Almost like an auction house
"So, anyone mind if I take that bow? Anyone want the bow? Speak up now, or it's mine. Ok. I get the bow. Now the axe."
"Oh! Dibs!"
"Any objections? No? Ok. Here's the axe. Next up, the flaming scythe. Anyone? One flaming scythe? Well, if no one wants it, I'll keep it to sell... Ok, next is..."
This works well because of several factors.
1. The groups I've been in recently havn't been ambitious about stuff.
2. Everyone trusts me to sell things, and buy stuff the group wouldn't think about anyway, like potions of clw, and torches.
3. We don't overlap in areas of want too much. Each person uses a different weapon, and picks up items that fit within their particular style. The only issue is that of light armor, as there's 3-4 of us who could use that. Armor goes to the guy who gets hurt the most, and everyone else gets the hand-me-downs.