Step 1: Interpret the statements.
From statement 1: "All smartphones are devices" — This places the category of smartphones entirely within the category of devices.
From statement 2: "Some devices are expensive" — This tells us that a certain portion of devices (not necessarily smartphones) are expensive.
Step 2: Test Conclusion I ("Some expensive things are smartphones").
While we know that some devices are expensive, there is no information confirming that these expensive devices are smartphones. The expensive devices could be laptops, tablets, or any other type of device. Hence, this conclusion does not necessarily follow.
Step 3: Test Conclusion II ("All smartphones are expensive").
There is no statement that directly connects all smartphones to being expensive. The fact that "some devices" are expensive does not imply "all smartphones" are expensive. Hence, this conclusion also does not follow.
Step 4: Logical result.
Since neither conclusion can be definitely inferred, the correct answer is:
\[
{\text{Neither Conclusion I nor II follows.}}
\]