The eldest son of Julian, Vito grew up around art world and Hollywood royalty before eventually making his own name as a curator and art dealer as a teenager.
"They are just constantly around beautiful and fabulous women and run with a very cool crowd," a source tells PEOPLE of the Schnabel family. "They're fun people."
Who is Vito Schnabel? Here are five things to know about Demi's new love interest:
1. He knows how to throw a party:
Vito's late-night bashes at the W Hotel during Art Basel Miami have been well documented and, apparently, very well attended by celebrities and art aficionados who attend the annual festival, which kicks off again in December. If past guest lists are any indication, look for high-profile revelers such as Naomi Campbell and Stephen Dorff to mingle (and dance) among the artists and buyers Schnabel represents.
2. He's not afraid of a little pink:
Vito lives in the colorful Palazzo Chupi, a controversial pink condominium designed by his father (who also lives there), which towers above New York City's West Village. Neighbors have described the place as "an exploded Malibu Barbie house."
3. He was an early bloomer:
Schnabel curated his first group show at age 16, and by 23 he was showing artworks around the world. According to his official website, he represents some of the top names in contemporary art, including Terence Koh, Rene Ricard and Dustin Yellin.
4. He's impressive on the basketball court:
Before discovering his love of art, his primary interest was athletics, according to a profile on GalleristNY. Even today, he's still known to dominate during his rooftop basketball games at Art Basel Miami.
5. Dating celebrities runs in the family:
Before Moore, Vito was linked to Elle Macpherson and Liv Tyler. Meanwhile, his sister Lola once dated The Lord of the Rings star Viggo Mortensen.
As Vito told the New York Observer in 2006, "There is no downside to being a Schnabel."
With reporting by CHARLOTTE TRIGGS