An Unopened First-Generation iPhone Sold for 240 Million Won... A Lotto Win from a 650,000 Won Item

4GB Model... 369 Times the Release Price

The iPhone, which was originally priced at 650,000 KRW in 2007, was recently sold for 240 million KRW.

According to the auction specialist site LGC Auction on the 17th, the 'iPhone 1st generation 4GB model' was finally sold for $190,000 (approximately 240 million KRW) at an auction held the previous day.

The auction started on the 30th of last month with a starting price of $10,000 (about 13 million KRW) and continued for 16 days until that day. Although the auction was initially expected to reach around $100,000 (about 130 million KRW), bids were placed 28 times in total, and it was ultimately sold for $190,000, concluding successfully.

The original price of this model was $499 (650,000 KRW). Compared to the final bid price, it increased by about 369 times. LGC Auction explained, "The rarity and value of this model are exceptional."

This model is considered a hit factor because it was Apple’s first smartphone released in 2007. In particular, the 4GB model is said to be rare worldwide, with only a few remaining.

This is because, at the time of the iPhone 1st generation release, the 4GB and 8GB models were criticized for having 'insufficient capacity.' Apple soon decided to produce a 16GB model, and the 4GB and 8GB models were quickly discontinued.

The first-generation iPhone 4GB model sold for approximately 240 million KRW on the 16th. [Image source=LGC Auction website capture]

The seller’s background, who put the item up for auction, also contributed to raising the final bid price. The seller is reported to have been one of the employees in the engineering team at the time of the iPhone’s launch.

The item in this auction was sealed in the exact condition as when it was shipped from the factory, attracting high interest from collectors.

Meanwhile, the iPhone 1st generation 8GB model was also auctioned and sold for tens of millions of KRW. In February, that model started at $2,500 (3.29 million KRW) and was sold for $63,356 (about 83 million KRW), increasing its value by about 25 times.