- The company said that it intends to collaborate with its portfolio firms.
- The first portfolio firm for Christie’s new venture arm is Layerzero Labs.
Christie’s has announced a new venture fund that intends to promote “emerging technology and fintech companies.” A spokesperson for the company said that it intends to collaborate with its portfolio firms in order to spur development and steer Christie’s operations in new areas going forward.
A Giant Leap into Web3 and Fintech Sector
In July, Christie’s Ventures announced they would focus on three key areas. Art-related financial goods and solutions, technology that facilitates the seamless consumption of art, and Web3 innovation.
Christie’s is the second-largest auction house in terms of auction turnover after Sotheby’s and ahead of Phillips and China Guardian, with locations in London, New York City, and Hong Kong. This is Christie’s first foray into cryptocurrency and blockchain technology. It was in September 2020 that Christie’s unveiled Block 21 of “Portraits of a Mind” that the auction house sold the first bitcoin artwork.
Blue-chip non-fungible token (NFT) sales have been Christie’s speciality for some time. Beeple’s “Everydays: The First 5,000 Days” NFT sold for $69.34 million at Christie’s auction house. As well as a complete set of NFT Curio Cards, the auction house Christie’s has also offered Cryptopunks, Meebits, and Bored Ape NFTs.
One of the auction house rivals, Sotheby’s, has also moved into the crypto and NFT market. The first portfolio firm for Christie’s new venture arm is Layerzero Labs.
According to Christie’s:
“Layerzero is a cross-chain interoperability company with a strong vision and business model within a broad addressable market. The company reduces friction in a client’s ability to move assets between blockchains.”
An official Christie’s news release states the firm has been at the forefront of technical innovation for many years and was the first international auction house to introduce online bidding.
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