Sorry for this long dissertation, but here's my opinion:
Back around 1985, we sent our yearlings to the sale barn for the first time. Prior to that we always sold privately to farmer feeders who became repeat buyers and close friends. It was a satisfying way to do business. Eventually order buyers took over as it was more feasible for the farmers to hire the job done. It was always more rewarding doing business with the farmer but as times changed we saw fewer of them and more order buyers looking for cattle.
The order buyers changed our perspective. They are typically tougher to deal with and know the market trends much better than we do. The price settled upon was always based on what the average sale barn market was, less a customary value for sales expense (including trucking) at the barn. It is peculiar to me that "sales expense" is always deducted from the price in the country, while the buyer pays for it in town. After a number of years of dealing with the sharks, we decided to try our luck at the barn.
We were astonished at what we received there, trucking and shrink combined. It started a long relationship that I have continued on to this day. Some sale barns are better than others, so it is important to choose a good one.
I am uncomfortable pricing my cattle at home. At the barn, they bring what the market will bear on any given day. The market is always either up or down on a daily basis, but this "price discovery" is a fair way to determine the price.
There are ways to minimize shrink at the barn, but I think many folks are overly sensitive to it. It is an important factor, but in competitive bidding, cattle showing shrink are bid higher and those with excessive fill are bid in for less. Therefore, I think the shrink issue is over rated.
I don't see much comparison as far as building a "reputation" between selling at home versus sending them to the sale barn. A reputation can be built at home, but only the buyer and eventual feeder ever see the cattle. If you have top quality cattle, the rewards of having them seen publicly and fought over is immeasurable. The reverse might be true for those of poorer quality.
More importantly in my view is how the cattle are sorted. Anytime uniform load lots of cattle are offered, they will bring top dollar. Several loads of top quality, uniformly sorted cattle that buyers are wanting will bring much more in town than at home with one shrewd order buyer bargaining for them.
On final thought pertains to the payment. We never had trouble with any "rubber checks" when selling privately but it is an issue to consider. Dealing with a reputable sale barn removes the risk factor out of the equation. One bad check from some one you don't know could be a very unprofitable adventure!