The phone had originally been purchased for $599 and was expected to reach $50,000 at the auction. However, 27 bids later, it sold for over $63,000.
The iPhone has been a leading product in the smartphone industry since its launch in 2007. And despite the various iterations of the iPhone that have been released to this date, the first model remains a collector's item. To everyone's surprise, it was recently demonstrated at an auction. A first-generation iPhone, in its original sealed box, was sold for a whopping amount of $63,356. The phone, owned by tattoo artist Karen Green, was described as a "highly-desirable factory sealed first generation original Apple iPhone from 2007". It was originally purchased for $599, which was expected to reach $50,000 at the auction. However, 27 bids later, it sold for over $63,000. The first iPhone, unofficially known as the 'iPhone 1' or 'iPhone 2G', may sound outdated now, but it was the height of technology back in 2007 with its 4, 8, or 16 GB of storage and 2-megapixel camera. To put this into perspective, the latest iPhone, the iPhone 14 Pro, has 1 TB of storage and a 48-megapixel camera.
Karen explained that she was gifted the iPhone when she started a new job but never opened it as she already had a new phone. She later said that the phone would be valuable to a tech collector. She was overwhelmed when the phone ultimately sold for more than $60K, despite being told in 2019 that it would be worth $5,000. Moreover, during the valuation, Karen was told that because she had never opened the phone, it was automatically worth 10 to 25 percent more. It highlights the potential value of original iPhones that are unopened and kept in good condition.
It is believed that original iPhones will only increase in value, making them a valuable investment for collectors. LCG, the auction house that sold Karen's phone, believes that interest in culturally relevant collectibles is rapidly increasing and that the space is still in its infancy. The auction's success highlights the immeasurable value people can find in old and outdated technology. It is particularly relevant in a world where new technology is released at an increasingly rapid pace. While the latest smartphones may be impressive, the value of older models can still be significant.
First-Gen, Unopened iPhone From 2007 Could Get $50,000 at Auction https://t.co/0HcHPk5DIv— LCG Auctions (@lcgauctions) February 2, 2023
For people who might still have their old smartphones lying around somewhere in their house, it is worth considering their potential value. While they may not be worth tens of thousands of dollars, they could still fetch you a decent price on the second-hand market. It not only benefits the seller but also reduces the environmental impact of electronic waste by encouraging the reuse and recycling of old devices. In conclusion, the sale of a first-generation iPhone for over $63,000 demonstrates the potential value of outdated technology. The original iPhone remains a collector's item and no wonder its value is likely to increase over time. This phenomenon highlights the importance of considering the probable value of old devices and encouraging their reuse and recycling.