Christie’s, the venerable British auction house, is shifting gears. Founded back in 1766, this giant in art and luxury goods has decided to close its special unit for NFT art sales. This move comes as the market for these digital collectibles cools down considerably.
Don’t mistake this for a total retreat, though. Christie’s will still sell NFT art. From now on, they will just fold these sales into their existing, broader 20th and 21st-century art category. It’s a strategic shuffle, a sign of the times for a market that has seen its wild highs and lows.
This decision reflects a clear trend. The NFT market has been struggling. Trading volume dropped a hefty 45% last quarter, landing at $867 million. This is according to a DappRadar report, noted by CoinDesk. Oddly, the number of sales actually went up by 78% to 12.5 million. This means more people are buying, but for much lower prices.
Just look at the big names in NFTs. Collections like CryptoPunks, Bored Apes, and Moonbirds once fetched millions of dollars. Now, pieces from these collections often go for just a few thousand. This price fall happened even as the price of Ethereum, the blockchain powering most NFTs, surged over 75% in the last three months.
The shake-up at Christie’s also meant some changes for the team. Two employees, including Nicole Sales Giles, who was the Vice President of digital art, were let go. However, specialist Sebastian Sanchez continues his work in New York. A Christie’s spokesperson called this a "strategic decision," emphasizing that NFT sales will continue under the new structure for the 258-year-old firm.
Some observers see this as more than just an NFT issue. Art curator and collector Fanny Lakoubay suggested on X that Christie’s move might connect to a wider "art market contraction." Others on social media believe the closure points to NFTs becoming part of mainstream contemporary art sales, rather than being completely abandoned. It makes sense; the new toys often find their permanent place eventually.
Christie’s has quite a history with the digital art world. In 2021, they hosted a landmark sale for "Everydays: The First 5000 Days" by artist Beeple. That single NFT fetched $69 million, putting digital art firmly on the global art map. The auction house also launched its own NFT auction platform in 2022, following Sotheby’s lead.
Their digital ambitions stretch beyond just NFTs. Just recently in July, Christie’s unveiled a new division. This unit focuses on selling real estate, with transactions handled exclusively through cryptocurrencies. They have also broadened their reach in digital art to include works created using artificial intelligence.
The initial buzz around NFTs was huge, but the market never quite found its footing. A lack of clear ways to value these digital assets, combined with market instability, led Christie’s to rethink its path. Integrating NFTs into their existing contemporary art sales makes more sense than keeping them as a standalone category. The closure shows a pragmatic response to an unconsolidated market. Meanwhile, new areas like AI art are becoming much more attractive.
Sources:
- Now Media: https://nowmedia.co/posts/christies-shutters-digital-art-department
- DappRadar report (via CoinDesk): https://dappradar.com/blog/state-of-the-dapp-industry-q2-2025
- Fanny Lakoubay (X post): https://x.com/flakoubay/status/1965091868120658137