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Insight from Bisrat Kinfemichael, Ph.D., associate professor of accounting and finance, was featured in the NPR  鈥淎 Look Back at Some of the Biggest and Weirdest Auctions of 2023.鈥� Kinfemichael’s quotes, which NPR first featured in , discuss why a first-generation iPhone sold for more than 100 times its original cost during an online auction. He notes that demand-side factors have made unopened first-generation iPhones into 鈥渆xtremely rare commodities, similar to precious metals.鈥� In addition, bidding websites like eBay have made it easier for buyers and sellers to find one another鈥攑ossibly creating more potential buyers than ever. 

鈥淪ubstantial wealth has been created since the release of the original iPhone [in 2007]. It鈥檚 possible that some individuals who have benefited from the creation of wealth in the technology industry may highly value such devices and be willing to spend a lot of money on them,鈥� he says.