A fixture for mounting and masking cutting tools includes a tool holder and a mask. The tool holder has a cavity adapted to receive a plurality of cutting tools. The mask is coupled to the holder and aligned with the plurality of cutting tools where a majority of the surface area of each cutting tool is covered by the tool holder and the mask. The mask includes a shaped portion having a profile adapted to substantially match the profile of the shaped cutting tip for the cutting tool. The mask is positioned to expose a portion of the cutting tool to the surrounding atmosphere. A method of masking and coating a cutting tool is also presented.