Christie’s Art Auction House launch Web3 Investment fund

Famed British art auction house Christie’s has announced the launch of an investment fund called “Christie’s Venture”.

Through the Christie’s Ventures Investment fund, the auction house is keen to invest in Web3 innovation, art-related financial products and “solutions and technologies that enable seamless consumption of art”.

The Investment fund is for fintech companies looking to make technological breakthroughs in the art market.

“The new fund will work alongside portfolio companies to help accelerate their progress, simultaneously advancing Christie’s activities in the presentation, education, and sales of fine art and luxury goods,”

The auction house also announced its first portfolio company, LayerZero Labs.

LayerZero is an interoperable solution that brings together cross-chain developers to build decentralized applications that can seamlessly work across different blockchains.

“We look forward to working with their (Christie’s) team to find new and innovative ways to create the most accessible, frictionless experience with assets indexed over multiple blockchains,” said co-founder and CEO of LayerZero Labs, Bryan Pellegrino.

Founded in 1766, Christie’s has already made a name for itself being one of the only few established art auctioneers to service the crypto art market.

In March 2021, crypto artist Beeple auctioned a NFT collection of 5000 images called “EVERYDAYS: THE FIRST 5000 DAYS” via Christie’s for a whopping $69.3 million. This was the auction house’s first NFT auction.

Christie’s also auctioned another NFT art piece by Beeple called “HUMAN ONE” for $29 million in a hybrid sale of both a physical sculpture and an NFT.

The same year, fashion brand Gucci sold its first NFT, a video art, through the auction house for $25,000 making it one of the most expensive items sold by the fashion giant.

By launching the Investment fund, Christie’s is looking to dive deeper into the crypto art space.