Today the Lindens announced the Land Auction process is changing, A Face lift for Auctions.
Auctions are now a subset of Places Pages… or something along that line. See Second Life Auctions. Notice the URL of the page starts with places.secondlife.com/auctions.
You can see the land up for auction as open, scheduled, and recently closed. There are links to the land so you can see it. The link on the Auction page opens a Places Page. There is a SLURL on the Places Page.
The details of how to use the Auction are in a walkthrough, Land Auctions. And there is FAQ page, Auctions FAQ.
Soon we will be able to setup our own auctions. For now the Lindens are setting up the auctions using the new system. Once they feel it is working to their satisfaction, they’ll open it to residents.