[TarasBob]

The process needs to be modified slightly. Everyone should end up paying the same amount for the ticket in the end. Those who bought early should not be penalized. When the the last ticket is sold, everyone should pay the same price as the last ticket. So when you buy early, you are just indicating the Maximum price you are willing to pay.

There should also be an option to automatically place a bid once the price reaches a certain level.

That’s the most fair way to auction off a bunch of identical things.

Another modification I would add to this is that let’s say 20% of the tickets should be sold for very cheap using a lottery system. So that not only the richest people could go to the concert.

[TarasBob]

The mechanism should also include the possibility of figuring out the optimal venue size in advance. I’m not sure what’s the right way to modify it in order to accomplish this goal.

[TarasBob]

Also, if the artist doesn’t want to maximize their profits through this auction mechanism, the extra money received should be donated to charity.