Use 'be sold out' for items that are very popular and bought quickly by many people. The new smartphone model is sold out everywhere due to high demand.
Pro Tip 2/3
Limited Availability
Events or products with limited quantities often get sold out swiftly, implying no more chances to buy. The limited edition sneakers were sold out in minutes.
Pro Tip 3/3
Check Back Later
'Be sold out' doesn't always mean forever. Stores may restock, and more tickets might become available. The book is sold out now, but the store expects more next week.