Jut comparing

[FRANKY]

1996 $125

http://i10.ebayimg.com/02/i/04/08/92/b3_1_b.JPG

2005 $150

http://i16.ebayimg.com/02/i/04/03/e9/d9_1_b.JPG

I'll let Ank do the math, inflation percentage, price in 1996 dollars, etc :D

[nrc]

1995 $125
I'll let Ank do the math, inflation percentage, price in 1995 dollars, etc :D

I don't get it. Are they two for the price of one now? :D

[SteveH]

Actually the $125 ticket is from 1996.

JV won the last real Indy 500 in 1995. His picture appeared on the 1996 ticket. JV went on to F1 and won the WDC before 'retiring' :laugh: Buddy Rice on the other hand, won in in 2004 and has been missing ever since. :gomer:

[FRANKY]

I don't get it. Are they two for the price of one now? :D

Stinker. You're just going to confuse the easily confused. :laugh:

2005 $150

http://i10.ebayimg.com/01/i/04/04/20/82_1_b.JPG

[FRANKY]

Actually the $125 ticket is from 1996.

JV won the last real Indy 500 in 1995. His picture appeared on the 1996 ticket. JV went on to F1 and won the WDC before 'retiring' :laugh: Buddy Rice on the other hand, won in in 2004 and has been missing ever since. :gomer:

Yea you are right, a 1996 signed ticket at that.

[racer2c]

I want one with Danika's FHM spread on it. :)

[chop456]

Something that was virtually impossible to get for face value 10 years ago is now being practically given away on eBay.

Sad.

[Napoleon]

Hey I know how to do this!

Using the CPI, all Urban Consumers, Mid-west (82-84=100) with the change to the most recent available figure for 3/05 (=151.7)then the figure 9 years earlier from 3/96 (=186.3) then there has been about a 22.81% increase over that period in prices.

So $125 ticket in order to keep pace the ticket would be priced $153.51.

Being an economics minor (I had enough to be a major but the mix of classes was not sufficent to qualify me) I should note that your whole question is premised on a certain assumption that is not true, specifically static supply. Your assumption is that any flux in price will reflect changes in demand. In fact many tens of thousands of seats have been removed during that period which means that if demand had been static then prices should have risen as the supplier (IMS) increased prices to price out those who's economic value in the ticket was close to the supply price and therefore capturing more or the (forget the technical term but it means "money left on the table") so that demand then decreased to meet supply and IMS captures a bigger margin.

What this means is that demand has decreased much more then what is reflected in the failure of the tickets to keep pace with inflation.

http://data.bls.gov/cgi-bin/surveymost

[Spicoli]

why buy them when they will be scalping them at pennies on the dollar?

[ChampCar#3]

why buy them when they will be scalping them at pennies on the dollar?



or just pull them out of the chain-link fence at IMS left there by ppl who couldn't give them away!

[cameraman]

Something that was virtually impossible to get for face value 10 years ago is now being practically given away on eBay.

Sad.

I was a little surprised to see hundreds of auctions with the majority under face value...

[oddlycalm]

I was a little surprised to see hundreds of auctions with the majority under face value... ... or no bids at all on auctions set to close within the hour for some of the best tickets in the house. :shakehead

oc

[RacinM3]

I'd say BOTH drivers value has dropped off precipitously!

[Napoleon]

A P.S. to my earlier post.


I realize that my "analysis" was very simplified, but should have been accurate, but it is also based on some assumptions of mine one of which is questionable, and I knew it was and should have factored it in. Mainly I assumed that the price of the ticket reflects a price that efficiently takes demand and supply into account when setting the price. Roughly speaking, supply should equal demand, but it is not at IMS. It appears TG is keeping his "thumb on the scale" when it comes to ticket prices so they basically keep pace with inflation, even though this has apparently resulted in large chunks of tickets remaining unsold and a drop of aftermarket prices for the tickets, even after a constriction in the supply of seats. In an efficient (read, non-emotional and based on fact) market price would have fell so that they line up with the aftermarket and also sell more seats then being presently sold. The only way tickets rise in such a market is whoever prices the tickets price them on a bases other then to maximize profit (to save face that ticket prices have not kept pace with inflation????). I find it curious that the current price is within a $5 dollar increment of what one would find if prices followed strict CPI.

(“real” world example of the above may be in store in the near future for some places in the country that are reported to be experiencing a residential real estate bubble. If the bubble burst theory says prices drop to equalize demand and supply. In the real world, where houses are sold by individuals who have an emotional stake in their purchase, it has appeared in the past that prices do not fall as much as they should and instead turn over of inventory (read, ticket sales) plummets. Why, it has been theorized that in part emotionally people refuse to admit they made a mistake and overpaid. For TG to have not raised prices over time even though sales were going down would have been an admission of defeat of sorts).

[FRANKY]

Job well done. I actually thought the increase would be less, not keeping up with cost index.

With new ticket prices for so many tracks being sky high, as I have read on the forums, and had to pay out once. I thought that with the decline on the 500 that the price increases weren't keeping up. I don't know where the most expensive place to sit at Indy is, or what race has the most expensive seats. F-1 Montreal?

[B3RACER1a]

That painting of JV looks like an evil, demented clown. :saywhat: :eek:

[Steve99]

That painting of JV looks like an evil, demented clown. :saywhat: :eek:
That's the only post on this thread I understand.

P.S. At least the evil, demented clown has a nice car.

[RTKar]

...I ate two tickets for the 96 race ($130), didn't sell them , didn't give them away. I was in Michigan. DIDN'T RENEW MY 500 TICKETS. Ended up matting and framing one of the 96 tics along with a signed JV pic I took in Milwaukee in 95...back when JV was a hot shoe and the 500 meant something.