All my larger deals have been private sales, usually in network or via referral. I think it varies heavily by item, a common commodity card with a lot of value like a T206 Cobb or a Goudey Ruth or a 52 Mickey, auctions make a lot more sense for the seller because everyone wants those and you'll get many bidders anywhere. My larger buys are scarce and oft obscure cards from niche interests, boxing, non-sport, as well as baseball. Placing a value is difficult; auctions can go for triple what I'd expect or a 1/3 very easily with such a small buyer pool. On these items, the ones I personally spend the most on, it is often an item that is not really for sale in the first place, and an offer greater than the seller would expect to net from auction is what makes a deal of any kind possible. It seems like a win to me for both sides; I lock up a tough item I'm after without risking it going to an auction house I won't do business with or I'm acquiring a unique type item that isn't for sale any other way, the seller also locks in a good price for them and eliminates the risk the handful of buyers willing to go for it might not show up that day and doesn't have to share the pie with anyone else but Uncle Sam. It also makes larger lots easier to move; the risk factor being removed multiplies via private sale.
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