The scarcity premium for iPhones dropped sharply over the weekend. The new Apple cellphone/camera/music player could be bought Friday for the first time. Retail price: $500 or $600, depending on memory. Average eBay re-selling price, as of late Saturday: $962, according to the Associated Press quoting the online auction company. But by late Sunday the average eBay price had fallen to $740, according to AP. Maybe that's because iPhones were available at sticker price in many Apple stores over the weekend, according to the blogosphere. Or maybe word about problems in activating the devices cooled the ardor of potential buyers.

Sunday night on eBay, 8-gig iPhones were still getting lots of action north of $700 -- $100 over their store price. For many orders that included free express shipping. eBay clients were on track to buy more than 3,000 iPhones by the end of the weekend. That's 3,000 smalltime entrepreneurs turning a quick profit of $150 or $300. Of course they'll declare it on their tax forms.