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Unopened first-gen iPhone expected to fetch $50,000 at auction

Image Credit: LCG Auctions

An unused and unopened iPhone hit the auction block on Thursday, where it's expected to bring a minimum of $50,000.

The auction, held by LCG Auctions, began on Thursday and will continue until February 19.

Insider interviewed Karen Green, the owner of the iPhone. Green shares the story of how she came to own the phone and why it's gone unused this whole time.

In 2007, Green received the gift from her friends after she got a management job at PetSmart.

However, she already had three phone lines with Verizon. Because the original iPhone was only compatible with AT&T, Green decided to store the iPhone on a shelf.

In 2019, Green had the phone appraised with an estimated value of $5,000, so she decided to hold onto the phone for a few years.

Green is now selling the iPhone, which is anticipated to sell for more than $50,000, to help finance her business.

In October 2022, a factory-sealed iPhone sold for $39,340, beating its expected selling price of $30,000.

In August 2022, a factory-sealed iPhone sold for $35,000, and an unopened first-generation iPod sold for $25,000.