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Christie's relies on Web3 and Fintech: A new course in the art world!
Christie's Venture Capital focuses on Web3, Fintech and AI to stabilize the art market. Find out more about the new strategies.
Christie's relies on Web3 and Fintech: A new course in the art world!
Christie's auction house has announced that it is refocusing its venture capital arm. This strategy takes four key categories into account: web3, artificial intelligence (AI), fintech and hardware. CEO Bonnie Brennan explained that the stabilization of the global art market and increasing participation in online auctions were key factors in this decision. This realignment aims to attract more collectors and support early-stage technology companies.
The venture capital program was previously focused on web3, art-related financial products and art consumption technologies. The new investment strategy includes innovative approaches outside of traditional art products and auction formats. Despite the changes, the fund will continue to support early-stage companies operating at the intersection of art and technology.
Market development and digital transformation
Brennan noted that Christie's auction results indicate a stabilization in the art market, following a decline caused by the COVID-19 pandemic. From 2021 to 2022, the global art market experienced a recovery with a market capitalization of $67.8 billion in 2022, up 3% year-on-year. Also notable is that 80% of art collectors participated in online auctions last year, reflecting changes in the auction landscape due to advancing technology.
Christie’s venture capital portfolio currently includes approximately 14 companies focused on web3, AI, fintech and hardware. In the AI sector, companies such as Art Signal, Collagia and EchoMark are part of the investment portfolio. In the web3 area you can find, among others, mmERCH, MNTGE, Manifold, Atomic Form and LayerZero. Fintech investments include Luxus and Art Money, while hardware includes companies such as Rokbox, Dubbl, Conserv, Manifold and Proto.
This strategic realignment at Christie's represents a significant step in adapting to the modern art and technology scene. The auction house not only aims to combine tradition and innovation, but also to use the advantages of the digital world to overcome the challenges of the contemporary art market.