Christie’s has announced the closure of its digital art department, parting ways with Nicole Sales Giles, the auction house’s vice president of digital. This shift, confirmed by Sales Giles and reported by Now Media, stems from a strategic decision by the company to reformat its approach to digital art sales.
A spokesperson for Christie’s elaborated that while the digital art department will no longer exist as a standalone entity, the auction house plans to continue selling digital artworks within the broader categories of 20th- and 21st-century art. This transition indicates a significant reorientation of Christie’s strategy in the current art market landscape.
The announcement comes just over four years after Christie’s made headlines with the historic sale of Beeple’s “Everydays: The First 5000 Days” for $69.3 million. This sale not only set a record for digital art but also marked Christie’s inaugural foray into the world of non-fungible tokens (NFTs), playing a pivotal role in sparking the NFT boom of 2021-2022.
However, the excitement surrounding NFTs has since waned dramatically. Reports indicate a steep decline in the market, with Christie’s reporting only $5.9 million in NFT sales in 2022—an astonishing 96 percent drop from the previous year. Recent findings indicate that a staggering 95 percent of NFTs are now considered “dead,” with average owners facing significant losses on their investments.
The decision mirrors a broader trend in the art market, as competitors such as Sotheby’s have also made cuts in their digital art and NFT divisions. Last year, Sotheby’s laid off several staff members, maintaining only a small core team for its digital ventures.
As Christie’s transitions away from a dedicated digital art department, the auction house and the broader art market navigate a landscape that has transformed considerably since the height of the NFT frenzy.
