British auction house Christie's is winding down its dedicated NFT department and merging it into its broader 20th and 21st-century art division. The strategic decision, confirmed on September 8, 2025, comes as the global art market faces a significant contraction, with auction house revenues down 20% in 2024. Christie's will continue to offer digital artworks, including NFTs, but without a standalone team.
Two roles were cut in the restructuring, including the vice president of digital art, though at least one specialist will remain to handle future NFT sales. Christie's had been a pioneer in the NFT space, notably selling Beeple's Everydays: The First 5000 Days for $69.3 million in March 2021, which catapulted digital art into the mainstream. The auction house later launched a bespoke NFT auction platform and a crypto real estate team.
The move reflects broader pressures in the art world. According to the Art Basel & UBS Art Market Report 2025, global art sales dropped 12% to $57 billion last year, with auction house revenues falling 20% to $23 billion. Digital art adviser Fanny Lakoubay noted on X that auction houses "can't justify a whole department when it brings in less revenue than the others," adding that it's still early for digital art to scale in the secondary sales model.
Some critics, like NFT collector Benji, argue the decision stems from Christie's flawed business model rather than weak demand for digital art. He pointed to high commission rates (25-30%) compared to Web3-native platforms like Gondi, which charge zero fees, calling it Christie's "Kodak moment." Despite the shake-up, NFT markets showed resilience, with market capitalization surging 40% to $9.3 billion in August before cooling to $5.97 billion recently. Top collections like CryptoPunks and Bored Ape Yacht Club posted modest gains, indicating sustained interest.