Auction giant Christie’s winds down NFT department: Report
Christie’s auction house is reportedly closing its digital art department, but will continue to auction NFTs through a broader category.
UK auction giant Christie’s is reportedly closing its department that handles non-fungible token sales, now putting it under a broader department amid a global decline in the art market.
The “strategic decision” will see the 256-year-old British auction house continue to sell digital art such as non-fungible tokens (NFTs), but now within the larger 20th and 21st-century art category, according to a Monday report from Now Media, citing a statement from a Christie’s spokesperson.
At the same time, Now Media reported the auction giant laid off two employees, including its vice president of digital art, but at least one digital art specialist will be kept on staff.