When Dominating the Art Market Is the Family Business

Jose’s son Alberto “Tico” Mugrabi got his start in the art business at 18; his older brother David Mugrabi joined after a stint on Wall Street.David and Libbie Mugrabi’s tabloid 2019 divorce involved allegations of adulterous skinny-dipping, a brawl over a Keith Haring sculpture, and a rumored $100 million payout.

the 1960s. Today, the billionaire family treats its collection of at least 4,000 works like the stock market, buying and holding — sometimes for decades in a tax-free Geneva warehouse — then selling when prices are high. “Monet and Picasso are like Microsoft and Coca-Cola,” David once said.Picasso. The Nahmads own an estimated 300 works by the artist, worth at least $1 billion — the largest collection outside the Picasso family.

MaryMWalsh The Art World Mafia...

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Source: KIRO7Seattle - 🏆 271. / 63 Read more »