Christie’s is winding down its digital art department. Two employees, including Nicole Sales Giles, were laid off at the end of August, though one digital art specialist will continue working in New York.
Sales of digital works will remain, but now within the 20th-21st Century category. The decision aligns with changes under new CEO Bonnie Brennan.
Reports say the reorganization is tied to the arrival of the new chief executive, Bonnie Brennan, in February 2025. Christie’s had previously backed the NFT market, especially after Beeple’s record sale for $69.3 mln in 2021. Further initiatives, including the onchain auction platform Christie’s 3.0 launched in 2022, are now in question.
Downtrend in Digital Art
The move reflects a broader trend. This summer, the NFT marketplace Solsniper shut down after three and a half years in the Solana ecosystem. Before Solsniper, platforms X2Y2 and Reservoir wound down their NFT operations and announced closure in April.
Kraken, RTFKT, and LG Art Lab had earlier stepped away from NFT initiatives.
Experts estimate NFT market activity has fallen by more than 95% compared to the 2021-2022 peak, with few active sales, while major players are shifting focus to games, memecoins, and infrastructure.
Parallel Track: Real Estate With Crypto
In July, Christie’s International Real Estate formed a new team to support cryptocurrency-based transactions. The group includes lawyers, analysts, and crypto specialists. As reported by the NY Times, the initiative targets clients who prefer anonymity and alternatives to traditional banking procedures.
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