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The group, which call itself the ArTarts, planted crosses into a courtyard lawn after business hours on Monday to protest restructuring, which they say will cut art tuition to teacher trainees by 25% from next year.
Scores of small crosses spelled out the word "ARTS".
Fifteen full-time positions are going from the college over the next 15 months, 12 teacher educator positions and three general positions. Critics say the move will result in a reduction in tuition in several curriculum areas including classroom practice, dance, drama and visual arts.
A woman, who alerted the Otago Daily Times on Monday and requetsed anonymity, said the ArTarts were not college staff members but women who supported the staff.
The group was based on the Guerrilla Girls in New York - artists who, since 1989, have donned gorilla masks and staged public art happenings and installations.
Last month, the ArTarts hung 12 paper figures from trees in the college grounds to represent the 12 academic staff losing their jobs. The figures were quickly removed.