An update video for Diablo 3's auction house has been posted, letting loot fans know that the service will be shut down next year.

The video features John Hight, Production Director on Diablo 3: Reaper of Souls and Game Director Josh Mosqueira talking about the state of the auction house and their plans for it.

According to these gentlemen, the auction house was supposed to be a "safe and convenient way" for players to trade items. For the most part, it's been successful. But they say that it's also become too easy for players to just buy really powerful gear instead of banding together to defeat difficult bosses, which was what they originally intended for players to do in the game.

Because of this, and the introduction of the Loot 2.0 system in Reaper of Souls, they'll be shutting down the auction house on Mar. 18, 2014. This should make it so that players will get cool loot from killing monsters, instead of just buying them on the market.

The Reaper of Souls expansion pack should be coming out in 2014 for the PC, PlayStation 3 and Xbox 360.