Thank you for the mini-spoilers, Nunkuruji (BTW, i've been restraining myself from reading your campaign journals in another thread
), and to all for the inputs.
We still haven't established definitely how we're going to do. That will be decided in our next session, because that's when the new player (the DM so far) will come into the party. We've just finished "The 3 Faces of Evil"
For now, we're engaged in filling up the spreadsheet online. The sheet calculates the amount of wealth owned by each character, along with the amount of wealth belonging to the party the character is carrying. It also calculates the various averages to help with the decision, later.
When the loot is calculated, each of the party members will be given the option of buying the equipment at sell value (i.e. full price for trade goods, half price for everything else), if they want to keep it. It's a sort of a reward for helping the party in acquiring the item.
For example: currently i have a "Ring of Protection +1" equipped. It's price is 2000 Gps, but the sell value is only 1000 Gps. If i want to keep it (most likely), i'll be paying 1000 Gps, which will come from my share of the loot.
If two or more players want the same item, we step up for an auction