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What do you guys think about people who buy tickets, with the sole intention of reselling them for higher prices?
I ask because a guy who goes to my gym just told me how he bought 32 tickets for a concert in September - one that is expected to sellout. He anticipates he can resell each ticket for nearly double the amount that each ticket cost him. It sounds like an awesome investment - doubling your money (assuming that happens) - but I see it as an unethical, douchey thing to do. Sure, if you have season tickets to something, or planned on going to an event but later found out you can't, then I don't view reselling for market value as an unethical move. However, buying out tickets to overcharge others isn't cool.
I'm sure someone will say "if you don't want to pay above face value, then order your tickets as soon as they're released." That's not always easy. I read an article (maybe it was posted here?) about how only a small percentage of tickets for Bieber concerts are released to the public, while the rest are sold to agencies (who also jack up the prices). Of the small percentage for general public consumption, I'm sure ticket scalpers buy up a portion, while parents of other Bieber fans are trying to snag the others while they're still at face value. This is probably the case with most popular events (like USC football games).
there's also some risk they inherit when they buy those tickets. For example there might be people who bought season tickets for SC last year thinking we were going to be undefeated by the time we played Notre Dame and Oregon so that they could sell those tickets for a pretty profit. That obviously didn't happen so they could have lost money by taking that risk.
Also, Coachella tickets this year sold out within seconds of it being sold online through their website. Last year, retail was 350 and a week before the concert they were going for 500+ because of the amazing lineup. This year, some people tried the same thing and bought a shit ton of coachella tickets at 350 thinking they were going to make some good money by reselling. One week before the concert, the tickets for this year's event was going for 280-300. Let these resellers take that risk and if they can make a profit, good for them, if not, they're going to be the ones losing a lot of money in the end.
Good points. I guess I'd say with the guy I'm talking about there is much less risk, so my opinions on his situation are the same. His tickets are for a one night gig (whereas USC has multiple games and outcomes of some games affect the ticket value of other games) and the venue holds only 15k to 20k (compared to Coachella's 80+k). Much less risk, more likely reward.
how bout if you bought Apple stock at say 40 bucks, then it goes to 200 bucks. would you feel guilty for selling the stock at higher? i don't see any difference in the two.
How many shares of Apple stock are there, versus 15k-20k tickets? Also, stocks can be bought and sold day-to-day, tickets are a one time thing. Lastly, one can argue the main purpose of a stock - from a consumer standpoint - is to potentially earn a profit in the future. The main purpose of a ticket for a concert is to gain entrance to an exclusive musical performance.
curious, do you know which show he bought?
Country concert. I think Tim McGraw.
Actually, there are far more "tickets to events" in the world than there are shares of Apple stock.
Show tickets are a commodity just like everything else. A commodity that someone is willing to pay a certain price for.
I was a ticket broker in the 80's when Magic and Gretzky were selling out the fabulous Forum. There are good days. But its not all wine and roses. I remember having to attend a Depeche Mode concert because I couldn't move the last 2 tickets.
"...an economy hampered by restrictive tax rates will never produce enough jobs or enough profits" JFK
True, but I was talking about a specific event. If one wants to attend a Tim McGraw concert in his or her home city, there are only a small number of tickets available for that event.
What do I think of leeches? What do I think of ticks, mosquitos, and other parasites?
Oh, how awful. How ever did you manage to pull through?
It wasn't easy and involved large quantities of alcohol.
Are you telling me that they held a concert for just a few people?
15k-20k, which is 'small' compared to the total number of event tickets in circulation (and compared to the number of Apple stocks).
But you said
there are only a small number of tickets available for that event.
20k seems like a lot.
In comparison to the number of total tickets in circulation (probably should have clarified). You made it seem like tickets are just floating around. Like I said in the OP, this event is expected to sellout shortly after tickets go on sale. The guy I know who bought 32 got them early for being in a fan club.
free market at its best i think
What is happiness? The feeling that power is growing, that resistance is overcome.--Friedrich Wilhelm Nietzsche
Or its worst. You have an industry/profession here that adds absolutely zero value. The only contribution is inflated prices.
This post was edited by wake6830 12 months ago
I should add - I think what Louis C.K. is doing with his tickets is great. He sells them himself via his website, and says if he/his team catch you trying to sell your tickets online for anything over market value, he'll cancel your tickets and give you a refund.
they add value to themselves which i have no problem with
That's an interesting interpretation of the word 'value.'
I'm not trying to advocate for the outlawing of ticket scalping, just saying it's a lame thing to do. I have no interest in attending the concert I've mentioned in this thread, but I've been a 'victim' in the past. Tickets for USC @ Notre Dame 3.5 years ago were $300 a piece, for $80 seats. I would have purchased tickets as soon as they were released, directly from the ticket office, but I wasn't sure if I'd be able to attend at that time (actually had no thought of going at that time). There were literally thousands of tickets available online for that *sold out* game, and you know thousands of people didn't buy them at face value, thinking they would actually go. Of course I could have just stayed home to watch the game, but I wanted to go too badly.
Back to the guy I lift with, he just got into the act of buying tickets for events that are expected to sell out. He sold tickets for a sold out Taylor Swift concert a few months back. Imagine pulling up to a Target parking, where you're scheduled to meet a guy from Craigslist who has the tickets your 12-year-old daughter badly wants for her birthday. Once you get there, you see a scrubby 24-year-old guy who clearly has no interest in Taylor Swift. You fork over the $200 for tickets that cost $100, all because a bunch of guys like him went and bought out the show before you were able to get tickets. I think that's lame as hell, but that's just my opinion.
think about it this way...they add value to rich people. without scalpers, poors would be getting more tix
one time in about 1990 i bought some fake tix from a scalper at a grateful dead show at CSU dominguez hills. they wouldn't let us in and we were pissed. we were certainly drunk (and then some) and young and full of piss and vinegar. so we found a cop and told him we would identify the scalper who sold us the fake tix. we found the guy. the cop swirved across the median to quickly approach the perp. the shoved him in the back of the cop car with us. i covered my face with my cap.
then they gave us real tix to the show for our service.
It's especially bad when something like Coachella or Sasquatch sells out in less than an hour and thousands of tickets are in the hands of scalpers.
bad for poors, good for richie riches. the scalpers are essentially helping the richies get tix. it's a service that provides convenience for the rich so they don't have to bother waiting in line for tix
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