Christie’s Merges NFT Unit Amid Art Market Downturn

Christie’s, the 256-year-old British auction house, is dismantling its standalone NFT division and integrating it into its broader 20th and 21st-century art department. The restructuring follows a 20% decline in global auction revenues this year, reflecting broader contraction in the art market.

The MOVE eliminates two positions, including the vice president of digital art, but retains specialists to handle future NFT sales. Christie’s pioneered high-profile NFT auctions, most notably Beeple’s $69.3 million sale in 2021, before expanding into crypto-native ventures like digital real estate.

Market observers note the decision reveals more about traditional institutions’ struggle to adapt than about demand for digital art itself. The Art Basel & UBS 2025 report confirms downward pressure across the sector, with even blue-chip houses retrenching.