This just came through the news wire from Professor Greyrose!
"With the release of Grizzleheim, Crafting, the Bazaar and updates to our Player vs Player system, we will be starting a new Player vs Player Preview Season. This means that all Player vs Player ranks will be reset. Your Arena Tickets will not be affected, nor will any items that you purchased with your Arena Tickets. This only resets your Player vs Player Rank.
At that time, all players will be reset to the default PvP rank of 500. Please watch our Ravenwood News Page for updates regarding the date and time that this new Preview Season begins!"
Best of luck duelers and Happy Dueling!