur. Fortune is a twelve-oared boat, one of 400 boats built by Steinn. The shape of his boats was adapted for the landing on the flat and sandy coastline of the south and the constant beating of the waves upon departing and landing.
The museum also boasts of many photographs and a baiting hut from 1925, when the motorised fisheries were booming in Eyrarbakki. Its western wall still shows, that a small, wooden fishing boat was flattened and used as að part of the wall cover.