chichow,

In my opinion - no! And here's why. If I sell you a Business Class ticket to London on United Airlines all you really need to do is check-in, and get your boarding passes.

If I sell you a coach ticket and some VIP upgrades on American you need to go to the ticket counter and check-in, and have the ticket reissued. And this allows for some interaction between the ticketing agent and the passenger. And how many times do you think and agent has said "If sure was nice of John Doe to give you these upgrades". And how many times do you think the passenger has said "What do you mean "give them to me", "I paid $xxx.xx for them".

So again, in my opinion selling a "paper" certificate is no safer than selling an award ticket. Each has it's own risks.