(Bloomberg) — The low-priced Swatch version of the Omega Speedmaster timepiece is popping up on EBay at massive premiums pushing 6,000 pounds ($7,890) as scalpers try to make a quick buck on an item that’s neither limited nor short of supply.
Swatch’s hottest product in decades attracted mobs of shoppers when it went on sale Saturday, and there are already 195 listings on EBay’s U.K. website and 174 in Switzerland. While some buyers try to flip the watch, Swatch Group AG has said it will do its best to satisfy demand.
The timepiece’s list price of $260 is about one-twentieth of the price of the original made by Omega. It’s instantly distinguishable from its high-end sibling: Besides the Swatch-branded velcro band, it comes in multiple colors, is made of ceramic composite material rather than high-grade steel or precious metals, and is powered by a quartz movement rather than being hand-wound.
Still, EBay’s U.K. site shows several people agreed to purchase a MoonSwatch for up to 6,000 pounds, exceeding the price of an entry-level Omega Moonwatch. The site’s functionality doesn’t show however whether the transactions were completed.
Consumers will still have more chances to buy a MoonSwatch, even next month, a spokesman for Swatch Group said. Currently the timepiece is only available for first-hand purchase as select Swatch boutiques and not online, giving it a sense of scarcity.
On Tuesday morning, 30 people were lined up to enter the Swatch store near Geneva’s train station, three days after the watch’s debut.
Competition does seem to be driving prices lower on EBay as more people get in the game. Almost half of the offers are for about $1,000 or less. One on the Swiss website was as low as 451 francs.
Read more: Low-Priced Omega Speedmaster Prompts Global Swatch Store Chaos
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