I know that the game developers have said in the past that the auction house was being worked on, but they have yet to give any sort of date or inclination on when it will begin to be worked on or when we can expect it. The trade channel is out of control and it's almost impossible to talk to anyone on it, or to request any sort of trades with other players.
I think they need to make the auction house a priority, I am starting to get very frustrated with trade chat and attempting to actually use it. If the developers aren't going to work on the auction house, then they need to do something else for now, such as setting up player shops or something. Something needs to be done to make this more workable.
Anyone who can be working on a materials market should be working on a materials market.