I'm sorry but I call bullshit. No sealed iPhone is worth close to that much.
"LCG Auctions is the nation’s premier auction house specializing in professionally graded toys and collectibles. "
Graded collectibles are a bubble at best and a fraud at worst. It's very lucrative for auction houses and grading companies to artifically inflate the market so they can take a cut of listings and gradings. Just like with graded retro games and coins before that. I wouldn't be surprised if the buyer was in bed with the auction house, the grading company, or both.
Thwonp t1_j9d4eji wrote
Reply to A first-generation iPhone from 2007 sold for $63,356 at auction — more than 100 times its original price by dakiki
I'm sorry but I call bullshit. No sealed iPhone is worth close to that much.
"LCG Auctions is the nation’s premier auction house specializing in professionally graded toys and collectibles. "
Graded collectibles are a bubble at best and a fraud at worst. It's very lucrative for auction houses and grading companies to artifically inflate the market so they can take a cut of listings and gradings. Just like with graded retro games and coins before that. I wouldn't be surprised if the buyer was in bed with the auction house, the grading company, or both.
Karl Jobst explains it better.