Long before the release of The Elder Scrolls Online, there was news that the game would not have a “real” auction house. This was a very surprising move for many players, as a solid trading system has become part of every good MMO these days.
But an auction house is very anonymous. You do not interact directly with other players, but only with lists of goods and their prices. You never get to see the people or at least the avatars of the people who have listed the items. Apparently, ZeniMax did not want that. They were more interested in having players interact directly with one another. They offer their goods in chat and then haggle over prices in open auctions or private chats. This gives trading a personal touch.
However, trading in Tamriel will change. Learn more about it in the video.