A first-generation iPhone sold at auction on Sunday for $190,373, nearly 380 times its original price of $499 when the groundbreaking device went on sale in 2007.
LCG Auctions, which organized the sale, announced this Tuesday that the 4 gigabyte (GB) iPhone model was 20 times rarer than the 8 GB model released at the same time, priced at $599.
The situation mainly arises because the 4 GB model was discontinued two months after its launch due to customer preference for a larger memory capacity.
BREAKING: New all-time record for original iPhone and bidding is ongoing (regular bidding closes at 5pm EST). The previous record of $63,356 was set by @lcgauctions in February. pic.twitter.com/5d2G5T403b
– LCG Auctions (@lcgauctions) July 16, 2023
“A new pattern was set on Sunday night. We are thrilled to be a part of this fantastic record sale,” said Mark Montero, Founder of LCG Auctions.
This is the third original iPhone to sell for record highs at auction.
An 8 GB model sold for $63,356 in February and another 8 GB model for $39,340 in October 2022.
All were factory sealed in their original packaging.
The iPhone is one of the most successful electronic products in the world and helped make Apple the first publicly traded company with a market capitalization of $3 billion.
The Cupertino, California-based company reached this record 16 years after the first iPhones were sold.
Source: DN
