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.

Dame Rachel Whiteread (born 20 April 1963) is an English artist who primarily produces sculptures, which typically take the form of casts. She was the first woman to win the annual Turner Prize in 1993.Whiteread was one of the Young British Artists who exhibited at the Royal Academy's Sensation exhibition in 1997. Among her most renowned works are House, a large concrete cast of the inside of an entire Victorian house; the Judenplatz Holocaust Memorial in Vienna, resembling the shelves of a library with the pages turned outwards; and Untitled Monument, her resin sculpture for the empty fourth plinth in London's Trafalgar Square.

She was appointed Commander of the Order of the British Empire (CBE) in 2006 and Dame Commander of the Order of the British Empire (DBE) in the 2019 Birthday Honours for services to art.