Round here the art students are normally in wide legged trousers (jeans or cords - bright colours are good), strappy vest type top or t-shirt with something on it, layers - so a cardigan, with hooded top n something else as well possibly rather than fitted coats etc or big jumpers, trainers or boots - no heels. The bag is normally fairly big with a long strap - fairly loose style (not a little tight leather with lots of handy pockets etc). Hair varies - for me its normally just brushed an left cos I can't be arsed... think that's the mummy side of things, many people can spend hours perfecting the same look
Gets lots of art students round here so I know the look
My trousers have slimmed down a bit over recent years, but that's about all!