Two tickets advertised online this week for the N.C.A.A. men's Final Four basketball tournament on Saturday in New Orleans are some of the highest prices "in recent history," according to Bloomberg.
Ticket reseller Gametime listed two tickets in section 113 and 13 rows up from the home bench for an astonishing $18,510 each at Caesar's Superdome. The tickets are all-sessions and only offered as a pair which means someone will have to fork out $37,000.
Bloomberg says all sessions tickets "are the most expensive in recent history." Prices on other ticket reselling platforms like StubHub have fetched around $13,000 for all-session passes.
This Saturday, StubHub's average ticket prices cost around $1,071, nearing an all-time high of $1,260 in 2015.
The lowest cost tickets average around $381, much higher than any other tickets for the Final Four games in the last decade, according to TicketIQ.
A spokesperson for StubHub, Michael Silveira, said the demand for the Final Four games in New Orleans "is huge." He said average prices are 80% higher than the 2019 average. Remember, 2020 and 2021 were pandemic years where prices were distorted, which is why StubHub's spokesperson references 2019 prices (pre-COVID times).
Bloomberg believes ticket prices are higher because this year is the final appearance of Duke's basketball coach Mike Krzyzewski, who is expected to retire after a four-decade run. Also, they note it's the first-ever appearance of Duke versus its archrival UNC.
Besides the sports aspect of why ticket prices are soaring, there's also an inflation component. The Federal Reserve has created a wealth effect for 10% of Americans who own most of the assets. This gives people confidence and the ability to spend more.