When we headed down to the Apple store last week ahead of the iPhone launch, we found a substantial number of punters who were hoping to flip their newly-purchased iPhones for a substantial premium on Ebay. Sorry to take the wind out of your sails, guys, but data released today by Ebay indicate that the secondary iPhone market may not be as vibrant as some people predicted.

Just over 3,770 iPhones had changed hands on Ebay as of 3:45pm on Monday, at an average price of $701.98. A further 5,483 were listed for sale. Assuming that most of the iPhones sold were 8GB models (a Piper Jaffray note this weekend said 95 per cent of customers were walking out with 8GB models), that’s a premium of just $100 or so over the purchase price, and that’s not even including tax. That’s hardly a great return, especially when factoring in the opportuity cost of taking time off work to wait in line for hours, or, in some cases, overnight.

It’s not all bad news for iPhone entrepreneurs, however. On Saturday, one iPhone sold for an eye-popping $12,500, according to Ebay Marketplace Research, which warns that Ebay "cannot verify that the transaction is complete, however the sale appears legitimate."

One born every minute, I guess.

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