New Delhi: Christie’s launches Venture Fund. Christie’s announces the establishment of Christie’s Ventures, a new investment venture fund that will provide financial resources as well as expert advice to Emerging Technology and FinTech companies developing solutions with art market relevance.
Christie’s Ventures will collaborate with these portfolio companies to help them grow while also advancing Christie’s activities in the presentation, education, and sale of Fine Art and Luxury Goods.
It will begin by investigating three broad categories: Web3.0 innovation, art-related financial products and solutions, and art-consumption technologies. Their first portfolio company, LayerZero Labs, is a cross-chain interoperability company with a strong vision and business model in a large addressable market. The company makes it easier for clients to move assets between blockchains.
Ben Gore, Christie’s Chief Operating Officer, described the motivation for starting Christie’s Ventures: “As a global leader in the art market, Christie’s has both an incentive and a responsibility to further innovation and deepen experiences for our clients. The intersections of technology and financial products are increasingly relevant and prevalent, and we believe strongly in the opportunities ahead.
“For the companies we select to work with, as well as for our clients, the Christie’s Ventures value proposition combines the power of our brand and capital together with our network and expertise; it is another example of the formidable Christie’s Advantage.”
Devang Thakkar, the newly appointed Global Head of Christie’s Ventures, said: “We will focus on products and services which can solve real business challenges, improve client experiences, and expand growth opportunities, both across the art market directly and for interactions with it. Our leadership has provided us with an excellent vantage point thus far and the launch of Christie’s Ventures will allow us to develop further and faster with entrepreneurs who have a strong track record of building great products and companies.”
Bryan Pellegrino, LayerZero Co-Founder and CEO, remarked: “LayerZero is incredibly thrilled to partner with Christie’s Ventures. We’ve seen firsthand how Christie’s has been on the forefront of web3 and a pioneer in the space. We look forward to working with their team to find new and innovative ways to create the most accessible, frictionless experience with assets indexed over multiple blockchains.”
Christie’s has a long history of fostering technological innovation, beginning with the introduction of online bidding in 2006 and becoming the first international auction house to hold dedicated online-only auctions in 2011. Christie’s multi-site auction livestreaming, augmented reality tools, NFT digital art support, and award-winning digital marketing have recently made the business more accessible and resilient. Christie’s Art+Tech Summit series debuts its fifth iteration in New York this week, on July 19th and 20th, providing a premier platform for audiences and market leaders to explore thought-provoking ideas and engage in industry dialogue. Christie’s Ventures will capitalise on these experiences to strengthen Christie’s position as a market leader.
–IANS
