The first generation iPhone sold at auction on Sunday for $190,373, almost 380 times its original price of $499 when the revolutionary device went on sale in 2007.
LCG Auctions, which organized the auction, announced on Tuesday that the 4 gigabyte (GB) iPhone model was 20 times rarer than the 8 GB model launched at the same time, priced at $599.
The situation mainly arises due to the fact that the 4 GB model was discontinued two months after the launch due to customer preference for more memory capacity.
“The new standard was set on Sunday evening. 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 sold at auction for a record high price.
The 8GB model sold for $63,356 in February and the other 8GB model sold for $39,340 in October 2022.
They were all factory sealed in their original packaging.
The iPhone is one of the world’s most successful electronic products and helped Apple become the first publicly traded company with a $3 billion market value.
The Cupertino, California-based company achieved this record 16 years after selling the first iPhones.