Mr. Maupin's old house.

Janelle Reiring and David Maupin don't only share a similar sensibility when it comes to selling art. The former mentor and mentee—Mr. Maupin worked under Ms. Rearing at Metro Pictures during his early days in the art world, long before he started the Lehmann Maupin gallery—also have similar taste in real estate.

The Observer has learned from a source familiar with the deal that Mr. Maupin and W editor Stefano Tonchi have purchased Ms. Rearing's Bridgehampton home at 33 Jobs Lane. The house traded for under the $3.9 million ask, we hear (a discount between old friends seems entirely fitting), although Mr. Maupin was traveling and could not be reached to confirm or comment on the sale.

The home was not listed publicly, although we feel safe saying that it's most likely an upgrade for the couple. Their former home, located at 451 Lumber Lane in the same artsy enclave, sold after just two months on the market. The 1,700-square-foot spread, listed for $1.79 million, is small, but very chic, with a stunning pool. And who would expect anything less of a gallery owner and fashion magazine editor?

What's more, the couple's new home is located next door to that of Jacqueline Schnabel, whose freshly minted art dealer son Vito will no doubt enjoy talking to the new neighbors.

kvelsey@observer.com