One of the main concerns surrounding the transition to individual transferable quota (ITQs) is that it could have adverse distributional consequences. Some fisheries, such as the West Coast Groundfish fishery, have implemented moratoria on permanent transfers due to a concern that large-scale firms could take advantage of smaller-scale by not paying a "fair" price for ITQ shares. We study the evolution of prices in a newly-created ITQ system. Our analytical model suggests that there could be adverse distributional consequences if small-scale fishers have less information regarding the potential decreases in marginal extraction costs for others in the fishery. Using detailed data on trades from New Zealand, we describe the evolution of prices for newly-created ITQ assets, and we test for evidence of adverse distributional consequences.