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What Kind of Person Pays $3,700 for an iPhone 5?

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A deep-pocketed Russian who doesn't want to wait until December, that's who.

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"Companies deal with plenty of issues regarding grey market sales, but there are no safety issues with technology the same way you'll see with something like pharmaceuticals," Burges tells me.

Safety issues aside, the grey market is still plenty vexing to companies that, according to a 2008 KPMG white paper, "unwittingly suffer from price erosion, brand damage, and the hidden costs of handling end-customer issues resulting from inadequate customer service, product handling and installation, lack of warranty cover, or other potential discontent with grey market resellers."

Considering how many grey market Apple products have been sold over the years, the practice does not seem to have affected the company's reputation at all. Yet, the question remains: Is the iPhone 5 worth four grand?

Looks like we have an answer:



(See also: Critic: With iPhone 5 Launch, Tim Cook Blows Major PR Opportunity.)
No positions in stocks mentioned.
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