Auctioneer is what you make of it. Like previous posters said, you need to regularly scan the AH to let it build a database of prices for your server. I used to swear by Auctioneer myself but stopped using it once it became a memory pig, and switched to KC_Items. Try it, and if it works for you great, if not try KCI, if not... then i don't know of another addon that comes close unfortunately.
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Retired prior to 3.2, before all challenge was removed.
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