Why would concert tickets need an auction any more than almost everything else? No auction for beans, none for gasoline, or haircuts. If they price them too high, they don't sell enough. If they price them too low, they sell out fast and learn to charge more next time, just as any other limited commodity does. If they can get more, they do, and raise the price next time. If they can't, well, that's life.
I don't think TicketMaster is making a fortune, because if they were, competitors would want some of the action. That's how markets work. If artists actually cared, they would sign up with alternative sellers and pull the rug out from under TicketMaster. They don't. Artists either don't care, or don't know. From the noise they make, they are hypocrites either way.
The actual real value of concert tickets for established artists is well-known by now. But artists want to pretend they support the little people, so they refuse to charge realistic prices, and act all miffed when the market establishes the real value people place on their tickets.
The simple fact is that more people want tickets than tickets are available. The only realistic alternative is long long lines and make people pay in time and hassle. But then others will charge high prices to stand in line as placeholders. Price caps are no more useful than Richard Nixon's gas price controls in 1973. People pay in dollars or time or barter of some sort. The market will always establish a more realistic price.