Last Friday, just after the first iPhones were sold, thousands of listings showed up on eBay and Craigslist, with prices of $1,000 for the 8-gigabyte phone, a $400 markup. Some bold sellers were asking $2,000. But as it became clear that supply was meeting demand, they found themselves stuck. Few of the phones have sold for more than $700, which after sales tax, is not a remarkable profit margin.

Corey Spring, a columnist at newsvine.com who analysed eBay auctions, estimated that a significant number of sellers “were only making their money back, even closing at a loss.” Most Apple stores in the US have no phones available, but the most determined customers seem to have been able to buy a phone. Few people seem willing to pay even $100 over the retail price. Some frustrated resellers say they will keep trying, then return their extra phone or phones within the 14-day return period.

D J Ostrowski is typical. Ostrowski, a college student stood in line “in the hot sun” outside an Apple store for nine hours and talked a friend into joining him. Like other resellers, he too was hoping that the iPhone demand would duplicate the Xbox, PlayStation and Wii crazes. Lines are still long for the Wii gaming console, because Nintendo misjudged demand. Devices sell on eBay for around $100 more than the $250 retail price. In his ad, Ostrowski offered to “rendezvous anywhere,” or even deliver the phone. Only call he got was from another unsuccessful reseller, asking if he had had any luck.

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