Arbitrage650 t1_j9dd2ga wrote on February 21, 2023 at 2:23 AM

Reply to comment by AMirrorForReddit in A first-generation iPhone from 2007 sold for $63,356 at auction — more than 100 times its original price by dakiki

Possibly but that’s a lot of work to launder $60k. Modern art is often just a front for money laundering but single pieces can go for tens of millions

AMirrorForReddit t1_j9den30 wrote on February 21, 2023 at 2:35 AM

That's because this is jsut the start of making this object worth millions. It may be only 60k now, but it is already being worked on to make it more. That's what this buzz cycle is all about. Giving the "piece" history, and that brings up the value, etc.

When I look at articles like this where X item was auctioned at X outrageous amount of money, I don't think, "Oh wow, that could have been me had I kept an Iphone." Instead I think, "Oh, there are some people who have connections and are playing some kind of game that I would never have been able to be a part of."