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August 15, 2017

Fashion Institute of Technology Overhauls its Art Market Masters Program

NEW YORK—The Fashion Institute of Technology has updated the curriculum of its Master of Arts Art Market Studies program in a move to reduce tuition costs and respond to changes in the art market, reports Gabriella Angeleti of The Art Newspaper. Classes will be organized into three semesters, rather than four, which will reduce in-state tuition twenty-five percent, to approximately $18,000. Keeping with trends in the global art market, the program’s focus will shift to art auctions, art production, and emerging, non-Western art markets and away from gallery administration. Graduate fellowships will also be offered.

FIT, a constituent college of the State University of New York, has also made these changes to accord with New York City’s first-ever comprehensive cultural plan, CreateNYC, that seeks to address racial and economic inequality in the city’s cultural sector. Under the CreateNYC plan, public funding for New York City’s cultural institutions will be determined by the diversity of an institution’s staff and board.

Natasha Degen, chariperson of the art market studies program, said the changes will “better reflect the realities of the evolving art market, and the make the program more accessible and inclusive” and “curb socioeconomic and racial inequality in the field, providing students entry to a professional network without asking them to incur significant debt.” Degen added, “While it’s vital for the program to be grounded in history and theory, we have a responsibility as a state university to be somewhat practical as well. Students must understand traditional business models while anticipating the seismic shifts ahead.”

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