MLB Secondary Market Recap (April 20-26, 2015)
The third week of the Major League Baseball season starts to warm up and kids start to exit school. That means great news for the primary, as well as the secondary, as demand especially in those cold-weather cities unfreezes itself from the blizzard-like temperatures of Opening Day in Detroit or Chicago.
The Los Angeles Angels of Anaheim had a sold seven game series as far as the secondary was concerned. Resellers realized an average of $28 ARP, despite a GIP that fell into the low-teens. Ticket inventory numbers were average, with only a slight increase of listings during the third game of the home stand where tickets ballooned to a 3,004 average, otherwise keeping to 2,500 and below for the majority of the seven game slate.
Only five games at Chase Field, and the Arizona Diamondbacks helped a great resale for those with ticket listings to offer. The average SVG was below 1,200 for each of the five games, yielding an ARP of around $33 with a GIP that held at $13 throughout the two series. This was actually a surprise at how little inventory made its way to the secondary, with no game listing more than 4% stadium capacity for the entire home stand.
Baltimore’s three games at Camden Yards came at a political nightmare time for a city-wide controversy. The resale numbers were higher than average, but so were the listings, especially with the middle game of the series happening on Saturday night, when fewer Baltimore residents left their home for the game, due to the traffic jams and rioting surrounding the city.
Just one game on the slate came with Baltimore playing at Fenway Park, where with a $74.57 ARP – $60 GIP against a 3,339 SVG. A $1.86 million MCAP was offered up to resellers, but a $196k cold spread showed that there were more than enough tickets rotting on the secondary when the dust cleared for that game.
Cincinnati played three against the Cubs, and watched a secondary market where a 7% average of their stadium was listed for resale. Yet, the three game slate held a $30 APR – $13 GIP throughout the series, with the opening game of the series showing off a drastic cold spread of $113k against a $635k MCAP.
The original California baseball rivalry of the Los Angels Dodgers-San Francisco Giants at AT&T Park showed off a fair $5 million MCAP for the three games in the Bay. There were an abundant amount of tickets available, averaging 13% of stadium capacity, with over 16,000 listings available over the three game stretch for a $43 ARP – $17 GIP yield for resellers.
The Minnesota-Kansas City three game mix at Kauffman was a sour note for the secondary, yielding only a $21 ARP – $6 GIP over the entire slate. Over 7% of the stadium capacity was listed on the secondary, with resellers limping through the series to just break even.
The Washington-Miami three game series at Marlins Park offered up a great return for resellers, showing off a $46 ARP – $26 GIP against only 4,300+ listings on the market throughout the series. While the MCAP was held to just under $500k for the majority of the series, it still offered positive signs of demands out of the Miami area for the first time in a while.
Despite not playing well on the field, The Milwaukee Brewers’ 7 game home stand proved that they can still play worse on the secondary. An average of around $18 ARP – $6 GIP throughout the entire series, even when playing two Central Division rivals, plummeted even further massive chunks of inventory were dropped on the secondary. The Saturday contest against the St. Louis Cardinals had 3,370 listings, 8% of the stadium capacity, which almost amounts to ticket dumping. This early in the season, to witness that, should be a concern for those handling the Brewers’ secondary offerings.
Only three games at Citi Field for the New York Mets, facing the Atlanta Braves, gave a $37 ARP – $11 GIP. While not the best showing, only 4% of stadium capacity was listed throughout the series on average, buoying the results to be higher than expected.
Despite having a massive stadium in O.co, The Oakland Athletics do things right when it comes to reselling tickets. The Houston Astros came in for three, but were shown a $34 ARP – $23 GIP throughout the series, as there was less than 3% on average listed on the secondary. With fewer tickets, it allows demand to stay higher end for resellers and the overall primary value, to retail their price points.
