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SkyAuction
The name is a bit misleading--it's not just for airfare auctions. There is no "reserve" here--in other words, they don't cancel your transaction if the winning bid is below expectations.
TravelBids
The concept here is to give you many travel agencies from which to choose, in hopes one will meet your trip/price expectations.
Yahoo! Auctions - Travel Tickets
A huge selection of auctions involving air travel, cruises, resorts, family vacations, and miscellaneous travel items.