Initially The KLF's earnings were to be distributed by way of a fund for struggling artists managed by the K Foundation, Drummond and Cauty's new post-KLF art project, but, said Drummond, "We realised that struggling artists are meant to struggle, that's the whole point." Instead the duo decided to create art "with" the money. "Nailed to the Wall" was the first piece of art produced by the Foundation, and the major piece in their planned art exhibition, "Money: A Major Body of Cash". Consisting of one million pounds in cash nailed to a pine frame, the piece was presented to the press on 23 November 1993 during the buildup to the Foundation's announcement of the "winner" of their "worst artist of the year award", the K Foundation art award.