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With a permanent collection at about 50,000 pieces, the Fashion Institute of Technology decided it was time to let go of some things. The school is auctioning off hundreds of vintage and couture items, some dating back to the 18th century.

Blue velvet gown with silver lined bugle beads, early 1920s. The dress is labelled "Rue de la Paix Gowns", an export house that sold copies of high-end couture pieces to professional buyers from international shops.

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