Back
~
2
min read
· Posted on
September 29, 2022

From Michelangelo to Michael Jordan, Christie's is entering a new world of collectibles

Christie's focused on selling artwork, costumes from movies and fancy cars back in the day... but now it's heading into new territory.

What's the key learning?

  • Christie's auction house is launching two new divisions: one for collectible sneakers, streetwear, and sports history and another one for selling NFTs.
  • Broadening a product range can significantly broaden your customer base.

👉Background: Christie’s is a British auction house that was founded way way way back in 1776. To put it simply, Christie’s runs auctions and takes a commission for the sale of unique or rare items.

👉 What happened: Back in the day, Christie's would focus on selling artwork, costumes from movies and fancy cars, but now it is heading into new territory.

👉 What else: Christie's has announced the launch of two new divisions:

  • Department X - an auction house for collectible sneakers, streetwear and sports history
  • Christie’s 3.0 - an auction house on the blockchain to sell NFTs

These new auction businesses allow an entry point to younger investors in a traditionally ‘mature’ market.

What's the key learning?

💡Broadening a product range can significantly broaden your customer base. The average Christie’s customer is 51 years old, but when it comes to sneakers and sports collectibles, the average age is 38.

💡In fact, when Christie’s tested a streetwear category in December last year, most of the buyers were between 20 and 40 years old.

💡So not only do NFT’s and sneakers increase the amount of pieces that Christie’s can auction, it also introduces a whole new generation to the art and collectibles market.

Ready to win at money?

Sign up for Flux and join 100,000 members of the Flux family

A button to App StoreGoogle Play store button
Excellent  4.9 out of 5
Star rating