UK auction house Christie’s is reportedly closing its NFT department amid a global decline in the art market. The firm will continue handling digital art sales within the broader 20th and 21st-century art category. Two employees were laid off, including the vice president of digital art, but at least one digital art specialist will remain. Christie’s has been influential in the NFT sphere, notably selling Beeple's artwork for $69.3 million in 2021. According to digital art adviser Fanny Lakoubay, this shift may reflect the current art market contraction, with global sales down 12% in 2024. An NFT collector speculated that Christie’s decision reflects a flawed business model rather than a decline in demand for digital art. Despite challenges in the NFT market, with a notable decline in trading volume last year, recent months have seen an uptick in sales with significant increases in the market capitalization of some top NFT collections. Overall, the market remains volatile, which could impact future sales strategies for digital art.

Source 🔗