Almost any time that a new product is released with enough hype to virtually guarantee a first-day sellout, there will almost always be someone there who plans on putting the item(s) on auction. They might not be too vocal about who they are since they don’t want any competition, but there’s a fair chance that they’re there.
So what happens when the item doesn’t completely sell out? Those auctions don’t get (m)any bids:
“Immediately, some trends were obvious - the most obvious of them being that users were largely selling just the 8GB model, with only 13% of listings being devoted to the 4GB model.
The other obvious (and more substantial trend) was that many of the iPhone auctions weren't selling, slightly over half came and went without a single bidder (52% to be exact).”
The median profit was $34.16. Hopefully these sellers didn’t spend a lot of time in line.