Maybe I'm wrong, but I'm pretty sure it was mentioned that an auction house will be available in Update 4.
I'm not certain though; don't quote me on it.
I don't know if they're sticking to major updates like Update 3 was for Update 4 and Update 5. I think they are planning to release content in smaller chunks now.
Update 4 originally was for non-combat updates, which includes horses and auction houses. I believe admin said before they are releasing the mailbox system first, which the auction house will also use later on. Whether it's in "Update 4" or as a mini-patch, doesn't really matter, as long as it's not until 2013.
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