How do you handle looting/selling?

It is very dangerous to do this with the chest, though I do it with Brother Smyth all the time. You can lose items if you over stuff the chest. At least that seemed to happen to me anyway.

 

I am yet to have a problem with doing this, although I do only place mundane items in the chest.

 

Personally, I only pick the money & the magic stuff. In the beginning I take almost everything, but once past lvl 5 I even dismiss the masterwork items. Money ain't no problem in this game at all.
I especially find that potions can become quite the plague on ones inventory. It even became so bad I let my mage/monk craft a wand of "read magic".

Also, the big problem with the magic chest is that it destroys crafted items - which I really don't like. So I don't bother with the chest anymore. As I tend to use smaller parties, I have to ferry a lot more between the place of action and any place containing shops. I don't really mind it... It gives me some much needed xp if I bump into a random encounter

On the point of that unknown game having an "anker" for its teleport spell, that would be Diablo, iirc. Divine Divinity has a pair of teleport stones which work in the same way - though it is no PC spell

 

A wand of read magic? Why not a Helm? It has no charges.

 

Because it so damn cheap (especially xp-wise) compared to the helmet