First generation iPhone sells for over $63,000 at auction

The iPhone has been a market leader since it first revolutionised smartphones back in 2007.

But contrary to what you might think, your old iPhones are actually worth something - providing that they are in good enough condition - as was recently proved at auction.

A first-generation iPhone, which was owned by tattoo artist Karen Green, was a first-generation model that was sold in its original sealed box almost 16 years after it first hit the market.

The product was described as a 'highly-desirable factory sealed first generation original Apple iPhone from 2007'.

The phone had originally been purchased for $599, and while it was expected to reach a whopping $50,000, it smashed this target completely when it was sold for $63,356 by LCG Auctions.

LCG Auction / BNPS

Because there have been so many incarnations of the iPhone since its first release, the first model has become a real collectors' item and the auction began with a starting bid of $2,500.

However, 27 bids later, this price had climbed to a staggering $63,356 when the phone was sold yesterday (19 February).

The phone in question was unofficially known as the 'iPhone 1' or 'iPhone 2G', and while its spec might sound dated now, it was the height of technology in 2007 with its 4, 8 or 16 GB of storage and 2-megapixel camera.

To put how much technology has changed since then into context, the latest iPhone - the iPhone 14 Pro - has 1 TB of storage and a 48 megapixel camera.

Karen explained that she was originally gifted the iPhone when she started a new job, but because she'd just already got a new phone, it went unopened.

Then, as time passed, she was told it would be valuable to a tech collector.

She said: "I figured: it's an iPhone! It will never go out of date!"

Alamy / DPA Picture Alliance Archive

While Karen was told back in 2019 that the iPhone would likely be worth $5,000, she said she was overwhelmed when it ultimately sold for more than $60K.

She explained that during the valuation, she was told that because she had never opened the phone, it was automatically worth 10 to 25 percent more.

It is believed that original iPhones will only increase in value, so if you happen to be the lucky owner of one, it might be worth holding onto for a bit longer.

LCG said: "There's little doubt that interest in culturally relevant collectibles is rapidly increasing, and despite the impressive sales numbers, many believe the space is still in its infancy."