Original iPhone sells for more than $39,000 at US auction

A factory-sealed original iPhone from 2007, the year Apple began selling the product, has sold for more than $39,000 at a US auction.

The unused 8GB iPhone originally cost $599 when it hit stores five months after the model was unveiled by Apple co-founder Steve Jobs on January 9, 2007.

In his speech, Jobs described the device as a “revolutionary and magical product”.

LCG Auction said the winning bid bought the 2007 gadget for $39,339.60.

“This factory-sealed, first-release example is in exceptional condition,” the auction house said.

“Virtually flawless along the surface and edges, the factory seal is clean with correct seam details and tightness. Labels on the reverse are correctly pristine beneath the seal.

"All original — no aftermarket stickers or UPC labels on this one.”

The first-generation iPhone has a 3.5-inch screen and a two-megapixel camera. It did not support third-party apps.

Time Magazine named the iPhone the “invention of the year” in 2007.

One of the trends of the year, Time reported, was that computing needs to happen in the real world as much as it does the cyberspace.

“It's a genuine hand-held, walk-around computer, the first device that really deserves the name,” it reported at the time.

This iPhone 2007, still in its factory seal, sold for nearly $40,000 at a US auction. Photo Courtesy: LCG Auctions

The first-generation iPhone is now as much a historic product as a transformational one.

The iPhone 14, the latest generation, was released this year. Prices start at $799.

The iPhone 14 and iPhone Pro each come with a 6.1-inch display, while the iPhone 14 Plus and iPhone 14 Pro Max have 6.7-inch screens.

Users also now have access to a more advanced camera than the original model. The newest phones feature a 12MP Ultra Wide camera and TrueDepth with auto image stabilisation.

The iPhone 14 also carries up to one terabyte of data.

Old-school Apple products - in pictures

Vintage Apple imac computers stored by Dubai marine electronics company Elcome International. All photos: Reuters

The AAPL Collection documents the first 30 years of Apple's existence from 1976.

It includes the 1976 Apple Computer 1 – the first product by the company.

The collection features the complete line of the Apple II and Macintosh families, early handheld devices, printers and displays, and the original iPod, iPhone and iPad, plus books and manuals.

The collection has been put together by Jimmy Grewal, an executive director at Elcome International.

Mr Grewal holds the motherboard of an Apple Computer 1, hand-built by Apple co-founders Steve Jobs and Steve Wozniak.

The collection is thought to be the rarest selection of Apple products in the Middle East.

The public has opportunities to interact with the AAPL Collection at pop-up exhibitions.

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Monster

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Starring: Kelvin Harrison Jr., John David Washington

3/5

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Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

England v South Africa schedule

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Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
Third Test: The Oval, London, July 27-31, 2pm
Fourth Test: Old Trafford, Manchester, August 4-8

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Always check the weather forecast before setting off

Make sure you have plenty of water

Set off early to avoid sudden weather changes in the afternoon

Wear appropriate clothing and footwear

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5