This paper builds a theory of dynamic pricing for the sale of timed goods such as travel tickets, hotel stays and concert seats. The main friction is private and evolving valuation of the buyer prior to the date of consumption. A combination of membership fee and continuously increasing prices induces a threshold response from the buyer, endogenously segmenting the market along timing of purchase. This pricing mechanism achieves the deterministic global optimum. Under standard assumptions, the analyst can estimate the fundamentals of the market from observables– time and price of sale. The tools developed here are shown to be useful in thinking about: refund contracts, global incentives and randomization in dynamic mechanisms, dynamic incentives beyond the one-shot deviation principle, and mapping dynamic pricing to the classic taxonomy of consumer-producer surplus and deadweight loss.