Christie’s auction house has been at the top of most definitions when it comes to luxury, as they are one of the premier expensive art dealers. However, this last two years has marked a major transition into NFTs (non fungible tokens) as they sold over $136 million in in 2021. Part of the shift is a new demographic of consumers as they had a 5% uptick in millennial bidders bringing them to a quarter of all the Christie’s bidders. Neda Whitney says luxury is shifting in the ideas of consumers, and that the Kardashian effect has taken hold of the luxury market. They have branched out their research teams into digital spaces like twitter and discord to help demystify the NFT market. Christie’s is also jumping into virtual environments like the metaverse and talking with how to display NFTs in virtual platforms. They see their burgeoning new clientele as a signal of success in digital spaces.
