The looting system in Blade & Soul is a little bit complicated but there are 2 ways of looting:
Any item with a grade the same as or higher than the grade specified by the party leader is put on auction between the party members.
Players are limited to bid within 20 seconds or the auctioning system will move to the next item picked up and the previous item will not go to any of the party members but will be converted to money equivalent to the NPC vendor price and the money distributed equally on party members.
Once a party member bids (or raises the previous bid), the timer is reset.
If the timer runs out with Blade & Soul Gold, the person with the highest bid gets the item and the money is taken from the winner and distributed equally on the other members.
Any members can withdraw from the auction on an item if they don't wish to get the item but just want the money distributed.
If all the members except one withdraw from the auction, the item is given to that one person.
The party leader can set a minimum amount of money for the players to bid on the items picked up.
If the players don't want to pay the minimum amount (or get the item) they could simply not bid and they will not be forced to pay any money.
2- Free For All:
Any player can pick up any item.
Can be used alone or in combination with bidding. (All items lower than the grade specified by the party leader can be picked up by any one)