When the Sony PlayStation 3 (NYSE SNE
) launched, scalpers on eBay (Nasdaq EBAY
) tried to sell PS3 systems for $800 to $2,000. Most were listed for around $1,000. The lucky eBayers made a profit. Not so for the unlucky ones. Thousands of unopened PS3s are being returned
to shops across the US as scalpers on eBay failed to sell their consoles online for a huge profit. This is largely thanks to Sony managing to push out a fresh batch of PS3s before the Christmas break, lowering interest in the auctions.
Canadian newspaper The Hamilton Spectator
recently interviewed a number of disappointed eBay sellers who plan to return their unwanted consoles. One person adds that it'll be "the 'scalpers' who really lose out." Poor things.
Many auctions don't have a single bid. One system is even selling for less than the retail price at just $475, with no bids.