Stop whining, it is the market in action

I really get sick of people whining about scalpers.

Disgruntled ticket-seekers are striking back against scalpers by placing multimillion-dollar bids on auctions in an attempt to get them shut down.

Trade Me members are bidding up to $56 million in order to take control away from people looking to cash in on the hottest tickets in town, for Saturday’s Super Rugby final between the Hurricanes and the Highlanders at Westpac Stadium.

They are lucky it isn’t me selling the tickets, because their bids would be accepted then I’d pursue them for the monies. Placing false bids is tantamount to fraud.

Tickets went on sale to the public at 4pm on Monday, but many would-be buyers were disappointed as Ticketek sold 29,000 tickets in 59 seconds.

Less than an hour later, scalpers began selling tickets on Trade Me and overseas ticketing website Viagogo.  

They were selling them for hundreds of dollars more than official prices, with one Trade Me listing topping $1600 for three. Those same tickets were sold through Ticketek on Monday for $35.

In a bid to curb the scalpers, the Hurricanes and Ticketek have teamed up to sell 2000 tickets from a pop-up site at Te Papa on Wednesday morning.

So what if they are selling the tickets for higher prices. It is called the market. This is a classic example of supply and demand. If there is a restricted supply and demand that exceeds the supply, of course prices are going to inflate.

It’s called free enterprise. Willing buyers meet willing sellers and negotiate a mutually acceptable price…to them. What anyone else thinks about it is irrelevant, and that includes the usually greedy Rugby Union who sold their tickets too low on the open market in the first place.

The people calling for restrictions are simply miserable wankers who lack the initiative or the nous to get in amongst it.

The easiest way to stop scalpers is create a market where ticket prices are set by the market in an efficient and timely manner.

The fact that higher prices are being garnered shows that the Rugby Union set the official prices too low and could have made a few extra million themselves by increasing the ticket price. The market can obviously sustain higher prices.

 

– Fairfax

 


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