Aren't most states that call themselves democracies by fact oligarchies? Philosophical question.
Just going by Plato-Aristotle-Polybius' definitions of constitutions. The Senate held day-to-day power and was made up of ex-magistrates that were themselves elected by an aristocratic assembly.
I don't know what Aristotle would call today's representative democracies. Probably categorise them as moderate democracy.
I get there's the whole patrician vs. plebeian discussion, but we have patrician vs. plebeian separations in all of the western world today even if it's not codified in law.
Patrician/plebeian wasn't really a meaningful distinction by the late Republic. Plenty of wealthy plebeian families had forced their way into the Senatorial class by then.