Perhaps the art students could create a "Hall of Fame"--maybe featuring
famous artists, but it could be assembled like the baseball Hall of Fame at
Cooperstown with displays, etc. Perhaps students could do portraits or clay
or papier mache busts.
Also, many years ago, there was a movie (and subsequent television series)
called "Fame" based on the adventures of students at a performing arts school
in NYC. The soundtrack still sounds good (to me) after all these years. I
don't know if you could get any ideas from the video.