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This academy was planned during the reign of Charles III with the name of Royal Academy of Noble Arts, and resulted from the enlightened way of thinking that governed Neoclassicism. However, it did not come into being until 1744 during the reign of Philip V and was not inaugurated until 1752, under Ferdinand VI. The Royal Academies, so called because they depend directly on the regulations established by the monarch, proliferated in Spain at the end of the 18th century and many of them are now magnificent galleries of 18th and 19th century painting. The Royal Academy of San Fernando in Madrid also owns splendid works by classical Spanish artists such as Goya, Vicente López, Murillo and Zurbarán.