TLDR
- Christie’s has merged its NFT department into its broader 20th and 21st-century art division.
- The decision reflects a slowdown in the global art market and declining NFT sales.
- Christie’s will continue offering NFTs but without a dedicated department for digital art.
- Two roles were cut, including the vice president of digital art, but specialists will remain for NFT sales.
- The restructuring comes after a 12% drop in global art sales and a 20% decline in auction house revenues.
Christie’s, the UK-based auction house, has decided to fold its dedicated NFT department into its broader 20th and 21st-century art division. The move reflects the ongoing contraction in the global art market. Christie’s confirmed this restructuring, indicating a shift in how it will handle NFT sales going forward.
This decision follows a period of reduced growth in the digital art market. Christie’s remains committed to offering digital artworks, including NFTs. However, it will no longer have a separate department dedicated to these sales.
Christie’s Merges NFT Department with Art Division
The restructuring at Christie’s is seen as a response to the broader art market slowdown. According to the Art Basel & UBS Art Market Report 2025, global art sales fell by 12% in the previous year. Auction house revenues also dropped by 20%, signaling significant pressure on the art market.
Christie’s had been an early mover in the NFT space, making headlines in 2021 with Beeple’s $69.3 million sale. However, as the market cools, the auction house has opted to consolidate its digital art efforts. “Auction houses can’t justify a whole department when it brings in less revenue than the others,” said digital art adviser Fanny Lakoubay.
Despite the changes, Christie’s will continue to handle NFT sales through its broader art division. A small number of specialists will remain to handle digital art sales, ensuring continuity in the market. The move is part of a larger trend where art institutions adjust to the evolving landscape of digital art.
Industry Experts Weigh In on Christie’s Shift
While some industry experts view Christie’s restructuring as a sign of market challenges, others see it as an opportunity. Benji, an NFT collector and Doomed DAO member, criticized Christie’s commission rates. He pointed out that Web3-native platforms like Gondi are offering zero commission, making them more attractive to collectors.
The restructuring could also open the door for primary market development in the NFT space. This shift might allow for more integration of traditional collectors into the digital art world. Fanny Lakoubay suggested that the restructuring could make space for this new market growth.
NFT markets continue to evolve despite challenges. The market cap of NFTs surged 40% in August, reaching $9.3 billion, although it has since cooled. As of now, the total NFT market cap stands at $5.97 billion, with top collections like CryptoPunks and Bored Ape Yacht Club seeing modest gains.
While Christie’s changes may signal a scaling back of its NFT focus, digital art remains a key part of its future strategy. The auction house’s efforts to integrate NFTs within the broader art division reflect ongoing trends in the art world. As market dynamics shift, Christie’s aims to stay relevant by adapting its approach to digital art and NFTs.
