What's happened
Christie's Art and Tech Summit in New York highlights the declining sales of NFTs in the art market. Meanwhile, Lévy Gorvy Dayan & Wei closes its Hong Kong gallery due to shifting client behavior.
What's behind the headline?
What the papers say
At Christie's Art and Tech Summit, Pace Gallery CEO Marc Glimcher noted that NFTs were artist-driven but unlikely to be widely adopted due to resistance in the art world towards transparency. In contrast, Christie's President, Americas, Bonnie Brennan emphasized the company's focus on technology and innovation, aiming to stay competitive in the rapidly advancing art market.
How we got here
Christie's and Pace Gallery were early adopters of NFT technology, but recent discussions indicate a shift away from NFTs as a separate art category. Lévy Gorvy Dayan & Wei's decision to close its Hong Kong gallery reflects changing client behavior towards long-distance art purchasing and a slowdown in the art market.
Go deeper
- What impact will the declining NFT sales have on the art market?
- How are other galleries responding to the changing art landscape?
- Tell me more about the Christie's Art and Tech Summit.
Common question
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