The defiant drawing was a satirical version of the Royal College of Art’s actual diploma: The artist felt that he should be judged on his work, and not well he can articulate himself in the form of writing.
The school eventually decided in Hockney’s favor and awarded him an actual diploma. This document is now worth at least $30,000 and is up for auction.
Hockney’s works have sold for upwards of $5,000,000. The modestly-priced “diploma” is a bargain, an important part of contemporary art history and a great little “FUCK YOU!” totem. Grab Basquiat’s crappy resume, and you’re half way on your way to a LULZ-ian art exhibition.