I have a question for all you piano experts out there...

I have begun my search for a grand piano no larger than 5' 8" due to space limitation. I recently came across a used Sohmer that had each string, in the 3 string treble area, wrapped in some sort of material. I am told this is called the wrapped string system. The sound was nice. I was also told that this piano was made in America prior to the Samick era. Serial number appears to be 198307.

Is this for real? I have not seen this on any new pianos. If it produces a desireable effect why doesn't eveyone do this? Cost?