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I mean from an economics standpoint if people are willing to pay higher prices on tickets being resold then they are underpriced. The price people are willing to pay is the "true" value of the thing. Personally I think concerts are too expensive even at list prices but artists are consistently selling out venues at these prices and even higher because people are paying more for tickets on secondary markets. Obviously there are people for whom seeing Taylor Swift is actually worth over a thousand dollars, and to be honest, if that's how much it is worth to them there's not much you can do to stop them from going, and I'm not sure I even want to. I might go see Taylor Swift for $40 a ticket just for the experience but is that really worth denying it to some super fan willing to pay 10x that? I won't get nearly as much from the experience as they will, and it's obviously not worth it to me.
Your economics argument assumes competition where there is none. Alas, it is unsound.
I am not assuming competition. The fact of the matter is that people are paying these prices for tickets regardless of who is selling them. Nobody needs to go see Taylor Swift to live (in spite of how some people feel) and yet they are still shelling out for these absurd markups on resale tickets. That's what I am saying here. People are willing to pay what these tickets are being sold for, so that is their value.
So by "value" you mean "extorted value" and not "fair market value". Right? So it's bullshit. And look, many things are not "necessary" in life. Bit that doesn't mean we should let scammers steal our money. It doesn't justify their massive theft & fraud operations... At least, those are my values. What are yours? Do you think corporate scams should be unregulated, because fuck the poor suckers who fall for them?
Who exactly is being extorted of they decide they want to spend over a thousand dollars on a ticket to see Taylor Swift? Someone has sold an item at a specific price, and someone else paid it. I'm not a fan of the practice, but if it were like food or shelter I would be a lot more sympathetic. This is a thing nobody needs and it's not like they're holding a gun to your head saying "Pay a thousand dollars for a Taylor Swift ticket or I shoot!" Extortion implies you don't have a choice in the matter, but there is an extremely easy choice here- don't pay and don't go. That so many are paying implies that to them, the economic transaction makes sense and that is what they are willing to pay. Do you complain that jewelry sellers are extorting people by selling expensive gold jewelry for more than they bought it for? It's a scarce luxury good and people are willing to pay what they are paying, and have the option to just not pay that. Does it suck? Yes. But if there are people willing to pay that much for tickets someone is going to find a way to make it happen, regardless of whether it is right or wrong.