'Quiet wealth' takes on new meaning with super-private deals for mansions, art and classic cars

Auction companies and luxury real estate brokers say wealthy buyers and sellers are increasingly turning to private sales and off-market listings.

Auction companies and luxury real estate brokers say wealthy buyers and sellers are increasingly turning to private sales and off-market listings to avoid social media and prying eyes. While public auction sales are declining in the art world, private sales — done behind closed doors between discreet buyers and sellers — are growing.

"We've definitely seen a trend where people want to transact privately," Myers said. "Discretion today is key. People can buy without the whole world staring at them." Collectors who like to show their cars at events and award shows are also shying away from auctions since viewers are more likely to be able to figure out how much the owner paid.

Los Angeles is considered the birthplace of off-market deals, starting in the 1980s and 1990s when celebrities and movie stars wanted to avoid overzealous fans visiting their listed homes.

Source: Car News Wire (carnewswire.net)

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