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Old iPhone sells for $60,000 at auction

Steve Jobs with first generation iPhone in 2007. Australian money notes.
Have you got one of these lying around? (Source: Getty)

Time to rummage through your drawers. A first generation iPhone sold for more than $60,000 over the weekend - almost 50 times its original price.

The winning bidder, who lives in Australia, paid an eye-watering US$39,339.60 (about $62,909) for the unopened 2007 device.

The 8GB iPhone was still in its original factory-sealed box, according to Louisiana-based auction house LCG Auctions, who said it was “virtually flawless”.

“Collectors and investors would be hard pressed to find a superior example,” it said.

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“Relevance and rarity comprise a winning formula for this red-hot collectible.”

The iPhone was first introduced to the world by Steve Jobs on January 9, 2007 and retailed for US$499-$599 at the time.

Apple iPhone first generation in original packaging.
The iPhone originally retailed for US$499-$599. (Source: LCG Auctions)

It soon became Apple’s most successful product and revolutionised the smartphone industry.

The original iPhone featured either 4GB or 8GB of storage, a 2-megapixel camera and a 3.5-inch display.

Today, the latest iPhone 14 offers 128, 156 or 512GB of storage, a 12-megapixel main camera and a 6.10-inch display.

Mark Montero, the founder of LCG auctions, told the Wall Street Journal he believed the sale was a record price for a first-generation iPhone.

“An item like this is something everyone can relate to,” Montero said.

“It has a lot going for it as a collectible investment.”

LCG Auctions said the seller, an American man, decided to put the iPhone up for auction after seeing another first-generation iPhone sell for more than US$35,000 in August.

According to the auction listing, 28 bids were placed for the phone. The price reached over US$10,000 on October 14, before a surge of bids drove up the price to more than US$30,000 on October 16.

So, if you have some old tech lying around at home, it could be worth pulling it out. It might be worth a small fortune.

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