New York cracks down on trading
Fancy some pasta at New York City's posh Italian restaurant Carbone or maybe a whiskey at Ralph Lauren's Polo Bar?
Hold onto your wallet because some folks are shelling out hundreds of dollars just for the privilege of booking a table, not even for the food.
In a city that never sleeps, money talks, especially when it comes to dining out.
As it's often impossible to get a table in the city's most popular restaurants weeks in advance, an online marketplace for table reservations has developed.
On these portals, people with deep pockets can bid for reservations others have previously purchased.
But that may change soon. A law that recently came into effect in the state of New York is now intended to put an end to "restaurant reservation piracy," as the business model is also known.
Third-party platforms are no longer allowed to sell reservations without the restaurants' consent.
Fight against bots and the 'predatory black market'
This is because providers of the highly coveted reservations are often said to be automated bots that snatch up free seats to profit from the high demand.
While life in New York is becoming increasingly unaffordable for some, others spend more than $3,000 on New Year's Eve to get a table at The Corner Store in Soho.
New York Governor Kathy Hochul describes the "predatory black market" as unfair exploitation and emphasizes that the new law will give more customers access to the city's hippest restaurants again.
It's a smokescreen, says Jonas Frey, founder and chief executive of Appointment Trader, one of the platforms on which reservations can be purchased.
Frey, originally a German citizen who now lives in Miami and arranges around 80,000 reservations a year with his team, argues that instead of a general ban, the use of bots could have been specifically prohibited.
"We wouldn't mind that at all, they are largely banned on our platform anyway."
The sellers are mainly people who are unable to honour a prepaid reservation or restaurant employees who are earning extra money.
The system is not new. The law does not make it any easier for ordinary people to get a seat in most exclusive restaurants.
Instead, they have to go through any contacts they might have, individually negotiated deals with restaurants, such as American Express, which keeps exclusive seats free for customers, or authorized sellers, who often charge even higher prices, says Frey.
Many large companies have now recognized that a lot of money can be made with restaurant and event management.
Platforms such as Resy, OpenTable, Dorsia and Tock, which co-operate with restaurants for a fee, are not affected by the new law, even if customers are charged for some services.
American Express, which has already acquired Resy, also took over Tock last year for $400 million, a platform that is aimed in particular at affluent customers with bookings for upmarket restaurants and luxury events.
More and more restaurants in New York are also opening exclusive clubs with membership fees and annual subscriptions of tens of thousands of dollars, private dining rooms and exclusive top chefs.
Deposits of several hundred dollars for reservations made directly with the restaurant are not uncommon - and can be withheld in the event of cancellations.
Empty tables as a result?
Pablo Rivero, chief executive of Resy, welcomes the new law, also on behalf of the restaurant partners: "It is a big step forward in the industry's efforts to protect restaurants and guests from reservation fraud."
State Senator Nathalia Fernandez, who proposed the law, and the president of the New York Restaurant Association, Melissa Fleischut, charged that the sale of reservations on third-party platforms has led to an increase in no-shows and last-minute cancellations - with empty tables, loss of sales and missing tips for staff as a result. Frey rejects this criticism.
Unlike a black market, his platform offers a money-back guarantee for customers if a reservation does not work out, and strict checks are carried out to ensure that sellers actually sell the majority of their reservations so that restaurants are not left with empty tables.
In addition, the traded restaurants are so expensive that reservation fees averaging $100 are not a major factor for guests.
Demand also increasing in Europe
"More people want to visit exclusive restaurants in New York than there are tables - and that's why there is a price," argues Frey.
"But we didn't invent or create the problem. Of course, those who pay have an advantage over those who pay nothing. Will demand disappear as a result of the ban? No, it will increase and probably shift to illegal channels."
Frey plans to continue despite the law.
Appointment Trader is not standing with its back against the wall due to strong sales in the millions, but wants to defend itself, he says. And new markets are already in sight thanks to rising demand - including in Europe.
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