Christie’s Shuts Down NFT Digital Art Department

Jinse Finance reported that British auction giant Christie's has announced the closure of its digital art department dedicated to handling NFT sales. Going forward, digital artworks will be sold through the broader 20th/21st Century Art categories. According to reports, this "strategic decision" comes with the layoff of two employees, including its Vice President of Digital Art, though at least one digital art specialist will remain. This move may be related to the global art market contraction, with global art sales in 2024 down 12% to $57 billion, and combined public and private auction house sales down 20% to $23 billion.