Likewise, the Philadelphia Phillies 6 games against the Marlins and Braves only listed 3% on the secondary throughout the series. That yielded a $34 ARP – $16 GIP, but showed some signs of weakness as the MCAP never hit above $400k for any game during that period. There should be cause for concern in the fact that the MLP average was double the ARP, which was double the GIP. Meaning that brokers split down the middle with secondary buyers, basically causing a bidding war system which will likely start offering a race to the bottom as the summer grows closer.
The Pittsburgh Pirates played 4 against the Cubs in PNC Park, and on the secondary market, were letting buyers in at minor league ballpark prices. Only $16 ARP – $5 GIP throughout the four game slate, with over 8% of the stadium capacity listed throughout the series. The first two games of the series were suspect for ticket flooding, with a 4,192 SVG in Game 1 and a 3,388 SVG in Game 2. Regardless of whether the Penguins were in town for the playoffs or not, this shows signs of market weakness overall in how demand collapsed under the weight of so many listings at once.
Seven games in Colorado for the Rockies, and the cold snap was shown in the GIP, where it averaged $9 or less for four of the 7 games. Overall, no GIP was higher than $12. The ARP hovered in the low-$20s throughout the seven-game home stand, growing higher as more listings came available once the weekend approached.
The San Diego Padres may have had only 3 games at Petco, but resellers nabbed a good one in the freeway series against the Los Angeles Dodgers. With a $57 ARP – $27 GIP against 4,700+ listings throughout the series, demand held tough as the secondary did its job in protecting a decent return for brokers.
Safeco Field’s listings are borderline problematic for the secondary, as witnessed in the 6 games that the Mariners hosted over the week. Three times, the listings averaged more than 2,900 per game, and each time, the ARP was less than $20 and the GIP was less than $8, twice dropped to $5.14. The secondary recovered when the Astros left town, despite being division leaders, and the Mariners welcomed in the Twins, who held show off a $33 ARP – $18 GIP throughout the three games of the six game home stand.
Boston’s visit to Tropicana Field ignited the resale market for Tampa Bay, where a $52 ARP – $28 GIP was shown off during the three games of the six game homestand. Less listings on the market drove demand higher, with less than average tickets on the market during each of the three games. As Toronto came into town, the secondary cooled only slightly, hitting $33 ARP – $17 GIP. Only 2% of the stadium capacity was listed on the secondary, a good wheelhouse for Tropicana Field, which held up demand and returns for those reselling.
The Detroit Tigers are in trouble, especially when it comes to the mammoth amount of listings thrown on the secondary during their 7-game home stand. First, with the Yankees, where each of the four game series averaged over 10% of capacity, with over 20,000 tickets on the secondary during that period. That’s why the ARP hit only a $26 average, showing off a horrid GIP of $9, despite the Yankees coming to town. Cleveland’s three game turn toward the weekend improved matters a little, but very little, as most of the inventory remained on the marketplace, and washed out any high-level returns from a Central Division rival.
Whatever resellers thought that they were going to get out of the Washington Nationals’ three game series at home against the St. Louis Cardinals, it didn’t happen. Over 10% of stadium capacity helped drop the ARP significantly, as well as a $10 GIP that beckoned essentially ticket flooding. Over 16,000 listings were shown throughout the series on the secondary, way too much for market demand.
The Chicago White Sox held 7 games at U.S. Cellular Field, and showed off a horrid GIP throughout the entire home stand, less than $5 on average across the board. The fights on the field showed higher demand than those attempting to buy off the secondary to sit in the stands. Despite only having less than 5% capacity on the secondary, resellers found little demand and fewer takers for the two division rivalry games in the Windy City on the South Side.
The New York Mets visit to The New York Yankees three game slate in Yankee Stadium showed off a decent ARP – GIP, but obviously disappointed returns by comparison of what could have been. With such a close Subway Series, along with the Mets’ 10-game winning streak at the start of the home stand coming in, the ARP should have been much higher, especially for the amount of listings floated on the resale market.
Data: SeatGeek – Secondary Market Glossary: Click here