On July 18, 2022, Christie’s, the world-renowned auction house founded in 1766, unveiled Christie’s Ventures, a new venture fund dedicated to investing in emerging technology and fintech companies. The fund will focus on three key areas: Web3 innovation, art-related financial products, and technologies that enable seamless consumption of art.
Three Pillars of Christie’s Ventures
According to the official announcement, Christie’s Ventures will initially explore three broad categories. First, Web3 innovation, covering blockchain, NFTs, and decentralized solutions. Second, art-related financial products, such as art-secured lending, fractional ownership, and other fintech tools. Third, seamless consumption technologies, including augmented reality (AR), live-streaming auctions, and digital marketing tools that enhance the art buying experience.
Ben Gore, Christie’s Chief Operating Officer, stated: “As a global leader in the art market, Christie’s has both an incentive and a responsibility to further innovation and deepen experiences for our clients. The intersections of technology and financial products are increasingly relevant and prevalent, and we believe strongly in the opportunities ahead.” He added that the venture arm combines the power of Christie’s brand, capital, network, and expertise to accelerate growth for selected startups.
First Investment: Layerzero Labs
Christie’s Ventures’ first portfolio company is Layerzero Labs, a cross-chain interoperability startup. Layerzero enables seamless movement of assets between different blockchains, reducing friction for NFT and digital art markets. Christie’s highlighted that Layerzero has a strong vision and business model within a broad addressable market, and the investment aligns with its goal of supporting infrastructure that powers the next generation of art commerce.
Christie’s Crypto & NFT Journey
This is not Christie’s first foray into crypto. In September 2020, it auctioned the first Bitcoin-themed artwork: Block 21 of “Portraits of a Mind.” In 2021, the auction house accepted Bitcoin (BTC) as payment for a $6 million painting by Keith Haring at its “20th/21st Century” sale in London.
The landmark moment came in March 2021, when Christie’s sold Beeple’s NFT “Everydays: The First 5,000 Days” for a staggering $69.34 million, marking the third-highest price for a living artist at auction. Since then, Christie’s has auctioned blue-chip NFTs including CryptoPunks, Meebits, Bored Ape Yacht Club, and a full set of Curio Cards. The auction house also accepted cryptocurrency for many of these sales.
Competitive Landscape and Outlook
Rivals Sotheby’s and Phillips have also embraced crypto and NFTs. In October 2021, Sotheby’s launched “Sotheby’s Metaverse,” a dedicated platform for digital art and NFTs. Phillips has held several NFT-themed sales. Christie’s Ventures positions the firm as an active investor in Web3 infrastructure rather than just a marketplace.
Devang Thakkar, newly appointed Global Head of Christie’s Ventures, commented: “Our leadership has provided us with an excellent vantage point thus far, and the launch of Christie’s Ventures will allow us to develop further and faster with entrepreneurs who have a strong track record of building great products and companies.”
Christie’s emphasized its long history of technological innovation—it was one of the first international auction houses to offer online auctions in the 1990s. Today, it uses multi-site live streaming, AR tools, NFT digital art support, and award-winning digital marketing. Christie’s Ventures aims to accelerate this trajectory by investing in the next wave of art-tech startups.