New York Makes Scalping Legal

Gov. Eliot Spitzer signed legal legislation Friday to end New York's limits on how much scalpers and brokers can legally resell tickets for, reports the Associated Press.

The existing law, which expired Thursday at midnight, only allowed scalpers to markup tickets 45 percent for large venues and 20 percent for facilities with less than 6,000 seats.

"This law makes sense because it eliminates resale price controls and lets the free market determine prices," Spitzer said.

Large-volume brokers, however, are now required to register with the state.

Opponents of the law said tickets in the secondary market will be too highly priced, but supporters say it will make tickets more widely attainable.