Digital Art Department at Christie’s Closed Amid NFT Market Standstill

Christie’s Shuts Digital Art Department Amid NFT Market Challenges

Christie’s has closed its digital art division, ending a brief but high-profile initiative that placed Non-Fungible Tokens (NFTs) alongside traditional auction items such as paintings and sculptures, according to Now Media.

Two staff members, including Vice President of Digital Art Nicole Sales Giles, left at the end of August, while specialist Sebastian Sanchez remains in New York. Giles had been a key figure in Christie’s digital strategy, speaking at last year’s Art+Tech Summit in Hong Kong during Fintech Week.

At the summit, Giles emphasized that Christie’s approached NFTs with the same valuation rigor as traditional artworks, highlighting a key distinction: the role of 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.

Industry observers noted that NFT valuations remain unsettled. Angelle Siyang-Le, director of Art Basel Hong Kong, remarked: “We do not yet have a standardized understanding of [digital art’s] value… The excitement created awareness, but the next step is aligning standards of value.”

Recent market data highlight the sector’s fragility. NFT trading volume dropped 45% last quarter to $867 million, even as sales counts rose 78% to 12.5 million, according to DappRadar. Floor prices for top collections remain below peak levels: 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 has surged 76% over the past three months to $4,509, outperforming NFTs.

Some analysts argue that Christie’s decision reflects economic realities rather than a full retreat, as NFTs increasingly become part of mainstream contemporary art sales rather than a standalone collectible category.

Christie’s closure underscores the challenges NFTs face in establishing long-term market value. Without clearer valuation standards and broader adoption, digital art risks remaining an adjunct to traditional art instead of forming a self-sustaining market.