Tales from the gray market: The highs and lows of flipping next-gen consoles

The launch of the new PlayStation 4 and Xbox One consoles last month has seen demand outstripping supply. With a lack of consoles, a gray market has blossomed on websites like eBay and Craigslist, with systems selling for hundreds of dollars over retail price.

Here we take a look inside that gray economy at some of the people buying and selling — and at the big headlines that this market has inadvertently created.