Christie’s Shuts Digital Art Department as NFT Market Faces Headwinds

Christie’s has closed its digital art department, ending a high-profile but short-lived experiment that integrated Non-Fungible Tokens (NFTs) alongside traditional paintings, sculptures, and other works in its auctions, according to Now Media.

The move saw two staffers depart at the end of August, including Vice President of Digital Art Nicole Sales Giles, while specialist Sebastian Sanchez will remain in New York. Giles had been a prominent figure in Christie’s digital art push, notably speaking at last year’s Art+Tech Summit in Hong Kong, held alongside Hong Kong Fintech Week.

At the summit, Giles emphasized that Christie’s approached NFTs with the same valuation rigor as traditional artworks, highlighting one key distinction: community engagement. “What’s unique with digital art is the community engagement aspect, which absolutely comes into play in a way it never has with traditional art,” she said.

Other industry figures noted that digital art was still in its early stages. Angelle Siyang-Le, director of Art Basel Hong Kong, said at the time: “I do not think at this very moment we have a very standardized understanding of [digital art’s] value… The excitement created awareness, but the next challenge is aligning standards of value.”

A year on, the fragility of that foundation has become apparent. NFT trading volume fell 45% last quarter to $867 million, even as the number of sales rose 78% to 12.5 million, according to DappRadar. Floor prices for major collections remain well below their peaks: CryptoPunks trade around 46.6 ETH ($210,000), Bored Apes at 9.1 ETH ($41,000), and Moonbirds at 2.8 ETH ($12,600). By contrast, Ethereum itself has surged 76% over the past three months to $4,509, outpacing NFT performance.

Some observers on X argued that Christie’s retreat reflects economic realities rather than a full capitulation, noting that NFTs are increasingly being absorbed into mainstream contemporary art sales rather than maintained as a standalone “collectible” category.

Christie’s exit underscores the challenges NFTs face in establishing firm valuations and standards. Without clearer benchmarks, digital art risks remaining an add-on to contemporary works rather than sustaining a market of its own.