This looks like the This Is Spinal Tap of art school. To quote the Fluxblog review:
Art School Confidential - This film is pretty much guaranteed to become a cult classic for most anyone who has ever been to art school, or has been involved with the art world. Set at a fictionalized version of Pratt , Daniel Clowes and Terry Zwigoff build a thoughtful, highly critical movie about art and artists from the comedic blueprint of the art class scenes in the Ghost World film and the original four-page "Art School Confidential" strip from Eightball. Art school is such a largely untapped comedic oilwell that it never seems like a retread for Clowes, especially when the archetypes of the art world are rendered so accurately that they often inspire cringing recognition along with giggles and guffaws.