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TLDR Christie’s has closed its digital art department and will now sell NFTs under broader art categories. The closure follows the NFT market’s downturn and aligns with leadership changes at Christie’s. Christie’s previously led major NFT sales, including Beeple’s $69 million piece, but now faces an uncertain future. The digital art market has experienced a [...] The post Christie’s Shuts Down NFT Department and Moves Sales to Larger Categories appeared first on CoinCentral.TLDR Christie’s has closed its digital art department and will now sell NFTs under broader art categories. The closure follows the NFT market’s downturn and aligns with leadership changes at Christie’s. Christie’s previously led major NFT sales, including Beeple’s $69 million piece, but now faces an uncertain future. The digital art market has experienced a [...] The post Christie’s Shuts Down NFT Department and Moves Sales to Larger Categories appeared first on CoinCentral.

Christie’s Shuts Down NFT Department and Moves Sales to Larger Categories

Author: Coincentral

Source: Coincentral

2025/09/09 19:19

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TLDR

Christie’s has closed its digital art department and will now sell NFTs under broader art categories.
The closure follows the NFT market’s downturn and aligns with leadership changes at Christie’s.
Christie’s previously led major NFT sales, including Beeple’s $69 million piece, but now faces an uncertain future.
The digital art market has experienced a significant decline, with auction houses scaling back their NFT operations.

Christie’s auction house has decided to close its digital art department, which has previously overseen high-profile NFT sales. According to reports, the closure reflects a broader shift within the company, as it integrates NFT sales into its traditional 20th and 21st-century art categories. The decision comes amid a downturn in the NFT market, which has seen global art sales decline and an uncertain future for digital assets.

Christie’s has been a major player in the digital art world, including setting records with Mike “Beeple” Winkelmann’s NFT piece Everydays: The First 5000 Days which sold for $69.3 million in 2021. Despite these successes, market conditions seem to have prompted Christie’s to scale back its dedicated NFT operations.

Shifting Focus: NFTs Now Part of Broader Art Categories

Rather than continuing its NFT-specific platform Christie’s 3.0, the auction house will now include NFTs within its broader 20th and 21st-century art categories. While Christie’s will continue to sell digital assets like NFTs, they will no longer be handled by a dedicated team.

This change comes after leadership adjustments at Christie’s, including the appointment of Bonnie Brennan as CEO in February.

The move reflects a strategic pivot as the digital art sector faces continued volatility. Despite initial excitement and significant sales in the NFT space, the market has struggled with declining trading volumes and reduced interest in digital collectibles. This shift shows how traditional art institutions are adjusting to the evolving market conditions for NFTs.

Layoffs and Staff Reductions Follow Digital Art Department Closure

As part of the restructuring, Christie’s laid off several employees, including its vice president of digital art. While this marks a reduction in staff for the digital art department, the auction house confirmed that it will retain at least one digital art specialist.

The closure of the department has raised concerns about the long-term sustainability of NFT sales within traditional auction houses, with critics arguing that the shift signals a scaling back of institutional interest in digital art.

Fanny Lakoubay, a digital art advisor and curator, suggested that the move is likely tied to the ongoing contraction of the art market. According to the Art Basel & UBS Art Market Report 2025, the global art market saw a 12% decline in sales in 2024, contributing to the uncertainty surrounding NFT auctions. Lakoubay noted that auction houses are often hesitant to maintain separate departments for lower-revenue markets.

Broader Digital Art Market’s Struggles

The digital art market, including NFTs, has experienced a turbulent period since its peak in 2021. The market saw a dramatic slowdown in 2023 and into 2024, with NFT sales falling sharply. While some high-profile NFTs still command significant prices, the general market has struggled with volatility and a lack of sustained investor interest.

These market conditions, combined with broader challenges in the global art sector, have prompted Christie’s and other auction houses to reconsider their strategies regarding digital art.

Some in the industry view Christie’s decision as part of a larger trend of retrenching in the face of market uncertainty. Despite this, there are still signs of recovery. The NFT market saw a 40% increase in market capitalization in August 2025, driven by Ethereum-based collections and Ether’s price surge. However, the future of NFTs in the auction house space remains unclear, as institutions like Christie’s reassess their involvement in the sector.

The post Christie’s Shuts Down NFT Department and Moves Sales to Larger Categories appeared first on CoinCentral.

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