The renowned auction house Christie's, known for its expertise in masterwork paintings and fine jewelry, experienced a revolutionary shift in its 257-year-old history with the emergence of NFTs (Non-Fungible Tokens). This transformation was catalyzed by the record-breaking sale of digital artist Beeple's "Everydays: The First 5000 Days" for $69.3 million in early 2021. This event not only reshaped public perception of NFTs but also propelled Christie's into a new technological realm.
Capitalizing on this momentum, Christie's quickly expanded, launching Christie’s Ventures, a tech-focused venture capital arm, and Christie’s 3.0, a unique on-chain Ethereum NFT art marketplace. Christie’s 3.0 has hosted auctions for both digital-native and traditional artists, including Claire Silver, William Mapan, and Keith Haring, solidifying its position in the on-chain fine art market.
The journey to this dominant position was unexpected, starting with low expectations for the Beeple auction, which initially had a bid of just $100. The overwhelming response led Christie’s to recognize the potential in NFTs, spurring the development of Christie’s 3.0. This platform, launched in October 2022, has been an informal incubator for Christie’s, experimenting with various artists, mediums, and auction structures.
Christie's adaptability in embracing NFTs has not only heightened its risk appetite but also expanded its scope to new sectors, including technology and Web3. This was evident when Christie’s tapped Microsoft veteran Devang Thakkar to guide the influx of tech-related inquiries post-Beeple sale, leading to the establishment of Christie’s Ventures. The venture capital firm focuses on investments across blockchain, AI, FinTech, and hardware.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
