Christie’s, the 258-year-old auction house, is reportedly shutting down its standalone digital art department in a strategic reshuffle that reflects broader challenges in the global art market.
While the London-based auction giant will continue to sell digital works, including non-fungible tokens (NFTs), they will now be handled under its larger 20th and 21st-century art category, according to a Monday report from Now Media.
The decision comes with job cuts. Christie’s laid off at least two employees, including its vice president of digital art, though one digital art specialist will remain on staff. The company emphasized that NFTs and digital art remain part of its business model, but the department will no longer operate as a dedicated unit.
Christie’s made headlines in March 2021 when it auctioned Mike “Beeple” Winkelmann’s Everydays: The First 5000 Days for $69.3 million — a landmark moment that catapulted NFTs into the global art market. The house also launched an NFT auction platform in 2022 and experimented with crypto-backed real estate sales.
Analysts say the retrenchment is a response to shifting market dynamics. Global art sales fell 12% in 2024 to $57 billion, while combined public and private sales by auction houses slid 20% to $23 billion, according to the 2025 Art Basel & UBS Art Market Report. Digital art adviser Fanny Lakoubay suggested Christie’s move may simply reflect tightening margins. “Auction houses can’t justify a whole department when it brings in less revenue than the others,” she said.
Not everyone sees the decision as a setback for NFTs. A collector posting under the handle Benji described the move as Christie’s “Kodak moment,” arguing that high commissions of 25–30% were incompatible with digital art sales that don’t require storage, shipping, or insurance. “One less value extractor means more value for collectors and artists alike,” he wrote.
The NFT market itself has been volatile. After enduring its weakest year since 2020, the sector rebounded in mid-2025, reaching a market capitalization of $9.3 billion in August before cooling in recent weeks. As of this week, the market is valued at $5.97 billion, still up 2% in the past 24 hours. Top collections like Bored Ape Yacht Club, CryptoPunks, and Pudgy Penguins all reported trading gains in the same period.
While Christie’s restructuring signals a shift in how legacy institutions approach NFTs, industry observers note that digital art is far from disappearing. Instead, they argue, the sector is maturing, moving away from speculative hype toward sustainable models of collecting, commissioning, and community-driven value.
