Upgrade laptop or buy a new one?

Right now I have a Lenovo Z370 ideapad
Intel Core i3 2.20GHz with 4GB of RAM
Intel HD Graphics 3000 and NVIDIA GeForce 410M

I'm going to study Art and Technology, which includes games, video editing, photoshop, animation etc. Shall I upgrade my laptop (if so, what should I upgrade?) or simply buy a new one because this one is ****?

I think you should go for a new with good specification… Looking in your requirements it seems you need good memory laptops, few which are available in amazon

http://www.amazon.com/...00FEE7B4A/

You should be fine for just school work with what you described. If you get a new one, get something with a little more graphics power.