The Worldwide Developer Conference or WWDC is Apple's annual event for developers and tickets are not cheap to start. $1,599 per seat and only registered developers have access. Apple announced the June 6 date for this year's WWDC event on Monday, March 28, and within hours had completely sold out of conference passes. With demand far outstripping supply, it looked like an iPad 2 line outside an Apple store. Unsurprisingly, the law of supply and demand has stepped in with eBay as facilitator.

Several entrepreneurial developers took to eBay to auction off their $1,599 passes for substantially more than face value. Open eBay auctions are still on track to hit high selling prices, with passes climbing up over $2,300 and more than two days left before closing. Auctions showing 'Buy It Now' options are listing tickets for $3,800, $3,950, and even $4,499.

Since developers are able to buy WWDC passes and transfer them before the tickets are registered, there isn't anything stopping the sales. Apple allows for pass transfers so companies can purchase several at once and then assign them to employees, although in this case developers are using the option to sell their passes for more than they paid.

WWDC is also one of three times in a year when Apple make significant product announcements. The other two being in September aimed at the education market and the time US schools open later in the month, the other in February when the company announces its fiscal year results.

WWDC is also the time when new iPhone models are announced. However, Apple had already announced that this year's WWDC will be a purely software-based event. This is not such a bad thing considering how the market for applications in the Macintosh and mobile devices App Stores have ballooned.