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A first-generation iPhone is expected to go for $50,000 at auction

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A first-generation iPhone is up for auction and is expected to sell for a whopping $50,000. The 2007 phone, which is still sealed in its box, is being sold on LCG Auctions.

The owner of the phone, Karen Green, had it appraised on the talk show "The Doctor & The Diva" in 2019. Because it is an 8GB — not 4GB — and is still in its original packaging, the appraiser said it was worth $5,000. 

"In 2007, I got a new job and my friends bought me the latest, newest first-generation iPhone," Green said. "It had all these neat things on there to do a new job, like a calendar."

She said she didn't open the box because she had just gotten a new phone. "I didn't want to get rid of my phone, and I figured, 'It's an iPhone, so it will never go out of date.'" 

Little did she know, several new iterations of the iPhone would be released year after year. Now, Apple is selling the iPhone 14.

Her friends likely bought the phone for $499 to $599. LCG Auctions set the starting bid price for the unopened phone at $2,500. It has received two bids so far and the auction will be open until Feb. 19. LCG Auctions expects it will reach $50,000.

Apple founder Steve Jobs introduced the first of its kind phone on Jan. 9, 2007, at MacWorld, a trade show in San Francisco. It was available for purchase about five months later and quickly became Apple's most successful product, according to LCG. It has a touch screen — innovative for phones at that time — a 2-megapixel camera and web browsing.

First-release iPhones have been auctioned off before. 

One sold for $35,414 in August and another for $39,339 in October through LCG..

"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," LCG says. 

Apple has a strong following of loyal fans — some of whom want to own a piece of Apple history. Last year, an Apple-1 Computer prototype from the mid-1970s sold at auction for more than $677,000. And it's not just electronics Apple devotees are after — Steve Jobs' worn Birkenstock sandals sold at auction for $218,750 in December. 

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