AuctionCut

I have been researching the Iphone 4 market on ebay and found people were buying them for well over the retail price due to the fact that they are in demand. I watched for weeks and people were selling for in excess of £500.00 per phone.

I decided to buy some off ebay where the auctions finished at unusual hours (early hours of the morning) as there was a better chance of getting a bargain. I ended up buying 3 brand new Iphone 4's in seperate auctions,all brand new and still cellophane wrapped. I brought them for around £420.00 each. The plan was to sell them straight on for a profit knowing people were paying over £500.00.

I listed them as buy it now's for £512.00 each. Within a few hours, one sold. I only run the auctions for 3 days so I then waited for the others. The person who brought the first Iphone had zero feedback and did not pay or respond to emails.

I had to open a dispute for a non paying bidder, this can take 10 days before you get your fees refunded. The other 2 phones did not sell in the 3 day period so I went to relist them again and I was presented with a message from Ebay stating that I was not authorised to sell more than 1 iphone 4 per week. Now correct me if i'm wrong but Who is controlling Ebay here? Surely if someone is prepared to spend over the retail price for an item in an auction then that's up to the people bidding. This happens all the time. Any views on this?

This is what happens when they gain power over the market. they make their own rules and you can't do nothing about it...