I've never really liked auction houses in MMO's. It removed the focus from items and puts it on currency that never really has any value. Every MMO needs money sinks to remove currency from the game, and EQ's is primarily the food system.
AH's work in some MMO's. Those games have tons of ways to remove currency from the game. EQ? Not so much.
To put it in to perspective, when I can kill a single monster and it drops enough currency to last me a week of play time, there's not enough currency being removed from the game.
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