The dynamic nature of many real-world domains (e.g., military, emergency first response and hurricane relief, etc) requires adaptive resource allocation to respond to changes in the environment that trigger additional resource requirements. Since the total resources are limited, there are often conflicts among various tasks regarding their resource needs. Thus, resources must be reallocated in order to maximize global utility for the current situation. This problem is further complicated when scarce resources are owned by distributed teams, each of which needs to allocate resources among tasks assigned to them, because each team has limited information about the other teams' resources and states. In this paper, we propose a market-based approach that uses an agent-based auction mechanism to enable teams to communicate and coordinate their utility information about possibly competing resource needs. As a result, the teams can collaboratively assess trade-offs among competing needs to allocate resources efficiently.