Gallerist reports on the conversation between Josh Baer and David Mugrabi at ArtBasel:

“Do people say to you, ‘David, we met in St. Tropez, by that yacht, I want to put $20 million in art’?” Mr. Baer asked.

“Well, yes, but not the St. Tropez part,” Mr. Mugrabi said.

“And how do you get your information?”

“My brother! I’m kidding. We’re always around, talking to people. There’s always a Mugrabi somewhere.”

After Baer pressed him lightly on whether or not “Mugrabi” is a brand (“We’re not a brand”) and whether or not their purchases essentially set the market (“We don’t set the market”) the audience was allowed to ask questions.

“How do you feel social media, and start-ups such as Artspace and Artsy, are affecting the market?” asked a tall kid with surfer dude’s flow, who later told us his name is Josh Foulquier, and he’s launching an art world start-up called Obra.

“In many cases, you can see more on Instagram than if you’re at the fair,” Mr. Mugrabi said.

‘There’s always a Mugrabi somewhere’: A Third of the Warhol-Collecting Clan Chats with Josh Baer (Gallerist)