I'll bid 2k.

I feel that the auction system should take into account the success of similar systems in other mmos. Make it a list, search able by the year the submitted hat was available. Allow each player 1 item to be up for auction at a time, unless they're VIP, then allow 3 or 5 items. Put a posting fee on the submitted item of 100g per day, make them run for up to a week. Give the option of a buyout amount, if the owner chooses, to allow a player to purchase the submission outright without waiting on the time or paying more than a set amount.