Christie’s has launched a new initiative and fund called Christie’s Ventures, targeting emerging tech companies whose products may have an impact on the art market. While the exact amount of the fund has not been announced, there have been claims that it’s around several million dollars.
On their website, the company shared: “Christie’s Ventures is a new enterprise through which we engage with earlier stage companies having direct relevance to our businesses. Through direct investment and both brand support and market access, we will help startups to accelerate their build-out and adoption, while simultaneously advancing Christie’s leadership in the ecosystem around fine art and luxury goods. Our focus is early-stage technology and FinTech companies, built by proven-track record founders, which can apply solutions to opportunities or challenges in our market.”
The auction house was one of the first highly revered institutions associated with art that jumped on and benefited from the NFT market. They quickly arranged for auctions and NFT sales that ended up changing the landscape of the art and tech world. In fact, they were responsible for breaking the record for selling Beeple’s art work Everydays: The First 5,000 Days for $69.3 million.
Despite the fact that some people would find it odd that an auction house would start a venture fund, Christie’s has long been a leader in the adoption of cutting-edge technologies.
Christie’s Ventures has already made its first investment in LayerZero Labs, a Web3 startup that offers a protocol that enables several blockchains, such as Ethereum, and to cooperate and communicate with one another.
In the midst of a crypto winter, where the price of Ethereum and Bitcoin has almost halved in the last 6 months, Christie’s new venture fund is launched and may potentially change the landscape once again. While cryptocurrency businesses like Coinbase, crypto.com, and Gemini all made layoff announcements in June, NFT platform OpenSea reported layoffs of 20%.
Even though the market has not been on the rise in the past couple of months, this venture fund signals that technology will continue to be very important and play a pivotal role in the art market. Today, more than ever, it’s important to be open to changes in the landscape of art and the way it is consumed.
In related news, here’s a guide to buying art on a budget.
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