studioDUMBO Arts Festival 2010 dangles NYC’s most treasured commodity as its competition prize this year — space, an ample 750 square feet of it. The categories are: Best Outdoor Public Art Installation, Best Indoor Public Art Installation and Best Open Studio. Winner of each category will receive $1,000 cash, but one crafty artist will nestle into a rent-free studio for a year.

You’ve got one year to make it, kid! Because nothing nurtures artistic practice like deadlines. Which are, for many, immensely better than painting/sculpting/whittling/whatever on your fire escape.

Studio is donated by real estate giants Two Trees Management Co, estimated at $30,000 for the year. DUMBO Arts Festival 2010′s interdisciplinary festivities and arty stuff will commence September 24-26.

Image: Hugh Lane Gallery (Francis Bacon’s Studio)