Apple's Founding Documents Pull $1.6 Million at Auction
Apple’s founding documents netted $1.6 million at a Sotheby’s auction today. That’s just over $300,000 per sheet of paper for the collection of documents.
The papers in question outline the founding of Apple, including the responsibilities and shares of Steve Jobs, Steve Wozniak and Ronald Wayne. Jobs and Wozniak each held a 45% stake in the company and Wayne held a 10% share. Wayne famously sold his 10% share two weeks after signing the document for $2,300. If Wayne had kept his share of the company it would be worth almost $40 billion today.
According to CNN the “sparsely attended” auction heated up quickly with the bidding reaching over $1 million in just 10 minutes. The winning bid was actually only $1.35 million, but the additional auction fee pushed the total to just under $1.6 million. Before the auction Sotheby’s estimated the documents would fetch $150,000 on the high-end. Nothing quite like beating the auction estimate by tenfold.
Wired’s John Abell made the point that “time will tell if this investment proves to be a better one than acquiring the more than 4,000 shares of Apple stock the winning bidder could have bought instead.” Very true. But, something tells me a person dropping $1.6 million on five sheets of paper really doesn’t concern themselves with their own investments anymore.