PlayStation 3 prices hit $4,000 on eBay

US PlayStation 3 launch prompts eBay trading frenzy

Prices of Sony's PlayStation 3 have jumped to nearly $4,000 on eBay after the gaming console was launched in the US. 

Just 12 hours after the devices went on sale, eBay reported that close to 800 PlayStation 3 systems had sold at an average price of $2,716.

Sony is launching two models of its next-generation gaming console, a 20GB version at $500 and a 60GB version at $600. Games go for $60 each.

The company started selling the console at midnight on Thursday, five days after the launch in Japan.

Sony made 100,000 systems available in Japan, while the 400,000 units available for the US are expected to sell out within days.

The scarcity of the system caused long queues outside shops, with some eager buyers camping out for days to guarantee one of the coveted systems.

A frenzied midnight rush on shelves caused authorities to close a Wal-Mart store in California, and caused injuries at a store in Wisconsin, according to an Associated Press report.

Limited supply and the spike in demand gave rise to a flourishing market on eBay. By Friday morning in the US the consoles were selling for more than $2,500.

Sellers offering free overnight shipping and bundled games in some cases saw bids of more than $3,850. 

Numerous sellers asked up to $15,000 for their consoles, but failed to attract any bids. 

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