December 14, 2011
Apple Contract Document Sells For Nearly $1.6 Million
Sotheby's auction house recently sold the original three-page document that served as the contract among Steve Jobs, Steve Wozniak, and Ron Wayne to establish Apple Computer on April 1st, 1976 for nearly $1.6 million.
The auction took place on Tuesday and the document was expected to go for between $100,000 and $150,000.
Sotheby's auction of "fine books and manuscripts" includes over 350 separate lots, including a 1733 map of America and a 1789 letter from George Washington.
The winning bid came in through telephone at $1.35 million, but that figure did not include the 12 percent buyer's premium paid to Sotheby's.
The buyer was Eduardo Cisneros, the chief executive officer of Cisneros Corp. According to a 2006 Forbes listing, the Cisneros family is the second wealthiest in South America.
The bidding for Apple's founding documents started at $70,000, and it took nine minutes to reach its final price.
The document was sold alongside another piece of historical Apple paperwork in which Ronald Wayne, which is the third partner in Apple, sold his share back to Steve Jobs and Steve Wozniak for $800.
Wayne helped draft the contract and was given 10 percent. His share today would be worth $36 billion if he had not sold it earlier on.
The Apple document was the highest sought after item at the auction, beating out the 1789 letter from George Washington.
The one page letter from Washington to the House of Representatives sold for over $362,000.
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