buffett81611 wrote:It is quite a business, and if you invest in the stock market, it could be argued that you participate in a similar practice in seeking to buy low and sell high, or buy high and sell low if you're into shorting stocks. It really is all about market value--either tickets or stocks. One is more socially and therefore more ethically accepted. I guess that would be an argument not to have on this board however....
Ahh...you've touched on the heart of the issue...and sorry, but I respectfully disagree.
The stock and commodity markets are very open...trades are made publicy, everyone has access to the exact current price and anyone can make a decision whether to buy or sell based on that price and any other available public information. Of course, anyone with material inside information is prohibited from buying or selling based on that information (just ask Martha Stewart). Also, the stock and commodity markets are heavily regulated to insure fairness and transparency. Finally, if one doesn't personally own a seat on an exchange, they only need go through one third party (their broker) to get direct access to buying or selling stocks or commodities at the market price.
Ticket markets, on the other hand, are anything but open and transparent. Prices are artificially set (e.g. $126 pavilion seat), one agent (Ticketmaster) sells the tickets on behalf of the artist and venue. Without inside information it's impossible to know how many tickets are actually sold, to whom and when. It certainly appears that some purchasers (brokers) have an advantage in gaining access to tickets as opposed to everyone having open and equal access. Also, due to set prices there is an active secondary/resale market that can have many hidden layers. Ticket brokers aren't regulated. And on and on and on....
If concert tickets were sold like stocks we'd have an open auction. We'd know what tickets were sold and for how much, and we'd each have an equal chance to buy those tickets. Broker numbers would plummet because their huge profits from selling premium Buffett seats would disappear; although they'd still have a role and add value in matching some buyers and sellers (vs. making so much money off of the inefficient market). The current behind-the-scenes collusion (hidden information) would be illegal, too.
The set ticket prices encourage the game and all the hidden pieces make it look like an unfair game. The internet age, where so much info is now so easily available, just makes the ugly pieces of this game appear that much worse. Give me an open market any day....
