The short list for the 2012 Turner Prize has been announced today, here we take a look at the four potential candidates who are nominated for the prize which is hitting London for the 28th time this year.

The prize is a massive highlight in the art world calendar and is a huge honour for the artist who receives it. The only criteria for those that can be nominated is that the artist must be under 50 and need to be considered as putting on one of the best exhibitions of the past year.

So who’s been nominated for the 2012 Turner Prize?

First up we have Elizabeth Price, a 45 year old artist from London who has been nominated for a trilogy of videos she created. Price started her career in music founding the indie-pop group Talulah Gosh before turning her hand to making videos four years ago. Her videos include The Woolworths Choir a video which featured degraded footage of girl bands and West Hinder a video inspired by the sinking of a ship which was carrying a number of luxury cars in 2002.

Odds of winning according to Labrokes: 3-1

Next to be nominated is Paul Noble, a 48 year old London based artist who has been nominated for his intricate drawings of a fictional city called Nobson Newtown which he has worked on over the past 15 years. The images depict the city’s inhabitants engaging in orgies among other activities. The works have been described as a parody of the ideal city.

Odds of winning according to Labrokes: 2-1

Thirdly there’s performance artist Spartacus Chetwynd who at the age of 38 has been nominated for her 2011 exhibition Odd Man Out. It saw her putting on a five-hour play looking at the right to vote, democracy and decision making. She uses a 20 of her friends and family in each of her performances.

Odds of winning according to Labrokes: 7-4 (making her the favourite)

Lastly Luke Fowler a 34 year old artist from Glasgow has been nominated. Fowler has been nominated for a film he made about the work and life of Scottish psychiatrist RD Laing. Over the years Fowler has become well known for his film portraits of public figures.

Odds of winning according to Labrokes: 4-1

An exhibition of works from the Turner Prize shortlist will go on show at Tate Britain in October and the winner is announced in December.