Interest in NFTs is dwindling, forcing the company to rethink its involvement
Christie’s, the 258-year-old British auction house, is scaling back its standalone involvement in NFTs as the global art market faces tighter conditions. The company confirmed it will fold its digital art operations, including NFT sales, into its broader 20th and 21st-century art category instead of maintaining a separate department. Reports also indicate that the move included the layoffs of two staff members, among them the vice president of digital art, though at least one specialist in the field will remain.
A few thoughts about today's news that @ChristiesInc shut down its digital art department as reported by @nowmedia: https://t.co/AqcDDt8HIu
This decision is probably tied to the current art market contraction (see the myriad of articles about this on artnet news). Auction houses…
— Fanny Lakoubay (@flakoubay) September 8, 2025
The decision comes after Christie’s played a central role in bringing NFTs into mainstream attention. The house famously sold Beeple’s Everydays: The First 5000 Days for $69.3 million in 2021, one of the highest NFT sales ever recorded.
Christie’s also launched an NFT auction platform in 2022 and experimented with crypto-based ventures, including a real estate unit. But despite these efforts, broader market realities appear to have weighed heavily on the firm’s latest strategy shift.
Data from the Art Basel & UBS Art Market Report 2025 showed global art sales dropped 12% last year to $57 billion, while auction house sales fell 20% to $23 billion. Digital art adviser Fanny Lakoubay suggested that Christie’s restructuring reflects this contraction, noting that auction houses cannot afford to dedicate resources to divisions generating less revenue, even if they occasionally score high-profile wins.
Others argue the issue is less about demand and more about the traditional commission model. NFT collector Benji, a member of the Doomed DAO, pointed out that charging 25-30% commission for digital works is difficult to justify when online-native platforms often charge little or nothing. He called Christie’s retreat a potential “Kodak moment,” suggesting it signals inflexibility rather than a lack of interest in digital art.
Meanwhile, the NFT market itself has seen mixed signals in 2025, with trading volumes rebounding earlier in the year before cooling in recent weeks. While Christie’s strategic pivot marks a symbolic change, the digital art sector continues to adapt, with new platforms and models vying to bridge the gap between traditional and emerging markets.
