The 1994 K Foundation award was an award given by the K Foundation (Bill Drummond and Jimmy Cauty) to the "worst artist of the year". The shortlist for the £40,000 K Foundation award was identical to the shortlist for the well-established but controversial £20,000 Turner Prize for the best British contemporary artist. On the evening of 23 November 1993, Rachel Whiteread was presented with the 1993 Turner Prize inside London's Tate Gallery, and the 1994 K Foundation award on the street outside. Prior to presenting their award, the K Foundation held a private exhibit of a collection of art works entitled Money - A Major Body of Cash. The award, the exhibition and the accompanying extravagant press junket were widely reported by the media. Context In June 1993 the newly formed K Foundation began taking out full page national press adverts. Initial advertisements were cryptic, referring to "K Time" and advising readers to "Kick out the clocks". They mentioned five-year journeys which included pop success and deep space travel and that "the sands of time are running in". There was also an advert for the K Foundation's single "K Cera Cera" which was "Available nowhere ... no formats" and which was not planned for release until world peace was established. There was a change of direction with the fourth advert which appeared on 14 August 1993, reading: "ABANDON ALL ART NOW. Major rethink in progress. Await further announcements." The next ad (28 August 1993) read: "It has come to our attention that you did not abandon all art now. Further direct action is thus necessary. The K Foundation announce the 'mutha of all awards', the 1994 K Foundation award for the worst artist of the year." It then went on to detail how a shortlist of four artists had been chosen, and that they would be exhibited in the Tate Gallery. One of the first newspaper pieces about the K Foundation appeared in The Guardian the following Monday, correctly pointing out that the shortlist and exhibition were actually for the 1993 Turner Prize, the controversial £20,000 annual award given by the UK art establishment to the best young contemporary artist, but assuming that the K Foundation prize was a hoax. "As for the K Foundation", the newspaper wrote, "it stands unmasked as the current performing face of those cherished old friends of pop pranksterdom, Bill Drummond and Jimmy Cauty", formerly