The art of hype

British artist Gavin Turk says the economic climate has changed since his work was first snapped up during art boom of the 90s. He says colleges owe it to students to 'keep their feet on the ground' Photograph: Amit Lennon/Amit Lennon

Gavin Turk with his work Death of Che Photograph: Sean Smith/Sean Smith

Naomi Pearce, who graduated from Goldsmiths in 2007, says her expectations were 'unfairly raised'. Faced with a lack of interest in her own work, she began – with fellow graduate Gavin Ramsey – to curate graduate work from colleges around the country. They exhibit it as Best In Show Photograph: PR

Accidental by Joanne Smithers is one of the works that has been picked up by Pearce and Ramsey Photograph: PR

Another to make the Pearce and Ramsey list is Heat by Liam Richardson Photograph: PR

Artists believe it's the celebrity culture that encourages students to think they can go from rags to riches overnight, a dream shared by Big Brother winners such as Anthony Hutton, celebrating his victory in 2005 Photograph: STEVE PARSONS/PA

Damien Hirst, epitome of the celebrity artist, enjoys a night out at the Groucho Club in London last year Photograph: MCP / Rex Features/MCP / Rex Features

Hirst at Tate Britain with Mother and Child Divided 2007. He has donated four major works to the Tate, including a canvas covered in dead black flies Photograph: Andy Paradise/PA

Here's Hirst at Sotheby's with The Incredible Journey, a zebra in formaldehyde. His two-day auction there last September broke all records, netting the artist £111m Photograph: Fiona Hanson/PA

A visitor ponders the price of The Golden Calf, another of Hirst's works sold off at the Sotheby's auction Photograph: Peter Macdiarmid/Getty Images

An art show at the Royal College of Art, Kensington. Artist Adam Dant remembers a lecturer when he was there beginning a sentence: 'When you earn between £50,000 and £60,000 a year…" Dant says he knows only two or three people who actually earn a living as fine artists Photograph: Sarah Lee/Sarah Lee

Sir Christopher Frayling, rector at the Royal College of Art, refutes the attack on colleges. "We encourage students to build a career slowly," he says. "We really try to train them not to be dazzled by the celebrity culture" Photograph: Linda Nylind/Linda Nylind