The K Foundation was an art foundation set up by
Bill Drummond and
Jimmy Cauty in 1993, following their 'retirement' from the music industry. The Foundation served as an artistic outlet for the duo's post-retirement
KLF income. Between 1993 and 1995, they spent this money in a number of ways, including on a series of
Situationist-inspired press adverts and extravagant subversions in the art world, focusing in particular on the
Turner Prize. Most notoriously, when their plans to use
banknotes as part of a work of
art fell through, they burnt a million
pounds in cash.
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