[raulus]

I would posit that it still happens. Sometimes with a bit of help from an intermediary, who is matching up the buyer and seller, and probably taking a smaller cut than an auction.

I suspect that the attraction for both sides is certainty.

Maybe the seller gives up a little potential upside, but locks in a known sales price that works for the seller, while avoiding the risk that it doesn’t get as much attention at auction.

For the buyer, you avoid the risk of having goons bid it up to the stratosphere at auction, and you get your nice piece for a price that works for you, without all of the drama of the auction process. Maybe you have to stretch a little, but maybe for the right piece, you’re willing to stretch.