Leading Auction House Christie’s Launches Web3 and Fintech Venture Arm

On Monday, Christie’s, Britain’s leading auction house founded 256 years ago in 1766, announced the launch of a new venture capital fund called Christie’s Ventures. According to the announcement, the company’s venture arm plans to focus on “[Web3] innovation, art-related financial products and solutions, and technologies that enable transparent consumption of art.

Christie’s Ventures to foster “Web3 innovation, art-related financial products”

British auction house Christie’s has unveiled a new venture capital fund that aims to support “emerging technologies and fintech companies”. The company said it plans to work in unison with startups in its portfolio to accelerate growth and push Christie’s business in innovative directions.

“Christie’s Ventures will begin by exploring three broad categories,” the company said. said July 18.[Web3] innovation, art-related financial products and solutions and technologies that enable transparent consumption of art.

With offices in London, New York and Hong Kong, Christie’s is the second largest auction house by revenue behind Sotheby’s and ahead of auction house Phillips and China Guardian.

Christie’s has been in digital currency and blockchain solutions for quite some time. In September 2020, the auction house sold the first-ever bitcoin artwork when Christie’s presented block 21 of “Portraits of a Mind”.

The following year, the auction house accepted bitcoin (BTC) for a painting worth $6 million. The painting was made by Keith Haring and sold at Christie’s “20th/21st century” sale in London.

For some time now, Christie’s has been auctioning prime non-fungible tokens (NFTs) and was the auction house behind Beeple’s “Everydays: The First 5,000 Days” NFT which sold for 69.34 millions of dollars. Christie’s has been behind auctions featuring Cryptopunks, Meebits and Bored Ape NFTs, as well as a full set of NFT Curio cards.

In addition to Christie’s, auction house competitors Sotheby’s and Phillips have also entered the crypto and NFT space. As for Christie’s new venture capital arm, the auction house’s first portfolio company is a startup called Layer zero Laboratories.

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.

Christie’s press release highlights that the company has been involved in technological innovation for years and was one of the first international auction companies to offer online auctions.

“Christie’s multi-site auction livestream, augmented reality tools, NFT digital art support and award-winning digital marketing have made the business more accessible and resilient,” the company said. Monday.

“As a global art market leader, Christie’s has both an incentive and a responsibility to continue to innovate and deepen experiences for our customers,” said Ben Gore, chief operating officer of Christie’s, in a statement. “The intersections of technology and financial products are increasingly relevant and pervasive, and we strongly believe in the opportunities ahead.” Gore added:

For the companies we choose to work with, as well as for our clients, Christie’s Ventures value proposition combines the power of our brand and capital with our network and expertise; it’s another example of Christie’s tremendous advantage.

Christie’s follows the launch of “Sotheby’s Metavers” what was spear in October 2021 and featured artists like Paris Hilton after the platform opened. The new global head of Christie’s Ventures, Devang Thakkar, believes the auction house is well positioned to ensure the growth of technologically innovative ideas and startups.

“Our leadership has provided us with a great vantage point so far and the launch of Christie’s Ventures will allow us to grow further and faster with entrepreneurs who have a strong track record of building great products and businesses” , remarked Thakkar during the announcement.

Keywords in this story

Art, Auction House, Ben Gore, Bitcoin, Bitcoin (BTC), Blue-Chip NFTS, Bored Ape NFTs, Christie’s, Christie’s Auction, Christie’s Ventures, Crypto, cryptopunks, Curio Cards, Devang Thakkar, Fintech, Hong Kong, Layerzero, Layerzero Labs, London, Meebits, New York, nft, NFT, Phillips, Sotheby’s Metaverse, Sotheby’s, Web3

What do you think of the brand new Christie’s Ventures? Let us know your thoughts on this in the comments section below.

Jamie Redman

Jamie Redman is the News Manager at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.

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