To my ears, he is the player who exemplifies bass artistry in the genre known as electric folk.
Not to be confused with American folk rock, Dave Pegg and his musical peers derived their strongest influences from the Celtic cultures – though their yen for Bob Dylan and the Byrds is most obvious. Peggy plies his craft with the utmost dexterity – rendering melodic counterpoint and supportive in-the-pocket playing as the situation warrants. In addition to his tenure as the longest serving member of Fairport Convention and his solo canon, Mr. Pegg, who also plays mandolin and vocalizes, has distinguished himself on seminal recordings by: Nick Drake (Bryter Layter, 1970), Sandy Denny (Like An Old Fashioned Waltz, 1974), Richard & Linda Thompson (Pour Down Like Silver, 1975; Shoot Out The Lights, 1982), Richard Thompson (Hand of Kindness, 1983), Linda Thompson (Fashionably Late, 2002), John Martyn (Solid Air, 1973; One World, 1977), and Steve Ashley among many, many others.
Most rock fans know Dave from his fantastic fifteen year stint in Jethro Tull, wherein he and drummer Doane Perry enabled Ian Anderson and Martin Barre to rekindle some of the old magic from their early years on stage and on such fine releases including Crest of a Knave (1987), Rock Island (1989), and Catfish Rising (1991).
I had the good fortune to catch Fairport Convention at the Bottom Line in New York City sometime in the 1980s wherein an enraged Dave Pegg, outfitted in extremely snug white shorts, nearly swallowed his microphone in the midst of a rant directed at club owner Allan Pepper.