1st Gen iPhone (4GB) shatters expectations by fetching $190,372 at auction | Exhibit Tech Lifestyle

1st Gen iPhone (4GB) shatters expectations by fetching $190,372 at auction

On 29th June 2007, an iconic moment unfolded at Macworld when Steve Jobs graced the stage and launched the first-ever Apple iPhone. This groundbreaking marvel of technology came with a hefty price tag back then—$500 for the 4GB version and $600 for the 8GB variant, but only if you committed to a 2-year contract with AT&T (then known as Cingular). Fast forward to 2023, and these devices have become cherished relics that command exorbitant prices at auctions.

To illustrate this point, let’s look at a remarkable sale in February: an untouched, factory-sealed 8GB iPhone. Initially expected to fetch around $2,500, it ended up astounding everyone by soaring to a staggering $63,000 in bidding. Surprisingly, even that price doesn’t quite reach the heights of what an original iPhone can fetch.

Recently, an extremely rare and brand-new iPhone 4GB, straight from the factory, appeared on LCG Auctions, valued initially between $50,000 and $100,000. The bidding for the same commenced on 30th June with a modest starting price of $10,000. Slowly but surely, the figure climbed to $42,000, but then, something remarkable occurred.

A short but fierce bidding war erupted in the blink of an eye, resulting in a jaw-dropping winning bid of an astonishing $190,372. Whew! That’s an immense amount of money. Interestingly, this exceeds the prices achieved by the 8GB models. Besides the $63,000 sale from February, another sealed 8GB unit was sold just yesterday, fetching a still-impressive “only” $39,339.

Despite being less popular, why do the 4GB models command higher prices in the collector’s market? LCG Auctions sheds some light on this intriguing phenomenon: “The original 4GB model is considered a ‘Holy Grail’ among iPhone collectors. Its scarcity is directly attributed to its limited production. Released on 29th June 2007, alongside the 8GB model, the 4GB version suffered from slow sales. Buyers opted to pay an additional $100 to double their storage capacity.”

These lacklustre sales led Apple to make the decision to discontinue the 4GB model on 5th September 2007, a mere two months after its initial release. The more affordable, less successful variant now commands prices at auction three to four times higher than its currently famous siblings, some 16 years later. If, by any chance, you happen to possess a sealed iPhone 2G tucked away in your attic, now is the perfect moment to scoop it and reap the rewards.

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