Mega-Collector Jose Mugrabi Shocked by Warhol Foundation Authentication Board Shutdown

At least one person is not at all happy about the Warhol Foundation‘s decision to dissolve its authentication board: dealer and collector Jose Mugrabi. “I have to sit down,” Mugrabi told the Wall Street Journal’s Kelly Crow when she informed him of the decision yesterday. “They have an obligation to finish their job.”

There’s a reason he’s feeling so faint. Mugrabi has a lot to lose if the market for Warhols goes off the rails: he owns at least 800 of them. Furthermore, according to the Journal, the collector has an astonishing 100 potential Warhols currently before the board. That number accounts for more than half the board’s remaining caseload of 175 possible Warhols. They better get to work! After all, they guaranteed to complete their backlog of authentications before shutting down. Whether Mugrabi will like the results remains to be seen, though. [WSJ]