Christie’s, known for its crypto-forward approach, has launched a new team dedicated to handling real estate transactions conducted exclusively in cryptocurrency. The move marks the UK-based auction house’s latest expansion into digital assets.
According to a report from The New York Times on Thursday, Christie’s International Real Estate has assembled a group of crypto experts, legal professionals, and analysts to assist buyers and sellers who wish to complete property deals using cryptocurrency, without involving traditional banks.
Driven by growing demand
Christie’s International Real Estate CEO Aaron Kirman said the new service was inspired by prior high-value crypto sales, including a $65 million home in Beverly Hills purchased with Bitcoin (BTC). The initiative follows the company’s broader embrace of blockchain technology, including NFT auctions and the launch of an Ethereum-based auction platform in 2022.
Christie’s remains a dominant force in the auction house sector alongside rival Sotheby’s, which has also leaned into NFTs and crypto. Christie’s reported $5.7 billion in total sales last year, a 6% decline from 2023, while Sotheby’s brought in $6 billion, a year-over-year drop of 23%.
Crypto adds a new layer of anonymity for the ultra-wealthy
Christie’s International Real Estate CEO Aaron Kirman noted that while crypto-based property deals are still relatively rare, they’re gaining traction among the ultra-wealthy, largely because of the enhanced privacy they offer.
High-profile buyers have traditionally used companies or trusts to purchase homes and obscure ownership, but these methods are increasingly easy to trace. Internet sleuths and public records can often link shell entities back to celebrities or other well-known individuals.
Kirman explained that while Christie’s clients still operate through corporate structures, the use of crypto adds another layer of obfuscation. The anonymized nature of blockchain transactions makes it significantly harder to follow the ownership trail.
“We’ve been really successful at protecting buyer identity,” Kirman said, adding that in some crypto-backed sales, even the property seller wasn’t aware of who the buyer was.