iPhones typically lose value as soon as they are removed from the store. However, there are some exceptions, such as a first edition, unopened 4GB model that sold for $190,372.80 (£145,416) at an auction in the United States. Because so few of these were produced at the time, iPhone collectors regarded the model as the “Holy Grail.” LCG Auctions’ lot drew 28 bids in total and sold for nearly 400 times its original price.
According to Technology News UK, the final fee includes administration costs in addition to the hammer price paid by the buyer to the auction house, known as a “buyer’s premium.” The buyer’s premium is paid to the auction house rather than the seller. LCG Auctions called it a “popular high-end” and “red-hot collectable,” adding that two other factory-sealed, first-edition iPhones had sold for record prices in the previous year. The model was described on the website as an “Extremely rare, factory sealed, first-release 4GB model in outstanding condition. The factory seal is virtually flawless along the surface and edges, with correct seam details and tightness “.
The lot was originally priced at $599 (£457) and was expected to fetch $50,000-$100,000 – but it smashed all previous records. After being released in 2007 by then-Apple CEO Steve Jobs, the tech giant decided to discontinue the 4GB model just two months later due to lagging sales.
