Price gouging

[skysurfer73]

Hello.

I am trying to report possible price gouging but such option is not available. Spoke to eBay customer service directly via chat but their response was very foggy. It felt like they just gave me some kind general information and that was it. No clear answer was given. I was told to click on Report and item and/or File a report and followed those steps I found three options to make a report from drop down menus but non of those had Price Gouging. Any other ways I can make eBay look at such issue? Thanks

[skysurfer73]

Sorry for the delay.  My replies were messed up. Some technical issues. 
So I was hunting for Nvidia video cards RTX 3080 and 3090. These cards were vanished pretty much from all stores around the world. The only place I can see them is here on eBay. Nvidia listed price is around $600-700 for RTX 3080 and $1400-1500 for RTX 3090. Listed prices for 3080 card on eBay is up to $1800 and for 3090 card up to $3400. This is almost 200-250% price jump. Is this a fair selling? Am I unhappy with these prices? Of course I am. How is it possible these cards disappeared from everywhere and only can be found here with double price. Thanks 

[skysurfer73]

Nvidia cards RTX 3080 and 3090. They are listed with 200-250% original price. All of them. 

[skysurfer73]

Please read my reply below. Thanks 

[7606dennis]

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@skysurfer73 wrote:

Nvidia cards RTX 3080 and 3090. They are listed with 200-250% original price. All of them. 

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That is not price gouging.  It would appear that because of demand and scarcity the price has been driven upward.  However, these items are not classed as essential to life and/or safety in any area in which an emergency has been declared.  Thus it is not price gouging, although it is a case of supply & demand resulting in skyrocketing prices.

[soh.maryl]

Since I know nothing about video cards, I can only tell you this:

On eBay, sellers can price items at whatever level they choose.

Buyers see the price before buying and can either pay the price or hit the back button.

The term "price gouging" usually refers to items that would be crucial in a situation, like a pandemic where you can buy disinfectant wipes for hundreds of dollars a package.  

[jklfindings]

That's a supply/demand issue, not price gouging.  Low supply with high demand means secondhand dealers are going to crank up the price.  Since a video card isn't something essential, price gouging does not apply.  You can wait till more cards are produced and the pricing goes down, or you can pay the higher price.  

[maxine*j]

This seems to explain the situation:

https://www.nvidia.com/en-us/geforce/news/rtx-3080-qa/

Demand outstripped supply, by a lot.  So the people who did obtain the cards are trying to resell them at a hefty profit to people who just cannot  wait to get one.

[skysurfer73]

ok than.  If I buy all iPhones in the world on and start selling for $10,000 each, it won’t be gouging but will be a fair marketing then. Thanks for explanation.  
This is not just a high demand here, it is artificially created unfair marketing. People buy it from authorized retailers for original price and sell them on eBay for double or triple price. As simple as is. 
Thanks for all your replies.  

[skysurfer73]

Good read. Thank you. 

[7606dennis]

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@skysurfer73 wrote:

ok than.  If I buy all iPhones in the world on and start selling for $10,000 each, it won’t be gouging but will be a fair marketing then. Thanks for explanation.  
This is not just a high demand here, it is artificially created unfair marketing. People buy it from authorized retailers for original price and sell them on eBay for double or triple price. As simple as is. 
Thanks for all your replies.  

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In the unlikely event that you could acquire all iPhones in existence and decide to sell them at $10k each, I don't think it would be price gouging but you may have an issue to resolve regarding a monopoly under the Sherman Anti-Trust Act. 

Of course, if you were to price yourself out of the market it may be a moot point.

By the way, why would someone buy at any price higher than they could from the manufacturer unless you had bought the manufacturer?

[maxine*j]

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@skysurfer73 wrote:

Good read. Thank you. 

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You're welcome. 

This has been going on for years.  For example, if it can be predicted that every child in North American will DEMAND the new Super-Duper-Whatever toy for Christmas, a few people will manage to get in early, gobble up a supply, and then resell them at inflated prices to harassed over-indulgent parents.  Some would say that's immoral or unethical.  Others would say it's just good business.  

[nobody*s_perfect]

Oh, yes, remember there were riots over Cabbage Patch dolls. IIRC the only fad toy that was ever available in plenty of quantity was Hula Hoops.

[dawnfon_0]

I think the pandemic from Covid-19 would be considered a global disaster. Just saying.  That would make PPE something that it would be illegal to "price gouge" on.

[dawnfon_0]

I think the pandemic from Covid-19 would be considered a global disaster. Just saying.  That would make PPE something that it would be illegal to "price gouge" on.

[7606dennis]

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@dawnfon_0 wrote:

I think the pandemic from Covid-19 would be considered a global disaster. Just saying.  That would make PPE something that it would be illegal to "price gouge" on.

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I'm not aware of any international law covering price gouging.  What global authority that has jurisdiction over the entire planet has declared the state of emergency?