iPhone Bought For Roughly Rs 24,000 In 2007 Sells For Record Rs 1.56 Crore At Auction

Shattering all records of the highest price at which an iPhone has ever been auctioned in history, a 2007 iPhone has been sold for a whopping $190,372.80 (Rs 1.56 crore).

iPhone Worth Rs 24,000 Sells For Rs 1.56 Crore At Auction

indiatimes

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This is more than 300 times its original sale price. The Apple iPhone's 4GB model, originally bought for $599 (roughly Rs 24,000 as per the currency exchange rate of $1= around Rs 40 in 2007), was still in its factory wrapping and was in exceptional condition, the auction listing said. The auctioneer LCG Auctions described the iPhone as a ¡°popular high-end collectible¡± and ¡°exceedingly rare.¡±

The "Holy Grail" iPhone

It was initially expected to fetch in the region of $50,000-$100,000 - but managed to smash all previous records.

LCG Auctions sold another first-generation iPhone for $63,356 in February. Another firm, Wright Auctions, sold a first-generation iPhone for $40,320 in March. Auctioneers described the phone as a ¡°holy grail¡± among iPhone collectors due to its scarcity. It is uncommon to find a first-generation iPhone with no damage to its display or broken buttons, as per The Guardian report.

The auction website notes that the consignor was part of the original engineering team at Apple when the iPhone first launched.

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When Steve Jobs Introduced The iPhone In 2007

reuters

This year marks 16 years since Apple¡¯s then CEO and co-founder, Steve Jobs, introduced the iPhone at Macworld in San Francisco, California, on 9 January 2007, saying: ¡°Today, Apple is going to reinvent the phone.¡±

The iPhone quickly became Apple¡¯s most successful product and was named 2007's Invention of the Year by Time magazine. The 4GB model was discontinued about two months after launch due to lagging total sales and the release of an 8GB model. As per BBC, most people decided to purchase the 8GB model, which was launched at the same time and gave users double the storage space, for just $100 more.

Also Read: Timeline: From IPO To $3 Trillion Market Cap, Here's Looking Back At Apple Stock's Journey

Major Milestones In Apple Stock's History

1980: Launches IPO on December 12th.

1981: In Feb, Apple stock bleeds after co-founder Steve Wozniak crashes his small plane.

1983: Apple stocks jump in April after Steve Jobs convinces former Pepsico CEO John Sculley to become Apple CEO,

1983: In May, Apple joins the Fortune 500 list of America's largest firms.

1985: Shares bleed in Feb and Sept as co-founder Wozniak and then CEO Steve Jobs left Apple

1987: In Feb, Apple shares rise after it becomes one of the first 100 companies in the world to register a .com address

1987: Apple splits its stock for the first time ever

1991: Shares rise as former rivals Apple and IBM sign a technology-sharing agreement

1993: In June, Apple shares bleed as it loses $5.5 billion lawsuit against Microsoft and HP

1996: Stocks jump as Steve Jobs rejoins Apple as CEO

1997: Stocks jump as Prince Waleed bin Talal of Saudi Arabia acquires 5% stake in Apple

1997: Shares surge as Steve Jobs and Bill Gates announced a shock alliance of Apple with Microsoft

2000: Apple shares jump as it splits its stock for the second time on a 2-for-1 basis twenty years after becoming a public company. It further split the stock three more times in 2005, 2014 and 2020.

2011: Apple stock drops marginally after Steve Jobs resigns and names Tim Cook as CEO

2011: Apple becomes the world's most valuable stock and company

2018: Apple hits $1 trillion market cap

2020: Apple hits $2 trillion market cap

2022: Apple hits $3 trillion market cap but closes below it

2023: Apple hits the $3 trillion market again and this time it closes above that milestone mark for the first ever time.

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