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Auction Giant Christie's Shuts Down Its NFT Department

6 hours ago

On September 9th, the British auction giant Sotheby's is shutting down its digital art department specifically dedicated to NFT sales and integrating it into a broader art category. A spokesperson for Sotheby's stated that the auction house will continue to sell digital art, including NFTs, but it will now be encompassed within a broader 20th and 21st-century art category. Sotheby's has exerted a significant influence in the NFT space. It has auctioned off several pieces of digital art, such as Mike "Beeple" Winkelmann's "Everydays: The First 5000 Days," which was sold for $69.3 million in March 2021. Prior to this, Sotheby's launched an NFT auction platform in September 2022 and established a cryptocurrency-exclusive real estate team in July. According to the "Art Basel & UBS Art Market Report" released in April 2025, the global art market has been on a continuous decline. In 2024, global art sales decreased by 12%, totaling $570 billion, and the total value of public and private sales by auction houses declined by 20%, amounting to $23 billion.

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