Christie’s Shutters Digital Art Department as NFT Market Stagnates

Christie’s has closed its digital art division, marking an abrupt end to its high-profile foray into NFTs. The auction house dismissed two key staffers, including digital art VP Nicole Sales Giles, while retaining specialist Sebastian Sanchez. The MOVE reflects broader cooling in the NFT sector after its 2021-2022 frenzy.

Giles had championed NFTs as a legitimate asset class during last year’s Art+Tech Summit in Hong Kong, arguing for their unique community-driven valuation dynamics. "What’s unique with digital art is the community engagement aspect," she noted, drawing contrasts with traditional art markets.

The closure comes despite Christie’s pioneering NFT sales, including Beeple’s $69 million landmark auction. Art Basel Hong Kong director Angelle Siyang-Le had cautioned about valuation uncertainties during the same summit, observing the market’s speculative nature.