I do event photography. I understand the economics involved. Rather than “steep”, I consider their pricing rather paltry. I do not understand how they can maintain a profitable business on the prices they charge. If I had to do it for my main income, I could not charge the prices they charge.
On the other hand, I do NOT like the photographs that usually result from that business model. You know the kind I’m talking about…the ones where the athlete is just a speck dead center in the frame, looking lifeless or disinterested in the racing. Most of the time these are done by people who have no real insight to the event (triathlon/duathlon in our case). But the reality is that they take those pictures because they are easy to do. Their method is to use the “sure thing” settings on a decent camera and make sure they get images…mediocre at best…but images.
I don’t work like that. I cannot get every athlete in a race by myself because I the methods and settings I use mean that often frames do not turn out (try panning shots of cyclists and see what the keeper-to-crapper ratio turns out to be!).
So for me your issue is two-fold. If you keep this image, yes, you are stealing intellectual property which does not belong to you. That in itself is wrong. And second, the effect of you stealing is that this company or people do not make enough money to support their business, and cannot develop the capital to invest in actually doing a better job. By stealing or otherwise devaluing their work, you are ensuring that all race photos you ever see are going to stay mediocre at best.
Among other things a photographer or company must do from fees gained from a shoot:
Offset equipment depreciation (camera, lens, computer, drive storage space, software, etc.)
Business license
Business insurance
Printing or Internet Hosting fees
Pay salary(s)
Consider just the amount of time involved. For a 7 hour 1/2 IM event, that day will usually be a full 10 hours on site, 30-60 minutes of driving time, 8 hours of processing time, 4 hours of image management/internet hosting, 4 hours of sales work/accounting/customer service. That is my own experience, based on about 3000 event images, of which I offered ~1500 for sale. Of that I sold 50 images in various forms. So consider that in order to make a reasonable salary of $25/hour, I could not sell those images in ANY form for less than $13.50 (plus my printer’s wholesale fee if it is a printed image). In reality, I’m going to price that image in an 8x10 at $30 -$35 in order to maintain a sustainable business model. For this roughly 27 hours of work, and although I got rave reviews about the images from athletes I knew, I grossed $850 (roughly $17/image sold) because most of the images I sold were internet-resolution small electronic files. The end result is that I lost money on the day. Its a good thing I don’t count on that for my income. I couldn’t have paid my own salary, even at $17/image. The big companies surely get some relief from economy of scale, but it probably isn’t much. And the actual product suffers from some of the things they have to do to offset.
Just some thoughts for your consideration. I know what I would do.