World of Warcraft Auction Houses

Katricia, Blizzard's community rep for World of Warcraft, stopped by the official forums to announce that auction houses are coming soon to the MMORPG. Here's a full rip from her post:
You asked for it and the development team has been working hard to get an initial implementation of the Auction House ready for testing!

An Auction House will be placed in each major city (Stormwind, Ironforge, Darnassus, Ogrimmar, Thunderbluff and Undercity). These Auction Houses will be faction specific, allowing Alliance to trade with Alliance and Horde to trade with Horde. Additionally, there will be one non-faction based Auction House in Booty Bay. The Booty Bay Auction House will have the same functionality as the aforementioned faction based Auction Houses, with the additional capability of allowing trade between Horde and Alliance characters.

The mechanics of the Auctions are still being created, however some details are available:

- Sellers will be able to place their items up for bid.

- Buyers will be able to search for items.

- Sellers will be able to set minimum prices on their items.

- Buyers will be able place bids on items.

- Item's won will be delivered through the new in-game mail system for pickup.

Please stay tuned for future updates regarding Auction Houses and when they will be implemented in the game .We look forward to hearing your comments once they have been implemented.